Kips Bay Medical
IPO Filing Date:
Apr. 8. 2010
Expected IPO Date:
Feb. 10, 2011
Amount of Proceeds Sought:
Expected Offering Price:
$8 to $10
Expected Number of Shares to Be Sold:
~ 2.75 million
Use of Proceeds:
To seek regulatory approval to market its eSVS Mesh product in the U.S. and overseas. The company said the product can improve bypass procedures for heart patients.
Expected Ticker Symbol:
Rodman & Renshaw
Caris & Company
About the Company:
Kips Bay Medical is a medical device company currently in development stage.
The company is focusing on developing, manufacturing and commercializing its eSVS MESH product for coronary artery bypass surgeries. The company said the product can improve the long-term results of these surgeries.
The company began shipping its eSVS MESH in European Union markets in Jun. 2010 and the United Arab Emirates in Oct. 2010, but hasn't generated significant revenues yet. The U.S. Food and Drug Administration is currently reviewing Kips' application for the product. If granted, Kips Bay would be able to begin U.S. clinical trials for the project.
The company expects enrollment in the clinical trials to begin in the first half of 2011.
Kips Bay experienced net losses of $3.3 million and $10.1 million in the year ended Dec. 31, 2009 and the nine months ended Oct. 2, 2010, respectively. The company's net loss for the nine months ended Oct. 2 included a non-cash charge of $2.3 million due to a modification in an investor stock purchase option and a $5 million charge in connection with its first milestone payment to
, one year after the first sale of its eSVS MESH. The two have an intellectual property agreement over the product.
One of the biggest risks about Kips Bay is its limited history. The company expects more losses in the future.
Kips Bay said there are at least two companies that develop mesh devices for coronary procedures, but none of their products directly compete with Kips'. These companies include Swiss company
and Germany company
Actual IPO Date:
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-- Written by Andrea Tse in New York.
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