Welcome to our dedicated page for Vivani Medical news (Ticker: VANI), a resource for investors and traders seeking the latest updates and insights on Vivani Medical stock.
Vivani Medical, Inc. reports developments from a clinical-stage biopharmaceutical business focused on miniature, ultra long-acting subdermal drug implant candidates using its proprietary NanoPortal™ technology. News commonly centers on financial results, business updates, manufacturing and clinical-development spending, and progress for semaglutide-based implant candidates such as NPM-139 for chronic weight management and NPM-133 for type 2 diabetes.
The company’s updates also cover Cortigent, its wholly owned subsidiary developing brain implant devices based on precision neurostimulation technology. Cortigent disclosures include the Orion® Visual Cortical Prosthesis System, a cortical stimulation system under development to provide visual perception for blind persons, as well as equity financings, registered direct offerings, private placements, shareholder matters and governance updates.
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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.