Business
Second Sight Medical Products and Nano Precision Medical Announce Merger Agreement to Create Leading Therapeutic Implant Company
Nano Precision Medical’s lead program (NPM-119) is a tiny subdermal implant of a GLP-1 receptor agonist to treat patients with Type 2 diabetes Second Sight
About this update from Vivani Medical, Inc.
[{"type":"text","content":"\n\nNano Precision Medical’s lead program (NPM-119) is a tiny subdermal implant of a GLP-1 receptor agonist to treat patients with Type 2 diabetes\n\n\nSecond Sight will issue 134M shares to acquire full ownership of Nano Precision Medical. Second Sight shareholders will own ~23% of the combined company.\n\n\nSecond Sight shareholders join NPM shareholders, including AstraZeneca which has been a strategic investor since 2016\n\n\nSecond Sight currently has over $69M to enable the advancement of NPM-119 through clinical proof of concept into a pivotal clinical trial and continued exploration of the visual prosthesis business opportunity\n\n\nInvestor Conference Call Scheduled for Tuesday, February 8, 2022, at 9:00 am EST, accessible here: https://viavid.webcasts.com/starthere.jsp?ei=1527993&tp_key=b16592ee32\n\n\n LOS ANGELES & EMERYVILLE, Calif.--(BUSINESS WIRE)--\nSecond Sight Medical Products, Inc. (NASDAQ: EYES) (the “Company” or “Second Sight”) and Nano Precision Medical, Inc. (“NPM”), today announced that they have entered into a definitive agreement under which privately held NPM will merge with a wholly owned subsidiary of Second Sight in an all-stock transaction. NPM will be the surviving company and owned by Second Sight. The resulting company will focus on development of innovative drug and device medical implants that treat chronic diseases with high unmet medical need.\n\nNano Precision Medical, leveraging its proprietary NanoPortalTM drug implant technology, is creating a portfolio of new drugs that address medication non-adherence, a leading reason for poor clinical outcomes. The NanoPortal implant system combines innovative drug development, engineering and nanotechnology that can deliver minimally fluctuating drug release profiles across a wide range of small molecules, peptides, and monoclonal antibodies. NPM’s lead program, NPM-119, is a near clinical stage GLP-1 receptor agonist which is being developed to treat patients with Type 2 diabetes for up to 6 months with a single, tiny subdermal implant. Completion of non-clinical studies to support an Investigational New Drug Application (IND), filing the IND with the Food and Drug Administration and initiation of the First-in-Human clinical study, also known as the LIBERATE-1 trial, are anticipated by late 2022. Upon closing of the transaction, the combined compan...