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Hancock Jaffe raises additional $1.1M in US IPO

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.