ALAMEDA, Calif. - Vivani Medical, Inc. (NASDAQ: VANI), a biopharmaceutical company focusing on long-term drug implants, has entered into a securities purchase agreement with an institutional investor for a registered direct offering. The company is set to raise approximately $15 million before fees and expenses through the sale of nearly 3.95 million shares and warrants at $3.80 each.
The warrants, exercisable immediately upon issuance at the same price per share, will expire three years from the date of issuance.
Maxim (NASDAQ:MXIM) Group LLC is serving as the sole placement agent, while ThinkEquity is advising Vivani Medical on the transaction. The offering is expected to close around March 5, 2024, pending customary closing conditions.
This financial move is made under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on June 14, 2021.
Vivani Medical is known for its NanoPortal™ platform, which is developing biopharmaceutical implants, such as NPM-115 and NPM-119, designed for chronic weight management and type 2 diabetes treatment, respectively. These products aim to offer steady drug delivery over six months, potentially improving medication adherence and tolerability.
The company's subsidiary, Cortigent, is also developing neurostimulation systems for restoring critical body functions, including artificial vision for the profoundly blind and arm and hand function post-stroke. Vivani is exploring strategic options to advance Cortigent's technology.
The information in this article is based on a press release statement from Vivani Medical, Inc.
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