Kips Bay Medical Announces Closing of its $16.5 Million Initial Public Offering of Common Stock

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Feb 16, 2011, 01:32 ET

MINNEAPOLIS, Feb. 16, 2011 /PRNewswire/ -- Kips Bay Medical, Inc. ("Kips Bay"), a development stage medical device company focused on developing, manufacturing and commercializing external saphenous vein support technology, or eSVS MESH, for use in coronary artery bypass grafting, or CABG, today announced that it has closed its previously announced offering of 2,062,500 shares of its common stock at a price of $8.00 per share.

Kips Bay received aggregate net proceeds of approximately $13.6 million after deducting underwriting discounts and commissions and offering expenses payable by Kips Bay. Kips Bay expects to use the net proceeds of this offering to seek regulatory approval to market eSVS MESH in the United States and abroad, including human clinical trials in the United States; develop and test additional applications of eSVS MESH; make certain milestone payments for acquired intellectual property; and for working capital and general corporate purposes.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as sole book-running manager for the offering, and Newbridge Securities Corporation, Caris & Company and Chardan Capital Markets, LLC acted as co-managers.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration. Copies of the final prospectus relating to the offering, when available, may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov. Alternatively, a copy of the prospectus related to this offering may be obtained from Rodman & Renshaw, LLC, Prospectus Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: 212-430-1710 or email: [email protected].

About Kips Bay Medical, Inc:

Kips Bay Medical, Inc., founded in 2007 and headquartered in Minneapolis, Minnesota, is a development stage medical device company focused on developing, manufacturing and commercializing its eSVS MESH for use in coronary artery bypass grafting surgery. Additional information about Kips Bay Medical, Inc. can be found at www.kipsbaymedical.com.

For further information, please contact:
Kips Bay Medical, Inc.
Manny Villafana, Chairman and Chief Executive Officer
Scott Kellen, Chief Financial Officer
Phone: +1-763-235-3540
Email: [email protected]