Kips Bay Medical (KIPS) Closes 10M Offering
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Kips Bay Medical, Inc. (Nasdaq: KIPS) 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.
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.
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