Vivani Medical, Inc. Announces Closing of Common Stock Offering

Core Viewpoint - Vivani Medical, Inc. has successfully closed a registered direct offering and a private placement, raising approximately $15.7 million to support its ongoing research and clinical development efforts [1][2]. Group 1: Offering Details - The company completed a registered direct offering of 6,000,000 shares and a private placement of 3,703,703 shares, both priced at $1.62 per share [1]. - The gross proceeds from these transactions are approximately $15.7 million, before deducting fees and offering expenses [1]. - ThinkEquity acted as the sole placement agent for the registered direct offering [2]. Group 2: Use of Proceeds - The net proceeds from the offerings will be utilized for ongoing research and clinical development of the company's product candidates, as well as for working capital and general corporate purposes [2]. Group 3: Company Overview - Vivani Medical, Inc. is a clinical-stage biopharmaceutical company that develops miniature, ultra long-acting drug implants using its proprietary NanoPortal™ platform [5]. - The company is focused on developing GLP-1 based implants aimed at treating metabolic diseases such as obesity and type 2 diabetes [5]. - The implants are designed to enhance patient adherence to medication by addressing challenges associated with daily or weekly administration of oral and injectable medications [5].