Hancock Jaffe Labs files for $13m IPO

Medical device developer Hancock Jaffe Laboratories this week set the range on a pending initial public offering, which would fetch roughly $13 million at the midpoint. Irvine, Calif.-based Hancock Jaffe makes bioprosthetic implants designed to treat chronic deep vein insufficiency, heart valve conditions and coronary artery bypass graft. The company said it plans to float nearly 1.9 million shares at $6 to $8 apiece, for gross proceeds of $11.3 million to $15.0 million, or $13.1 million at the midpoint, according to a Dec. 5 regulatory filing. Shares would trade on the NASDAQ exchange under the symbol “HJLI.” Last year, Hancock Jaffe dealt its ProCol vascular bioprosthesis to LeMaitre Vascular (NSDQ:LMAT) for $665,000 up front plus a three-year royalty of up to $5 million. The company is also developing a porcine heart valve for pediatric patients and plans to file for first-in-human or investigational device exemption approval from the FDA next year. Hancock Jaffe is also working on the CoreoGraft, bovine-derived CABG designed to eliminate the need for spahenous vein or radial artery harvesting. That product still requires pre-clinical and human studies for FDA approval, the company said in the filing. If those are completed the company said it plans to initiate a one-year U.S. clinical trial next year. Finally there’s VenoValve, a porcine valve designed to treat lower limb chronic venous insufficiency from damage to leg vein valves after deep vein t...
Source: Mass Device - Category: Medical Devices Authors: Tags: Funding Roundup Wall Street Beat hancockjaffelabs Source Type: news