Vivani Medical Stock Price, News & Analysis

Vivani Medical, Inc. (NASDAQ: VANI) announced the NIH's approval of year 5 funding for the Early Feasibility Clinical Study of the Orion Visual Cortical Prosthesis, amounting to $1 million, completing a $6.4 million five-year grant. This funding will support Cortigent, Inc., a subsidiary focusing on providing artificial vision to profoundly blind individuals. Approximately 82,000 Americans are estimated to be profoundly blind, and the results of the study are expected in mid-2023. The Orion device, designed to convert images into electrical pulses for the brain's visual cortex, has received FDA Breakthrough Device designation.

Vivani Medical (Nasdaq: VANI) reported its 2022 financial results, highlighting a cash balance of $45.1 million, up from $2.2 million in 2021. The company is focused on advancing its lead candidate, NPM-119, a GLP-1 implant for type 2 diabetes, with plans to submit an IND application in mid-2023 and initiate a Phase 2 clinical trial, LIBERATE-1, expected to yield results by first half of 2024. Despite operational challenges, including a 59% increase in operating expenses to $21.2 million and a net loss of $13.9 million, Vivani continues to prioritize growth through innovative therapies and strategic enhancements within its neuromodulation division.

Vivani Medical, Inc. (NASDAQ: VANI) announced the filing of a Registration Statement on Form S-1 with the SEC for the proposed initial public offering of its wholly-owned subsidiary Cortigent, Inc.. Cortigent aims to advance Vivani’s neuromodulation division and has an ongoing clinical trial for its ‘Orion’ device, which received FDA Breakthrough Device designation. ThinkEquity will act as the sole book-running manager for this IPO. The offering is subject to market conditions, and no securities can be sold until the registration is effective.

Vivani Medical, Inc. (Nasdaq: VANI) reported its Q3 2022 financial results and business updates. The merger with Second Sight Medical Products enabled operational growth, reflected by a net income of $1.4 million due to a net bargain purchase gain of $6.9 million. Operating expenses rose to $5.4 million, a 56% increase from the prior year, driven by heightened R&D and administrative costs. The company is on track to begin the LIBERATE-1 study for its NPM-119 implant in early 2023, with top-line results expected late 2023. Cash resources stand at $51.7 million, sufficient for operations through mid-2024.

Vivani Medical, Inc. (NASDAQ: VANI) announced its participation at the ThinkEquity investor conference on October 26, 2022, at 11:00 am EDT in New York. CEO Adam Mendelsohn will provide a company overview, while CFO Brigid Makes will host investor meetings. The presentation will be available live at https://wsw.com/webcast/tep23/vani/1674436, and a replay will be accessible on the company’s website. Vivani focuses on developing long-term therapeutic implants, notably its lead program, NPM-119, aimed at improving adherence to Type 2 diabetes medication.