Company Run by St. Jude Medical Founder Officially Shuts Down

Kips Bay Medical shareholders this week voted to dissolve the company after a disappointing clinical trial of its mesh “sleeve” meant to aid in in coronary artery bypass graft surgery.

Manny Villafaña, who was Kips Bay's chairman and CEO until Tuesday, is a serial entrepreneur who helped found Minnesota's medical device hub. Speaking at MassDevice’s Device Talks conference in the Twin Cities on Wednesday night, he recalled how the New York Yankees great Mickey Mantle struck out a lot, but he always came back the next day and kept on swinging.

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