Vivani Medical Announces Pricing of $15.0 Million Registered Direct Offering of Common Stock and Warrants

Vivani Medical, Inc. (Nasdaq: VANI), a pioneering biopharmaceutical company in the preclinical stage, has recently announced a significant move towards advancing its innovative long-term drug implants. In a registered direct offering, the company has entered into a securities purchase agreement with an institutional investor to procure 3,947,368 shares of common stock alongside warrants for the purchase of up to an aggregate of 3,947,368 shares of common stock. This agreement comes at a purchase price of $3.80 per share, with accompanying warrants having an exercise price of $3.80 per share. These warrants are exercisable immediately upon issuance and will remain valid for a period of three years following the date of issuance.

The offering, facilitated by Maxim Group LLC as the sole placement agent, is expected to generate gross proceeds of approximately $15.0 million for Vivani Medical, Inc., before accounting for placement agent fees and other estimated offering expenses. The transaction is slated to conclude around March 5, 2024, pending the fulfillment of customary closing conditions.

This offering is being conducted in accordance with an effective shelf registration statement on Form S-3 (File No. 333-256904), previously lodged with the U.S. Securities and Exchange Commission (“SEC”) and declared effective on June 14, 2021. It is made solely through a prospectus forming part of the effective registration statement. Vivani Medical, Inc. will file a prospectus supplement with the SEC pertaining to the shares of common stock and warrants. Interested parties can access copies of the prospectus supplement and accompanying prospectus on the SEC’s website or through Maxim Group LLC.

It’s important to note that this press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities mentioned herein. Moreover, the sale of these securities is subject to compliance with the securities laws of relevant jurisdictions.

Vivani Medical, Inc. is committed to leveraging its proprietary NanoPortal™ platform to develop biopharmaceutical implants aimed at delivering drug molecules steadily over extended periods. This approach not only aims to ensure adherence but also holds the potential to enhance medication tolerability. Among Vivani’s notable developments are NPM-115 and NPM-119, miniature six-month GLP-1 implants targeting chronic weight management in obese or overweight patients and type 2 diabetes, respectively. These implants are designed to mitigate challenges associated with daily or weekly administration of oral or injectable medications, thus addressing medication non-adherence, a significant issue affecting patient outcomes and healthcare costs.

In addition to its efforts in biopharmaceutical implants, Vivani’s subsidiary, Cortigent, is focused on developing targeted neurostimulation systems to aid patients in recovering critical body functions. Investigational devices like Orion®, offering artificial vision to profoundly blind individuals, and a new system intended to expedite arm and hand function recovery in stroke patients showcase the company’s commitment to pioneering medical technology.

Vivani Medical, Inc. remains dedicated to exploring strategic options for advancing Cortigent’s innovative technology, reaffirming its commitment to revolutionizing healthcare solutions.

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