Medical device developer Hancock Jaffe Laboratories this week set the range on a pending initial public offering, which would fetch roughly $13 million at the midpoint.
Irvine, Calif.-based Hancock Jaffe makes bioprosthetic implants designed to treat chronic deep vein insufficiency, heart valve conditions and coronary artery bypass graft.
The company said it plans to float nearly 1.9 million shares at $6 to $8 apiece, for gross proceeds of $11.3 million to $15.0 million, or $13.1 million at the midpoint, according to a Dec. 5 regulatory filing. Shares would trade on the NASDAQ exchange under the symbol “HJLI.”
Last year, Hancock Jaffe dealt its ProCol vascular bioprosthesis to LeMaitre Vascular (NSDQ:LMAT) for $665,000 up front plus a three-year royalty of up to $5 million. The company is also developing a porcine heart valve for pediatric patients and plans to file for first-in-human or investigational device exemption approval from the FDA next year.
Hancock Jaffe is also working on the CoreoGraft, bovine-derived CABG designed to eliminate the need for spahenous vein or radial artery harvesting. That product still requires pre-clinical and human studies for FDA approval, the company said in the filing. If those are completed the company said it plans to initiate a one-year U.S. clinical trial next year.
Finally there’s VenoValve, a porcine valve designed to treat lower limb chronic venous insufficiency from damage to leg vein valves after deep vein thrombosis. Made for surgical insertion into the femoral or popliteal vein, VenoValve showed in pre-clinical and in vitro hemodynamic studies that it mimics native valve function.
Those results were submitted to the federal safety watchdog during the third quarter as part of a bid for first-in-human study approval, Hancock Jaffe said. The FDA recommended an additional 90-day animal study before first-in-human, “which we are in the process of preparing to commence,” the company said.