MINNEAPOLIS, Feb. 10, 2011 /PRNewswire/ — Kips Bay Medical,
Inc. (Nasdaq:
KIPS) announced today the pricing of the Company’s initial
public offering of 2,062,500 shares of its common stock at a price
of $8.00 per share. The shares are expected to begin trading
on February 11, 2011 on the NASDAQ Global Market under the ticker
symbol “KIPS.” The closing of the offering is scheduled to
take place on February 16, 2011. The Company has granted the
underwriters a 45-day option to purchase up to an additional
309,375 shares of common stock at the initial public offering price
to cover over-allotments, if any. The Company intends to use
the proceeds of the offering to fund the process of seeking
regulatory approval to market its external saphenous vein support
technology, or eSVS MESH, in the United States, to fund the
development and testing of additional applications of its eSVS
MESH, to fund certain milestone payments related to acquired
intellectual property, and the remainder, if any, for working
capital and general corporate purposes.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw
Capital Group, Inc. (Nasdaq:
RODM), is acting as sole book-running manager of the offering
and Newbridge Securities Corporation, Caris & Company and
Chardan Capital Markets, LLC are acting as co-managers. This
offering is being made solely by means of a prospectus.
Copies of the final prospectus relating to the offering, when
available, may be obtained from Rodman & Renshaw, LLC at 1251
Avenue of the Americas, New York, NY 10020, via telephone at (212)
430-1710, via email to
[email protected] or by visiting the U.S. Securities and
Exchange Commission website at http://www.sec.gov.
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