Not too many people realize the significance of the news.
-In September 2011 the FDA issued Kips Bay a non-approvable letter, asking for more information on the eSVS mesh before granting IDE approval for perform pivotal human trials.
-That decision sent KIPS shares plummeting over $2.00 to an new all-time low in a single day.
-"If the FDA approves the amended IDE Application, U.S. physicians will then be allowed to begin enrolling patients," according to the filing. "Kips Bay Medical has already contacted prominent U.S. heart centers that are taking steps to secure internal approvals of their institutional review boards and administration/finance departments to participate in the study."
-THEY JUST GOT APPROVAL TO ENROLL ADDITIONAL PATIENTS BY THE FDA.
- Translation- The product is working.
Bot a few thou based on 70% ownership by mngmt and performing a self initiated cram down. They have massive amounts invested, so if they believe, I'll ride that plane at economy fare!!
GLTA, this one is in my back drawer, but will also buy on the dips and sell on the large swings up with the brokerage house pumping in more shares bot on the offering prior to the news.
First, I am bullish on KIPS and its future success.
In the interest of accuracy, I need to counter that this stock has NEVER lost $2 in value in a single day. If you believe it has, review the historical chart and provide the date. Thank you!