Healthcare Industry News: peripheral artery disease
News Release - May 11, 2006
Xtent Appoints Tim Kahlenberg as Chief Financial Officer
Completes Series D FinancingMENLO PARK, CA--(Healthcare Sales & Marketing Network)--May 11, 2006 -- Xtent, Inc., developer of next-generation drug-eluting stent (DES) systems that deliver stents of customizable length and can deliver multiple stents with a single catheter, today announced it has appointed Tim Kahlenberg as Chief Financial Officer.
"We are very pleased to have Tim join us as a key senior manager as we position Xtent for the next stage in its growth," said Gregory Casciaro, Xtent president and CEO. "Tim has extensive management experience in cardiovascular medical device companies small and large. This includes not only the financial expertise necessary for managing a public company, but also experience guiding manufacturing operations and regulatory strategy, key functions as we launch our first products and move towards becoming a revenue-generating operating company."
Prior to joining Xtent, Mr. Kahlenberg was a finance director with Medtronic Vascular, the stent and endograft business unit for Medtronic, Inc. Previously, he was president and CEO of LuMend, Inc., a leader and innovator in developing catheter-based technology for crossing chronic total occlusions in coronary and peripheral artery disease. There, he implemented a new strategy that enabled the company to focus on its primary product line and achieve regulatory approval and market launch ahead of schedule. He also closed two private rounds of financing totaling $42 million and a license agreement with Abbott Labs that brought in an additional $6 million.
Before LuMend, Mr. Kahlenberg was acting general manager and CFO for AneuRx, a division of Medtronic, Inc. Previously, he held senior finance and operating posts at DVI, a subsidiary of Guidant Corp., and financial positions at Silicon Graphics, Hewlett-Packard and Eli Lilly and Company. He earned his BS and MBA from Indiana University in Bloomington.
"I'm very excited about joining Greg and his team at Xtent," said Mr. Kahlenberg. "I've lived through several technology revolutions in the development of medical devices to treat vascular disease and believe that Xtent is particularly well placed, both in its technology and timing, to lead the next revolution in interventional cardiology -- customizable stents that enable cardiologists to treat varying lesion lengths and multiple lesions in a single intervention."
Xtent also announced that it has closed a Series D financing, led by new investor Adams Street Partners, LLC. The dollar amount of the financing was not disclosed. Other investors include Advanced Technology Ventures, Latterell Venture Partners, Morgenthaler Ventures and Split Rock Partners, co-manager of St. Paul Venture Capital.
"Industry analysts estimate that the DES market will grow to more than $6 billion by 2008," said Terry Gould, partner at Adams Street Partners. "Xtent's DES systems offer for the first time a fully customizable approach to treating coronary artery disease. We believe this will provide benefits to physicians, patients and hospitals and represents the future of stent interventions."
About Xtent
Based in Menlo Park, California, Xtent Inc. is a privately held developer of next-generation drug-eluting stent (DES) systems designed for the treatment of real-world patients, including those with complex, multi-lesion or multi-vessel coronary and peripheral vascular disease. Although the drug-eluting stent (DES) market is today dominated by large companies, the interventional cardiology field has seen many technological breakthroughs that have changed market leadership. Xtent is bringing on the next revolution in interventional cardiology by developing stents that can be customized to treat varying lesion lengths as well as multiple lesions with a single insertion of the catheter.
Having completed its CUSTOM I clinical trial, the company is now enrolling patients in the expanded CUSTOM II trial in multiple European centers. The company intends to obtain market approvals for the Xtent DES system in Europe in 2007 and in the United States in 2009.
Source: Xtent
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