Business
Vivani Medical Provides Business Update Including $5M Equity Financing and Reports Third Quarter 2024 Financial Results
Regulatory approval to initiate first-in-human study with a miniature, ultra long-acting GLP-1 (exenatide) implant in obese or overweight individuals in
About this update from Vivani Medical, Inc.
[{"type":"text","content":"\nRegulatory approval to initiate first-in-human study with a miniature, ultra long-acting GLP-1 (exenatide) implant in obese or overweight individuals in Australia\n\n\nMiniature, ultra long-acting GLP-1 implant produced sham-implant adjusted liver fat reduction of 82% in an obese mouse model from a single administration with expected twice-yearly dosing\n\n\nAnnounces $5M equity financing which secures solid financial position into late 2025, supporting projected completion of first-in-human study and data read-out\n\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nVivani Medical, Inc. (Nasdaq: VANI) (“Vivani” or the “Company”), a biopharmaceutical company developing miniaturized, long-acting drug implants, today reported financial results for the third quarter ended September 30, 2024, and provided a business update.\n\n\nVivani’s Chief Executive Officer Adam Mendelsohn, Ph.D., stated, “We made significant progress advancing our proprietary GLP-1 implants for obesity and chronic weight management in the third quarter, and we anticipate the initiation of our first-in-human clinical study, named LIBERATE-1, in the fourth quarter of this year. After choosing to conduct our initial first-in-human study in Australia, in part to take advantage of potentially significant rebates from the Australian government, we were excited to receive the regulatory approvals to initiate LIBERATE-1, as a key element of our NPM-115 clinical program in overweight and obese individuals. Today’s $5 million common stock financing announcement puts us in an excellent position to complete LIBERATE-1 and continue development of our pipeline programs in 2025.”\n\n\nDr. Mendelsohn added, “Our NanoPortal drug delivery technology has the potential to directly address medication non-adherence which is responsible for approximately 125,000 avoidable deaths each year in the US alone, more than caused by breast, colorectal and liver cancer combined. In addition, approximately 50% of patients with chronic diseases, including patients with obesity and type 2 diabetes, do not take their medicine as prescribed in the real world, a statistic which holds for both daily orals as well as weekly injectables. GLP-1 drugs have already improved the health of millions of people with obesity and type 2 diabetes, but the future potential impact of these medicines to improve global healt...