Business
Vivani Medical Reports Third Quarter 2022 Results and Provides Business Updates
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 asset NPM-119 for the treatment of patients with type 2 diabetes, today announced financial results for the third quarter ending September 30, 2022 and provides business updates.\n\nRecent Business Highlights\n\n\nThe merger of Second Sight Medical Products, Inc. and Nano Precision Medical, Inc. closed on August 30, 2022. Concurrent with the Merger, the combined company changed its name to Vivani Medical, Inc. and trades under the ticker VANI on the Nasdaq Capital Market.\n\n\nBiopharm Division\nNPM-119 (GLP-1 receptor agonist implant)\n\n\nRecent extensive studies have confirmed the excellent biocompatibility of NPM-119’s device constituent.\n\n\nSuccessfully completed an IND-enabling non-clinical toxicology study.\n\n\nInitiated GMP manufacturing of clinical trial supplies for planned Phase 2 study designated as LIBERATE-1.\n\n\nOn track for IND filing and LIBERATE-1 study initiation in early 2023. LIBERATE-1 is designed as a 12-week, randomized, multiple-dose, first-in-human clinical trial of NPM-119. Its primary objectives are to assess safety and tolerability and full pharmacokinetic characterization, with a secondary objective to evaluate change from baseline in glycemic control.\n\n\nTop-line results from LIBERATE-1 anticipated in late 2023.\n\n\nAchieved 6-month NPM-119 preclinical proof-of-concept.\n\n\nPipeline\n\n\nDemonstrated feasibility of companion feline program OKV-119 which is now advancing into preclinical development with partner Okava Pharma.\n\n\nNeuromodulation Division\nOrion (cortical implant)\n\n\nExploring strategic options to support advancement of this innovative technology.\n\n\nDeveloping improved customer support proposals for legacy product customers.\n\n\n“I am delighted with the progress of both the Biopharm and Neuromodulation divisions at Vivani and I am very excited as we make our final preparations to enable initiation of the LIBERATE-1 study, which represents our first opportunity to investigate the performance of our GLP-1 implant candidate in patients with type 2 diabetes early next year,” said Adam Mendelsohn, Chief Executive Officer. “As a result of the merger, we believe we are well position...