Xtent shares surge after FDA

handada

June 5 (Reuters) - Xtent Inc shares rose as much as 80 percent Friday, a day
after the company, which is on the verge of liquidation, said it received
conditional approval from U.S. health regulators to begin a clinical program for
its Custom NX drug eluting stent system.
       The conditional approval for the program, comprising two pivotal trials,
requires Xtent to address some technical issues about which the Food and Drug
Administration has questions prior to granting full approval, Xtent said.
       "This is a bitter sweet announcement because of the timing," Chief
Executive Greg Casciaro said in a statement on Thursday.
       Although the company's board has approved a plan of complete liquidation
and dissolution, it will continue to consider any reasonable alternative
strategic proposals prior to the shareholder meeting on July 9, Casciaro said.
       On May 15, the company that develops customizable drug-eluting stent
systems said its board approved a plan to liquidate the company's assets, after
considering potential strategic alternatives.
       Shares of the company were up 51 percent at $2.27 in morning trade on