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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
Core Insights - Vivani Medical, Inc. is advancing the development of its semaglutide implant NPM-139 following positive weight loss data from preclinical studies and the LIBERATE-1 Phase 1 clinical study results for NPM-115 [1][4] - The company has secured $10 million in equity financing to support the accelerated development of NPM-139 and to ensure financial stability into the second half of 2026 [1][3] - Vivani plans to spin off Cortigent, Inc., a division focused on brain implant devices, into an independent publicly traded company [1][15] Financial Overview - As of June 30, 2025, Vivani reported a cash balance of $8.1 million, down from $19.7 million at the end of 2024, primarily due to a net loss of $13.4 million [9] - Research and development expenses for Q2 2025 were $4.8 million, a 35% increase from $3.5 million in Q2 2024, attributed to increased R&D activities [10] - General and administrative expenses rose to $2.7 million in Q2 2025, up 25% from $2.2 million in Q2 2024, mainly due to higher professional services costs [11] Business Developments - The company has entered into a share purchase agreement to issue 7,936,507 shares at $1.26 per share, expected to generate approximately $10 million in gross proceeds [3] - The LIBERATE-1 study demonstrated a positive safety and tolerability profile for NPM-115, which supports the ongoing development of NPM-139 [2] - Vivani anticipates initiating the clinical program for NPM-139 in 2026, with a focus on chronic weight management [2][15] Upcoming Milestones - Vivani plans to provide a detailed update on the NPM-139 program later this year, including the design of a dose-ranging weight maintenance study [15] - The spin-off of Cortigent, Inc. is expected to be completed in Q3 or Q4 of 2025 [15]
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]