Kips Bay Medical, which is developing vein support technology to be used in coronary artery bypass grafting (CABG) surgery, announced terms for its IPO on Tuesday. The Minneapolis, MN-based company plans to raise $25 million by offering 2.75 million shares at a price range of $8-$10. At the mid-point of the proposed range, Kips Bay Medical will command a market value of $147 million. Kips Bay Medical, which was founded in 2007 and has yet to generate product revenue, plans to list on the NASDAQ under the symbol KIPS. Rodman & Renshaw and Newbridge Securities are the lead underwriters on the deal, which is expected to price during the week of February 7.
