Kips Bay Medical, a healthcare products manufacturer based in Minneapolis, announced that it has successfully raised $6.5 million in a public offering of 10 million shares in common stock. The company plans to use the additional funds to pursue regulatory approval of its eSVS Mesh system across the world.
According to a press release by the company, the eSVS Mesh is an external saphenous vein support graft. The device is designed to improve the strength of vein grafts during a coronary artery bypass operation.
Funds from the IPO will be used to fund clinical trials. Funding will also be used to market and commercialize the device in some European and international markets. In addition, the company will use funds from the IPO to pursue novel applications for the technology.
Kips Bay landed CE Mark approval in the European Union in May of 2010. In September, the United States Food and Drug Administration requested more information from Kips Bay before clinical testing of its eSVS surgical mesh could proceed.