Kips Bay Medical plans to sell common shares through public offering

Deal underwritten by Aegis; proceeds fund clinical trials of eSVS Mesh

By Devika Patel

Knoxville, Tenn., June 26 - Kips Bay Medical, Inc. plans to conduct a public offering of common stock, according to a Form S-1 filed Tuesday with the Securities and Exchange Commission. Aegis Capital Corp., the underwriter, has a 45-day greenshoe.

Proceeds will be used to seek regulatory approval to market the company's eSVS Mesh in the United States and abroad, including human clinical trials in the U.S.; for developing and testing additional applications of the eSVS Mesh; and for working capital and general corporate purposes, including commercialization activities for eSVS Mesh in international markets and to purchase capital equipment and expansion of facilities. A portion of the proceeds may also be used to acquire or invest in complementary businesses, technologies, services or products.

The medical device company is based in Minneapolis.

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