Hancock Jaffe Flat on Stock Offering

Hancock Jaffe Laboratories Inc (NASDAQ:HJLI) shares were pretty much unchanged on revealing a 17-million-share common stock offering via selling shareholders.

The company out of Irvine, Calif., was in the news late last week when it announced has enrolled the first two patients for its first-in-human CoreoGraft study. The first implant of the CoreoGraft conduits will take place in the coming weeks and HJLI will announce the schedule when available. The first-in-human trial will consist of up to five patients.

Interim results for patients in the CoreoGraft study, which will take place at Italian Hospital Asuncion in Paraguay, will be available 30 days, 90 days, 180 days, and 365 days post-surgery. CoreoGrafts will be implanted in patients requiring coronary artery bypass grafting for severe coronary artery diseases.

The 3 mm CoreoGraft conduit is being used as a substitute for saphenous vein grafts in these patients. Saphenous vein grafts are known to have high short-term and long-term failure rates.

Once the CoreoGrafts are implanted, they will be evaluated at each interval of the follow-up period for signs of failure including "openness" or "patency", blood clots and other changes commonly associated with graft failure.

Shares in HJLI gained 0.22 cents, or 0.5%, to 42.24 cents.