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Kips Bay Medical (KIPS) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Kips Bay Medical (NASDAQ:KIPS) is medical device company which is developing a external saphenous vein support to be used in coronary artery bypass grafting. The device consists of a mesh sleeve that is placed over the grafted vein to provide structural support and improve the long-term performance. Because the device is still in the developmental stages, the company is pre-commercial revenue.[1]
The coronary artery bypass consists of using veins from elsewhere in the body to bypass the existing coronary artery. The coronary arteries are the blood vessels of the heart. During a coronary artery bypass, or heart bypass, other veins, such as the saphenous vein, found in the thigh, are used to pass blood to the heart without using the coronary vessels. This process is known as grafting a vein. The newly grafted vein requires structural support to keep it open and flowing. Kips Bay's device would be a mesh sleeve which would surround the grafted vein providing support and structure. According to the American Heart Association, 448,000 coronary artery bypass grafts were performed in 2006.[2]
The company's initial public offering of stock on the NASDAQ occurred on February 10, 2011. The company offered 2.1M shares each for $8. The inital price range was $8-$10. This brought the deal size to $75M. The company had originally planned to sell 2.75M shares, but decreased its offer to 2.1M. The lead underwriter of the deal were Rodman & Renshaw Capital (RODM) and Newbridge Capital (NBC).[3]
Because the company is still in the development stages, it is pre-commerical revenue. As a result, for the first 9 months of 2010, the Kips reported a net loss of $10M. Since the company's inception until October 2, the company reported a net loss of $18M.[4]
References
- ↑ KIPS S-1/A 2011 PROSPECTUS SUMMARY "Overview" pg 1
- ↑ KIPS S-1/A 2011 PROSPECTUS SUMMARY "Industry Background" pg 1-2
- ↑ Renaissance Capital - IPO Home "Kips Bay Medical prices downsized IPO at $8, the low end of the range" 10 Feb
- ↑ KIPS S-1/A 2011 PROSPECTUS SUMMARY "Summary Financial Data" pg 7
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