Hancock Jaffe Laboratories, Inc. said it raised an additional $1.1 million from Network 1 Financial Securities Inc., the managing underwriter of its IPO.
The underwriter had an option to buy up to an additional 225,000 units from the bioprosthetic medical device maker at $5 each. Network 1 Financial fully exercised its overallotment option.
Each unit is made up of 1 common share and 1 warrant to purchase 1 additional share of the company, which had originally raised $7.5 million from its IPO on the Nasdaq Capital Market.
With the additional proceeds, Hancock said it had raised about $8.6 million in total gross proceeds.
