Kips Bay Medical Announces Closing of Public Offering of Common Stock,
Including Exercise of Underwriters' Over-Allotment Option
MINNEAPOLIS, Jan. 29, 2014 (GLOBE NEWSWIRE) -- Kips Bay Medical, Inc.
(Nasdaq:KIPS), a medical device company focused on manufacturing and
commercializing its external saphenous vein support technology, the eSVS^®
Mesh, for use in coronary artery bypass grafting surgery, today announced the
closing of its previously announced underwritten public offering of 5,250,000
shares of common stock and the sale of an additional 785,000 shares of common
stock pursuant to the exercise in full by the underwriters of the
over-allotment option granted to the underwriters in connection with the
offering. The gross proceeds to Kips Bay from the offering, including the
exercise of the over-allotment option by the underwriters, are $4,224,500,
before deducting underwriting discounts and commissions and other offering
expenses payable by Kips Bay.
Kips Bay intends to use the net proceeds of this offering for working capital
and general corporate purposes, including funding the process of seeking
regulatory approval to market its eSVS Mesh in the United States and abroad,
including continuing its human clinical trials.
Aegis Capital Corp. acted as the sole book-running manager for the offering.
A shelf registration statement on Form S-3 was filed with the Securities and
Exchange Commission and has become effective. A copy of the final prospectus
supplement related to the offering has been filed with the Securities and
Exchange Commission. Electronic copies of the final prospectus supplement and
the accompanying prospectus may be obtained by either contacting the
representative of the underwriters (as set forth below) or by accessing the
Securities and Exchange Commission's website at https://www.sec.gov.
Aegis Capital Corp.
810 Seventh Avenue, 18th Floor
New York, New York 10019
About Kips Bay Medical
Kips Bay Medical, Inc., headquartered in Minneapolis, Minnesota, is a medical
device company focused on manufacturing and commercializing its external
saphenous vein support technology, or eSVS Mesh for use in coronary artery
bypass grafting surgery. The eSVS Mesh is designed to be fitted like a sleeve
on the outside of saphenous vein grafts to strengthen SVGs used in coronary
artery bypass graft surgery. By strengthening the SVG and preventing the
damaging expansion of the vein graft, the company hopes to reduce or prevent
the resulting injury which can lead to SVG failure and potentially costly and
complicated re-interventions for patients undergoing CABG surgery. Additional
information about Kips Bay Medical, Inc. can be found at
Kips Bay Medical, Inc.
Manny Villafaña, Chairman and Chief Executive Officer, +1-763-235-3540
Scott Kellen, Chief Operating Officer and Chief Financial Officer,
Press spacebar to pause and continue. Press esc to stop.