Kips Bay Medical (KIPS) Prices 10M Offering; Sees Proceeds of $6.5M

December 21, 2012 3:56 PM EST
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Kips Bay Medical, Inc. (NASDAQ: KIPS) along with Manny Villafa├▒a, its Founder, Chairman and CEO, announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock for total estimated gross proceeds of $6.5 million. Kips Bay Medical has also granted the underwriters a 45-day option to purchase up to 1,500,000 additional shares of common stock. The offering is subject to customary closing conditions and is expected to close on December 27, 2012.

Kips Bay Medical 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 trials for the United States Food & Drug Administration, to develop and test additional applications of its eSVS Mesh, and for working capital and general corporate purposes.

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