Business
Vivani Medical Provides Business Update and Reports First Quarter 2024 Financial Results
Company continues advancing the development of miniature, long-term GLP-1 implants for the treatment of chronic weight management in obese or overweight
About this update from Vivani Medical, Inc.
[{"type":"text","content":"\nCompany continues advancing the development of miniature, long-term GLP-1 implants for the treatment of chronic weight management in obese or overweight patients, type 2 diabetes, and other chronic diseases\n\n\nStable financial position supports operations into the second half of 2025 and potential delivery of key portfolio milestones\n\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nVivani Medical, Inc. (Nasdaq: VANI) (“Vivani” or the “Company”), a biopharmaceutical company developing miniaturized, long-term drug implants including its lead asset NPM-115 for chronic weight management in obese or overweight patients with one or more risk factors, today reported financial results for the first quarter ended March 31, 2024, and provided a business update.\n\n\nAdam Mendelsohn, Ph.D., Vivani’s Chief Executive Officer, stated, “Since pivoting to prioritize the development of our GLP-1 implants for obesity and chronic weight management, we have initiated preclinical activities for NPM-115, our high-dose exenatide implant to support clinical investigations. An Investigational New Drug (“IND”) application for NPM-115 remains on track for submission before the end of this year. In addition, we remain on track to provide the U.S. Food and Drug Administration (“FDA”) with the requested Chemistry, Manufacturing and Controls (“CMC”) information related to our NPM-119 IND in the first half of this year.”\n\n\nDr. Mendelsohn added, “The commercial opportunity for GLP-1 products remains robust with remarkable growth and significant potential for differentiated products including our miniature, subdermal implants with a target frequency of administration of six months or longer. We believe that the largest positive real-world impact in the GLP-1 category will be realized by addressing medication adherence and avoiding the weight regain which occurs upon treatment discontinuation, both of which are directly addressed by our miniature GLP-1 implants in development. As a result, we believe that our pipeline assets continue to hold significant potential opportunity for patients, caregivers, prescribers and payers.”\n\n\nRecent Business Highlights\n\n\nIn February 2024, Vivani announced positive NPM-115 preclinical weight loss data comparable to semaglutide, the active ingredient in Ozempic® and Wegovy®. In a study of high-fat diet-induced obese mice, NP...