April 8 Medical device company Kips Bay Medical
Inc filed with U.S. securities regulators on Friday to raise up
to $57.5 million in an initial public offering of common stock.
The company said it is developing a technology for use in
coronary artery bypass grafting and it intends to use the
proceeds from the IPO to seek regulatory approval to market the
technology in the United States and abroad.
Kips Bay said it plans to list its shares on Nasdaq under
the symbol "KIPS" but did not reveal the number of shares it
plans to sell.
The company told the U.S. Securities and Exchange
Commission in a preliminary prospectus that Jefferies & Co was
underwriting the IPO.
(Reporting by Abhinav Sharma in Bangalore; Editing by