Business
Second Sight Medical Products Announces Successful Completion of its Merger with Nano Precision Medical and its Name Change to Vivani Medical, Inc.
Vivani will be traded under the new ticker (Nasdaq: VANI) LOS ANGELES--(BUSINESS WIRE)-- Second Sight Medical Products, Inc.(NASDAQ: EYES) (the “Company” or
About this update from Vivani Medical, Inc.
[{"type":"text","content":"\nVivani will be traded under the new ticker (Nasdaq: VANI)\n\n LOS ANGELES--(BUSINESS WIRE)--\nSecond Sight Medical Products, Inc.(NASDAQ: EYES) (the “Company” or “Second Sight”), a leading developer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, announced today 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.\n\nIn 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.\n\nUpon 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.\n\nThe Company will operate under the leadership of NPM’s CEO, Dr. Adam Mendelsohn, and his leadership team of seasoned industry veterans.\n\n“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 te...