The Menlo Park, Calif. stent maker, Xtent, opened trading today at $16.15 a share, slightly above its initial public offering price of $16. By mid-day, it was trading at $17.
Xtent sold 4.7 million shares at the low end of its expected $16 to $18 price range, set by underwriters.
Xtent’s stent, still in development, is designed to treat coronary artery disease, the biggest cause of death in the United States.
A stent is a small, tube of latticed metal wires that is inserted into an artery to help hold it open so blood can flow through it. Drug-eluting stents contain drugs that potentially reduce the chance the arteries will become blocked again.
Xtent said its drug-eluting stent systems are designed so physicians can customize the length and diameter of the stent at the site of the diseased section of the artery or lesion.
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4:50 pm
VentureBeat » Stent maker CardioMind raises $33M said:
[...] have continued to get a warm welcome from investors. Menlo Park, Calif.-based Xtent, for instance, raised $76 million in a February IPO. In May, Devax, a Lake Forest, Calif., stent developer, filed to raise up to $85 million in an [...]
2:56 pm
VentureBeat » The storm over stents hits venture firms, as Devax yanks $85M IPO filing said:
[...] in an IPO, while in July CardioMind pulled in $33 million in a third venture round (our coverage here and here). Other stent-related innovations, such as “bioresorbable” stents that [...]