Date Announced: 01 Sep 2022
Vivani will be traded under the new ticker (Nasdaq: VANI).
LOS ANGELES, CA, U.S.A. -- Second Sight Medical Products, Inc. (NASDAQ: EYES), a leading developer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, has announced the completion of its merger with Nano Precision Medical, Inc. ("NPM"). NPM is a biopharmaceutical business which develops miniaturized, subdermal drug implants utilizing its proprietary NanoPortal™ technology to enable long-term, near constant-rate delivery of a broad range of medicines to treat chronic diseases.
In connection with the merger, Second Sight changed its name to Vivani Medical, Inc. ("Vivani"). The Company’s common stock will trade on The Nasdaq Capital Market under the symbol "VANI". ThinkEquity acted as the financial advisor to Second Sight in connection with the merger.
Upon completion of the merger, the Company has approximately $55 million in cash to advance the development of Vivani’s portfolio, which includes lead asset NPM-119 (exenatide implant), into clinical-stage development for the treatment of patients with Type 2 diabetes and to identify and execute strategic options to advance it’s clinical-stage Orion visual prosthetic device to treat individuals with blindness due to a wide range of underlying causes.
The Company will operate under the leadership of NPM’s CEO, Dr. Adam Mendelsohn, and his leadership team of seasoned industry veterans.
"The completion of the merger marks a significant milestone for Vivani as we continue to grow the company with a strong team, sufficient funding, and an attractive group of investors who support our pursuit to develop and commercialize a new portfolio of miniaturized drug implants which can effectively address medication non-adherence, a major challenge in the treatment of chronic disease, including Type II diabetes.
"We are also committed to identifying a sustainable path forward to bring Second Sight’s Orion Visual Cortical Prosthesis System to individuals who are blind due to a wide range of causes," said Adam Mendelsohn, Ph.D., Chief Executive Officer of the Company.
"Our proprietary NanoPortal technology has broad potential across a wide range of therapeutic molecules. We anticipate that the first application of our technology will be ready to begin evaluation in humans around the end of this year with NPM-119. Medication non-adherence for Type II diabetes patients taking oral or injectable therapies is approximately 50%. We believe a six-month implant can provide an important alternative for non-adherent patients and the physicians who treat them."
About Vivani Medical, Inc.
Vivani Medical, Inc., which will soon trade under the Nasdaq ticker VANI, is the combination of Nano Precision Medical, Inc. and Second Sight Medical Products, Inc. The Company leverages proprietary technologies to develop and commercialize drug and device implants that treat patients with chronic diseases with high unmet medical need.
Prior to the merger, Nano Precision Medical, Inc. was a privately held biopharmaceutical company developing drug implants which utilize its proprietary NanoPortal drug implant technology. These drug implants, designed to deliver minimally fluctuating drug profiles, will address drug non-adherence which is one of the leading reasons for sub-optimal clinical benefit associated with oral and injectable products that treat chronic diseases. The company’s lead product, NPM-119, is a GLP-1 receptor agonist under development to treat patients with Type 2 diabetes. More information is available at www.nanoprecisionmedical.com.
Vivani is also developing implantable visual prostheses that are intended to deliver useful artificial vision to blind individuals. The visual prosthesis developments are a continuation of the work which has been pursued at Second Sight Medical Products, Inc. before the merger was consummated and the name was changed to Vivani Medical, Inc. A recognized global leader in neuromodulation devices for blindness, Vivani is committed to identifying and executing the best strategic options that will enable its innovative technologies to treat the broadest population of sight-impaired individuals. More information is available at secondsight.com.
Vivani headquarters are located in Emeryville, California. More information for investors is available at www.vivani.com
Web Site: www.vivani.com