IPO of Stent Maker Xtent Rises 3% in Debut
NEW YORK -- Yesterday's lone new stock offering, for medical-device company Xtent Inc., rose 3%.</br></br>The Menlo Park, Calif., company closed at $16.48, above its initial public offering price of $16, in 4 p.m. Nasdaq Stock Market composite trading. Xtent sold 4.7 million shares at the low end of its expected $16-to-$18-price range, which was set by underwriters Piper Jaffray Cos., Cowen & Co., Lazard Capital Markets and RBC Capital Markets.</br></br>Xtent was the fifth company to go public this week as the IPO market slips into gear after the holiday break. Biopharmaceutical company Molecular Insight Pharmaceuticals Inc. is expected to make its public debut today on Nasdaq.</br></br>A development-stage medical-device company, Xtent is working toward the commercialization of its drug-eluting stent systems for the treatment of coronary artery disease.</br></br>As of Sept. 30, it had an accumulated deficit of $46.9 million.