Business
Vivani Medical Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Business Update
EMERYVILLE, Calif.--(BUSINESS WIRE)-- Vivani Medical, Inc. (Nasdaq: VANI) (“Vivani” or the “Company”), a biopharmaceutical company developing miniaturized,
About this update from Vivani Medical, Inc.
[{"type":"text","content":" EMERYVILLE, Calif.--(BUSINESS WIRE)--\nVivani Medical, Inc. (Nasdaq: VANI) (“Vivani” or the “Company”), a biopharmaceutical company developing miniaturized, long-term drug implants, including lead product candidate NPM-119 for the treatment of patients with type 2 diabetes, today reported financial results for the fourth quarter and full year ended December 31, 2022, and provided a business update.\n\nAccording to Adam Mendelsohn, Chief Executive Officer, “2022 was truly a transformational year for the Company, including the business combination of Nano Precision Medical (“NPM”) and Second Sight Medical Products (“Second Sight”), into our newly merged company, Vivani Medical, Inc. We made significant progress with our lead program, NPM-119, a miniature, 6-month, GLP-1 implant candidate for the treatment of patients with type 2 diabetes using our proprietary NanoPortal™ implant technology. We continue to believe that NPM-119 has the potential to significantly improve real-world outcomes for the approximately half of patients with type 2 diabetes who are non-adherent with their medication. We also believe that NPM-119 has the potential to demonstrate an improved gastrointestinal side-effect profile compared to other available GLP-1 treatment options because of NPM-119’s steady drug delivery profile. After successful completion of the non-clinical toxicology and other supportive studies, we plan to submit an Investigational New Drug (“IND”) application and initiate our proposed first-in-human, randomized, Phase 2 clinical trial, named LIBERATE-1, in mid-2023. After years of development, it is very exciting to be approaching the first clinical application of our proprietary NanoPortal implant platform technology.”\n\nDr. Mendelsohn further added, “I am also very proud of the significant progress achieved by our Neuromodulation Division, now known as Cortigent Inc., in collaboration with our new leadership team in identifying strategic options to support the further development of the division’s pioneering neurostimulation systems aimed at helping patients recover critical body functions.”\n\nRecent Business Highlights\n\nIn July 2022, Vivani generated encouraging 6-month, preclinical, proof-of-concept data using a prototype implant configuration that we plan to develop and evaluate further in the clinical setting.\n\nIn August 2022...