Irvine, Calif.-based Hancock Jaffe sold more than 5.9 million shares of common stock and warrants to purchase nearly 3 million common shares in the offering, according to a news release.
The $41.1 million collected in proceeds by the company are earmarked for general working capital purposes, including funding for the company’s proposed U.S. pivotal trial for the VenoValve treatment for lower limb chronic venous insufficiency (CVI) of the deep vein system.
Last year, Hancock Jaffe released one-year results for the first-in-man trial for the VenoValve, demonstrating significant improvement in all study endpoints, including refulx, venous clinical severity scores and visual analog scale scoring for chronic pain. The company also had a pre-IDE meeting with the FDA and expects to file for investigational device exemption in the first quarter of 2021.
“We believe that the capital from this financing should be more than sufficient to fund the VenoValve U.S. pivotal trial, and support the company into 2023,” Hancock Jaffe CEO Robert Berman said in the release. “The current standard of care for deep venous CVI sufferers is ineffective and only treats symptoms, rather than the underlying structural valve issues. We developed the VenoValve to fill this large unmet medical need. With this funding, we expect to make substantial progress toward our goal of helping millions of CVI patients throughout the world.”