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.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":4914,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"C"}']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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