Kips Bay Medical Announces Closing of Its $6.5 Million Public Offering of
MINNEAPOLIS -- December 28, 2012
Kips Bay Medical, Inc. (NASDAQ: KIPS), along with Manny Villafaña, its
Founder, Chairman and CEO, today announced that it has closed its previously
announced offering of 10,000,000 shares of its common stock for total gross
proceeds of $6.5 million. After the closing of the offering, Kips Bay now has
26,346,079 shares of common stock outstanding.
Kips Bay received aggregate net proceeds of approximately $5.5 million after
deducting underwriting discounts and commissions and offering expenses payable
by Kips Bay. Kips Bay intends to use the net proceeds of this offering to seek
regulatory approval to market its eSVS® Mesh in the United States and abroad,
including continuing its human clinical trial for the United States Food &
Drug Administration, and for working capital and general corporate purposes,
including commercialization activities for its eSVS Mesh in select European
and other international markets and the evaluation of additional applications
for its eSVS Mesh.
Sunrise Securities Corp. acted as the sole book-running manager. Aegis Capital
Corp. acted as co-manager.
A registration statement on Form S-1 relating to these securities was declared
effective by the Securities and Exchange Commission on December 21, 2012.
Copies of the final prospectus relating to the offering, when available, may
be obtained from the offices of Sunrise Securities Corp., 600 Lexington Ave.,
23rd Floor, New York, New York 10022, telephone: (212) 421-1616 or email:
email@example.com, or from the SEC website at http://www.sec.gov.
This press release does not constitute an offer to sell, or the solicitation
of an offer to buy, these securities, nor will there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.
About Kips Bay Medical
Kips Bay Medical, Inc., founded in 2007 and headquartered in Minneapolis,
Minnesota, is a medical device company focused on manufacturing and
commercializing its innovative external saphenous vein support technology, or
eSVS Mesh for use in coronary artery bypass grafting surgery. The eSVS Mesh is
a nitinol mesh sleeve that, when placed over a saphenous vein graft during
CABG surgery, is designed to improve the structural characteristics and
long-term performance of the saphenous vein graft. Additional information
about Kips Bay Medical, Inc. can be found at www.KipsBayMedical.com.
Certain statements in this press release are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 and are
provided under the protection of the safe harbor for forward-looking
statements provided by that Act. For example, statements in this press release
regarding the anticipated use of proceeds are forward-looking statements.
These statements involve risks and uncertainties which could cause results to
differ materially from those projected, including but not limited to the risks
detailed from time to time in Kips Bay Medical’s SEC reports, including its
most recent annual report on Form 10-K and subsequent quarterly reports on
Form 10-Q. Kips Bay Medical encourages you to consider all of these risks,
uncertainties and other factors carefully in evaluating the forward-looking
statements contained in this release.
Kips Bay Medical, Inc.
Manny Villafaña, 763-235-3540
Chairman and Chief Executive Officer
Scott Kellen, 763-235-3540
Chief Operating Officer and Chief Financial Officer
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