Second Sight, Nano Precision complete merger, renaming as Vivani Medical

Aug. 30, 2022 6:21 AM ETVivani Medical, Inc. (VANI)By: Ravikash, SA News Editor

Second Sight Medical Products (EYES) said it completed its merger with Nano Precision Medical, and has changed its name to Vivani Medical Inc.
The company's common stock will trade on Nasdaq under the symbol VANI.
In February, Second Sight said it was merging with Nano in an all-stock deal, post which EYES shareholders would own ~23% of the combined company. In July, Second Sight shareholders approved the merger, name change, and a reverse stock split which took effect on Aug. 19.
Second Sight said in an Aug. 30 press release that the company will operate under Nano CEO Adam Mendelsohn, and his leadership team.
Nano develops miniaturized, subdermal drug implants using its proprietary NanoPortal technology to help in the long-term, near constant-rate delivery of a range of medicines to treat chronic diseases.
Upon completion of the merger, the company has ~$55M in cash to advance the development of Vivani's portfolio, which includes lead asset NPM-119 (exenatide implant) into clinical-stage development to treat patients with type 2 diabetes and to identify and execute strategic options to advance clinical-stage Orion visual prosthetic device to treat people with blindness due to a wide range of underlying causes.
EYES -5.28% to $4.13 premarket Aug. 30