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Kips Bay closes $6.5M funding

Tue, 01/01/2013 - 9:15am
Mass Device

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.

Kips Bay Medical logo

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.

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