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Hancock Jaffe Jump 18% As FDA Grants Breakthrough Device Designation To Its VenoValve

Shares of micro-cap company Hancock Jaffe Laboratories, Inc. (HJLI) jumped over 18% on Tuesday morning after the U.S. Food and Drug Administration granted the company's VenoValve Breakthrough Device Designation status.

HJLI is currently trading at $7.79, up $1.22 or 18.57%, on the Nasdaq, on a volume of 19.8 million shares, above the average volume of 82 thousand shares. The stock has traded between $4.99 and $20.25 in the 52 week period. The company's shares have slipped nearly 25% in that time frame.

Hancock Jaffe Laboratories, a developer of medical devices that restore cardiac and vascular health, announced that FDA granted Breakthrough Device Designation status to the VenoValve, the company's lead product, which is currently set to begin its U.S. pivotal trial.

The VenoValve is a potential treatment for a condition called Chronic Venous Insufficiency (CVI), a disease that afflicts approximately 2.4 million people in the U.S.

The FDA's Breakthrough Devices Program was established to enable priority review for devices that provide more effective treatment or diagnosis of life threatening or irreversibly debilitating diseases or conditions.

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