Xtent files for $103.5 million IPO

By Angela McDaniels

Seattle, Aug. 7 - Xtent, Inc. filed for a $103.5 million initial public offering of common stock in a S-1 registration with the Securities and Exchange Commission.

The number of shares to be offered and the price range for the offering have not been determined.

Piper Jaffray & Co., Cowen and Co. LLC, Lazard Capital Markets LLC and RBC Capital Markets Corp. are underwriters, with Piper Jaffray as bookrunner.

Xtent is a development-stage biopharmaceutical company based in Menlo Park, Calif., focused on developing and commercializing its customizable drug-eluting stent systems for the treatment of coronary artery disease. The company's stents are designed to treat longer arterial lesions than currently available stents and multiple lesions with the use of one device.

The company said it has completed one of three planned clinical trials, the results of which will be included in an Investigational Device Exemption application Xtent plans to submit to the Food and Drug Administration in 2007. Xtent also plans to apply for a CE Mark from the European Union in 2007.

Of the IPO proceeds, $20 million will be used for clinical trials, $20 million will fund research and development and $30 million will be used to build commercial infrastructure, including sales and marketing and manufacturing capacity expansion. Remaining proceeds will be used for working capital and for general corporate purposes.

The company had 29,198,041 shares of common stock and 22,746,906 shares of convertible preferred stock outstanding at March 31.

Morgenthaler Partners VI, LP is the largest stockholder with 8,182,735 shares for 28% of the pre-IPO common stock total. Funds affiliated with Advanced Technology Ventures are second with 4,832,867 shares for 16.6% of the equity.

Xtent had a net loss of $4.12 million and interest income of $107,646 for the quarter ended March 31. Cash and cash equivalents were $12.85 million at March 31.

Research and development costs for the quarter ended March 31 were $3.27 million.

The company has applied to list its common stock on the Nasdaq Global Market under the symbol "XTNT."

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