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IRVINE, CA / ACCESSWIRE / August 10, 2020 / Hancock Jaffe Laboratories, Inc. (NASDAQ:HJLI), a developer of medical devices that restore cardiac and vascular health, today announced that HJLI has received formal notification from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has evidenced full compliance with the stockholders' equity requirement for the continued listing of its shares on The Nasdaq Capital Market and, as a result, the equity compliance matter previously considered by the Nasdaq Hearings Panel (the "Panel") has been closed.
HJLI recently completed an underwritten public offering and a simultaneous private placement for total gross proceeds of approximately $6.2 million, prior to deducting underwriting discounts, placement agent fees, and offering expenses, which helped in the Company's efforts to satisfy the stockholders' equity requirement. HJLI intends to present its plan to evidence compliance with Nasdaq's minimum bid price requirement at a separate hearing before the Panel.
Robert Berman, Hancock Jaffe's Chief Executive Officer stated, "We have made good progress over the past few months in taking steps to strengthen the Company's balance sheet. These steps are part of a larger plan that we expect to implement between now and the end of the year to better position the company for long term success."
Hancock Jaffe continues to make clinical progress with its two lead products: the VenoValve, which treats a debilitating condition called Chronic Venous Insufficiency ("CVI"); and the CoreoGraft, which is being developed for patients needing coronary artery bypass graft ("CABG") surgery. The VenoValve is currently the subject of a first-in-human trial, which concludes at the end of 2020. Following the first-in-human study, HJLI expects to seek approval from the U.S. Food and Drug Administration for the VenoValve U.S. pivotal trial. Deep venous CVI afflicts approximately 2.4 million patients in the U.S. and there are currently no effective treatments for the disease.
The CoreoGraft, HJLI's other lead product, is a potential replacement for saphenous vein grafts which are currently the standard of care for patients needing CABG surgeries. In addition to saphenous vein harvest procedures being subject to complications, saphenous vein grafts have high short term and long-term failure rates. HJLI's CoreoGraft is scheduled to begin a first-in-human trial in Q4 of 2020.
About Hancock Jaffe Laboratories, Inc.
HJLI specializes in developing and manufacturing bioprosthetic (tissue based) medical devices to establish improved standards of care for treating cardiac and vascular diseases. HJLI currently has two lead product candidates: the VenoValve® , a porcine based valve which is intended to be surgically implanted in the deep venous system of the leg to treat reflux associated with Chronic Venous Insufficiency; and the CoreoGraft® , a bovine tissue based off the shelf conduit intended to be used for coronary artery bypass surgery. For more information, please visit HancockJaffe.com.
Cautionary Note on Forward-Looking Statements
This press release and any statements of stockholders, directors, employees, representatives and partners of Hancock Jaffe Laboratories, Inc. (the "Company") related thereto contain, or may contain, among other things, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results (including, without limitation, the Company's ability to negotiate and execute a definitive merger agreement with Catheter Precision, the timing and terms for closing of the merger, the expected financial performance of the Company following the completion of the merger, the expected synergies between the Company and Catheter Precision following closing of the merger, the Company's ability to realize all or any of the anticipated benefits associated with the merger, and the Company's ability to implement its business strategy and anticipated business and operations following the merger) may differ significantly from those set forth or implied in the forward-looking statements.
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SOURCE: Hancock Jaffe Laboratories, Inc.
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