The Minneapolis-based company lost 34 percent on Sept. 21, closing at $1.87 compared to a close of $2.85 on Sept. 20. Shares hit an all-time low of $1.79 along the way.
The company’s eSVS surgical mesh is a flexible device used to strengthen vein grafts during coronary artery bypass procedures. The device is under consideration for an investigational device exemption to begin conducting clinical trials toward U.S. marketing clearance. The FDA recently told the company it needs more data to approve Kips Bay’s application.
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