California-based Hancock Jaffe Laboratories, Inc. closed its IPO of 1.5 million units at $5 apiece with gross proceeds of $7.5 million.
The company, which specializes in developing and manufacturing bioprosthetic medical devices, has granted the underwriters an option to buy an additional 225,000 units. The exercise of this option will generate another $1.1 million of gross proceeds.
Each unit consists of 1 common share and a warrant to purchase 1 common share.
The company's common shares and warrants underlying the units started trading on the Nasdaq Capital Market under the symbols HJLI and HJLIW, respectively, on May 31.
Network 1 Financial Securities Inc. served as the managing underwriter for the offering.
Hancock Jaffe has three product candidates: the pig tissue-based VenoValve, intended to be surgically implanted in the deep venous system of the leg to treat a blood flow disorder called chronic venous insufficiency; the bovine tissue-based CoreoGraft, intended for coronary artery bypass surgery; and a pig tissue-based heart valve that is a candidate for pediatric aortic/mitral valve replacement.
