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