Hancock Jaffe Laboratories Inc. completed its private placement of 2,360,051 common shares to investors for gross proceeds of about $2.7 million.

The Irvine, Calif.-based medical device company plans to use the proceeds to develop its two lead products, VenoValve and CoreoGraft, and to fund working capital and general corporate purposes.

VenoValve is used for treating chronic venous insufficiency — a debilitating condition under which veins in a patient's legs are not working effectively. CoreoGraft is used during heart surgeries.