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News For KIPS From The Last 14 Days
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June 29, 2015
08:57 EDTKIPSKips Bay Medical announces orderly wind down of operations
The Board of Directors made its decision to approve a plan of dissolution and liquidation of the Company after completing an exhaustive evaluation of various strategic alternatives available to the Company for enhancing stockholder value, including but not limited to, continued execution of its business plan and further modification of the Company's eSVS Mesh device and implant technique; the sale of the Company or its assets, including its intellectual property portfolio; partnering or other collaboration agreements; a merger, reverse merger or other strategic transaction. The Company plans to seek stockholder approval of the dissolution and liquidation at an upcoming meeting of stockholders, which the Company intends to convene as early as September 2015. Despite the Company's plan to seek a dissolution and liquidation of the Company, the Company intends to continue to review and evaluate any available strategic alternatives. If, prior to its dissolution, the Company receives an offer for a transaction that, in the view of the Board of Directors, will provide superior value to the Company's stockholders than the value of the estimated distributions under the plan of dissolution and liquidation, taking into account all factors that could affect valuation, including timing and certainty of payment or closing, credit market risks, proposed terms and other factors, the Company could abandon the dissolution and liquidation in favor of such a transaction.The Company further announced that in light of the termination of its feasibility trial and intent to wind down its operations, the Company has implemented further cost-reduction measures, including additional staff reductions.
08:57 EDTKIPSKips Bay Medical announces termination of eMESH 1 clinical trial
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