Item 2. Properties
ITEM
2.
Properties
and Facilities
We
lease a 14,507 square foot manufacturing facility in Irvine, California. We amended our lease on November 17, 2021 to extend the term
an additional 60 months from its September 30, 2022 expiration date to a new expiration date of September 30, 2027. Our facility is designed
expressly for the manufacture of biologic vascular grafts and is equipped for research and development, prototype fabrication, cGMP manufacturing
and shipping for Class III medical devices, including biologic cardiovascular devices. We believe that our facilities are sufficient
for the near future as there is present capacity to manufacture up to approximately 24,000 venous valves per year to meet potential market
demands.
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