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Vivani Medical Provides Business Update Including $10M Equity Financing and Reports Second Quarter 2025 Financial Results
Globenewswire· 2025-08-13 20:20
Company plans rapid advancement of semaglutide implant NPM-139, following positive weight loss data from an ongoing preclinical study of NPM-139 and promising results from the LIBERATE-1 Phase 1 clinical study of NPM-115 New $10M equity financing to enable accelerated development of NPM-139 while securing financial position into the second half of 2026 Vivani to spin off Cortigent, Inc., a division of the Company that develops brain implant devices to help patients recover critical body functions, as an ind ...
Vivani Medical Provides Business Update Including $3M Equity Financing and Reports First Quarter 2025 Financial Results
Globenewswire· 2025-05-13 20:30
Core Insights - Vivani Medical, Inc. is advancing its proprietary NanoPortal™ implant technology through the ongoing LIBERATE-1 study, which has successfully inserted a miniature, ultra long-acting GLP-1 (exenatide) implant in all subjects, with top-line results expected in mid-2025 [1][2][15] - The company has secured its financial position through a new $3 million equity financing, in addition to a previously reported $8.25 million financing, ensuring funding through mid-2026 [1][3] - Promising pre-clinical data for NPM-139 (semaglutide implant) has been released, indicating potential for chronic weight management in obese and overweight patients [1][5] Business Developments - Vivani plans to spin off Cortigent, Inc., a division focused on brain implant devices, into an independent publicly traded company to enhance focus on their respective therapeutic areas [1][8] - The collaboration with Okava Pharmaceuticals has expanded to include dogs in the development of a long-acting GLP-1 therapy, OKV-119, leveraging Vivani's NanoPortal technology [4] Financial Performance - As of March 31, 2025, Vivani reported a cash balance of $14.3 million, down from $19.7 million at the end of 2024, primarily due to a net loss of $6.3 million [10] - Research and development expenses increased by 13% to $4.2 million compared to the same period in 2024, reflecting heightened activity in the Biopharma division [11] - General and administrative expenses decreased by 6% to $2.3 million, attributed to reduced professional services and personnel costs [12] Market Position and Strategy - The GLP-1 market is growing, but new entrants must differentiate themselves due to the established clinical benefits of existing therapies; Vivani's miniature, long-acting implants aim to improve medication adherence and patient outcomes [2][16] - The company anticipates that its differentiated portfolio of GLP-1 implants will provide a compelling alternative treatment option for patients and healthcare providers [2][16]