MENLO PARK, Calif., Feb. 19 /PRNewswire-FirstCall/ -- XTENT, Inc. (Nasdaq: XTNT) today reported financial results for the fourth quarter and year ended December 31, 2008 and provided an update on its business.

The company reported a net loss of $7.1 million, or $0.31 per share, for the fourth quarter of 2008, compared to a net loss of $11.9 million, or $0.52 per share, for the fourth quarter of 2007. For the year ended December 31, 2008, XTENT had a net loss of $41.1 million, compared to $38.8 million for the same period last year. As of December 31, 2008, XTENT had cash, cash equivalents and short-term investments of $19.1 million.

Research and development expenses decreased to $5.3 million in the fourth quarter of 2008 from $9.2 million for the same period in 2007, primarily due to a decrease in expenditures for personnel, prototype parts and supplies as well as consulting and services and other costs incurred for clinical trials. General and administrative expenses were $2.0 million in the fourth quarter of 2008 versus $3.4 million for the same period in 2007, primarily due to a decrease in personnel, consulting, legal, and professional expenses. Research and development expenses for the year ended December 31, 2008 totaled $31.2 million, compared to $30.9 million for the same period last year. General and administrative expenses for the year ended December 31, 2008 totaled $10.9 million compared to $11.3 million for the same period in 2007.

On January 23, XTENT announced an initiative to reduce headcount by eliminating 115 positions, representing 94% of the Company's total workforce. The reduction is expected to be completed during March 2009. The Company expects to incur approximately $1.1 to $1.2 million in expenses in connection with this initiative, all of which are expected to be cash expenditures incurred in the first quarter of 2009.

Piper Jaffray & Co.