Kips Bay closes $6.5M funding

January 1, 2013 by MassDevice staff

Kips Bay medical issues an additional 10,000,000 shares of its common stock for $6.5 million, seeking FDA approval for its saphenous vein graft.

Kips Bay Medical logo

Minneapolis-based device maker Kips Bay Medical (NSDQ:KIPS)  closed its $6.5 million public offering of 10,000,000 shares of its common stock, hoping to use the funds to seek regulatory approval for its eSVS Mesh system worldwide.

The eSVS Mesh, an external saphenous vein support graft, is designed to strengthen vein grafts during coronary artery bypass procedure, Kips Bay medical said.

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Kips Bay plans to use the money for its human clinical trials and to commercialize the system in select European and other international markets, as well as to evaluate additional applications for the system, according to the press release.

Kips' eSVS surgical mesh device won CE Mark in the European Union in May 2010. The FDA last September asked for additional information from Kips Bay before allowing its eSVS surgical mesh to undergo clinical testing in the U.S.