Item 2. Properties
ITEM
2.
Properties
and Facilities
We
lease a 14,507 square foot manufacturing facility in Irvine, California. Our lease expires on September 30, 2027, providing a remaining
term of approximately fifty-four (54) months from the date of filing this Form 10-K. 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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