Kips Bay Medical Raises $16.5 Million in IPO
2/11/2011 6:47:27 AM
MINNEAPOLIS, Feb. 10, 2011 /PRNewswire/ -- Kips Bay Medical, Inc. (Nasdaq: KIPS) announced today the pricing of the Company's initial public offering of 2,062,500 shares of its common stock at a price of $8.00 per share. The shares are expected to begin trading on February 11, 2011 on the NASDAQ Global Market under the ticker symbol "KIPS." The closing of the offering is scheduled to take place on February 16, 2011. The Company has granted the underwriters a 45-day option to purchase up to an additional 309,375 shares of common stock at the initial public offering price to cover over-allotments, if any. The Company intends to use the proceeds of the offering to fund the process of seeking regulatory approval to market its external saphenous vein support technology, or eSVS MESH, in the United States, to fund the development and testing of additional applications of its eSVS MESH, to fund certain milestone payments related to acquired intellectual property, and the remainder, if any, for working capital and general corporate purposes.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), is acting as sole book-running manager of the offering and Newbridge Securities Corporation, Caris & Company and Chardan Capital Markets, LLC are acting as co-managers. This offering is being made solely by means of a prospectus. Copies of the final prospectus relating to the offering, when available, may be obtained from Rodman & Renshaw, LLC at 1251 Avenue of the Americas, New York, NY 10020, via telephone at (212) 430-1710, via email to email@example.com or by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on February 10, 2011. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Kips Bay Medical, Inc:
Kips Bay Medical, Inc., founded in 2007 and headquartered in Minneapolis, Minnesota, is a development stage medical device company focused on developing, manufacturing and commercializing its eSVS MESH for use in coronary artery bypass grafting surgery. Additional information about Kips Bay Medical, Inc. can be found at www.kipsbaymedical.com.
Kips Bay Medical, Inc.
Manny Villafana, Chairman and Chief Executive Officer
Scott Kellen, Chief Financial Officer
SOURCE Kips Bay Medical, Inc.