Kips Bay medical issues an additional 10,000,000 shares of its common stock for $6.5 million, seeking FDA approval for its saphenous vein graft.

Minneapolis-based device maker Kips Bay Medical (NSDQ:KIPS)  closed its $6.5 million public offering of 10,000,000 shares of its common stock, hoping to use the funds to seek regulatory approval for its eSVS Mesh system worldwide.

The eSVS Mesh, an external saphenous vein support graft, is designed to strengthen vein grafts during coronary artery bypass procedure, Kips Bay medical said.