Second Sight Medical Products announces the successful completion of its merger with Nano Precision Medical and its name change to Vivani Medical, Inc.
LOS ANGELES–(BUSINESS WIRE)–Second Sight Medical Products, Inc. (NASDAQ: EYES) (the “Company” or “Second Sight”), a leading developer of implantable vision prostheses intended to create an artificial form of useful vision for people who are blind, announced today the completion of its merger with Nano Precision Medical, Inc. (“NPM”). NPM is a biopharmaceutical company that develops miniaturized subcutaneous drug implants using its proprietary NanoPortal™ technology to enable long-term, near-constant rate delivery of a wide range of drugs to treat chronic diseases.
As part of the merger, Second Sight changed its name to Vivani Medical, Inc. (“Vivani”). The Company’s common stock will trade on the Nasdaq Capital Market under the symbol “VANI”. ThinkEquity acted as financial advisor to Second Sight in connection with the merger.
Upon completion of the merger, the Company has approximately $55 million in cash to advance the development of Vivani’s portfolio, which includes lead asset NPM-119 (exenatide implant), toward development in clinical stage for the treatment of patients with type 2 diabetes and to identify and execute strategic options to advance its Orion visual prosthesis to the clinical stage to treat people with blindness due to a wide range of underlying causes.
The company will operate under the direction of NPM CEO, Dr. Adam Mendelsohn, and his management team of seasoned industry veterans.
“The completion of the merger marks an important milestone for Vivani as we continue to grow the business with a strong team, sufficient funding and an attractive group of investors who support our goal of developing and commercializing a new portfolio of products. miniaturized drug implants that can effectively address medication nonadherence, a major challenge in the treatment of chronic diseases, including type II diabetes. We are also committed to identifying a sustainable path forward to bring Second Sight’s Orion Cortical Visual Prosthesis System to people who are blind due to a wide range of causes,” said Adam Mendelsohn, Ph.D., President and CEO. general of the company. “Our proprietary NanoPortal technology has broad potential across a wide range of therapeutic molecules. We anticipate that the first application of our technology will be ready to begin human evaluation later this year with NPM-119. Medication non-adherence in type II diabetic patients taking oral or injectable therapies is approximately 50%. We believe that a six-month implant may be an important alternative for non-adherent patients and the physicians who treat them.
About Vivani Medical, Inc.
Vivani Medical, Inc., soon to be trading under the Nasdaq symbol VANI, is the combination of Nano Precision Medical, Inc. and Second Sight Medical Products, Inc. The company leverages proprietary technologies to develop and commercialize drug implants and of devices that treat patients with chronic conditions with a high unmet medical need.
Prior to the merger, Nano Precision Medical, Inc. was a privately held biopharmaceutical company developing drug implants using its proprietary NanoPortal drug implant technology. These drug implants, designed to provide low-fluctuation drug profiles, will address medication nonadherence, which is a primary reason for the suboptimal clinical benefit associated with oral and injectable products that treat chronic disease. The company’s lead product, NPM-119, is a GLP-1 receptor agonist in development to treat patients with type 2 diabetes. More information is available at www.nanoprecisionmedical.com.
Vivani also develops implantable visual prostheses intended to provide useful artificial vision to blind people. Visual prosthetic developments are a continuation of the work carried out by Second Sight Medical Products, Inc. prior to the merger and renaming to Vivani Medical, Inc. The recognized world leader in neuromodulation devices for blindness, Vivani is s is committed to identifying and implementing the best strategic options that will enable its innovative technologies to treat the broadest population of visually impaired people. More information is available at secondsight.com.
Vivani’s corporate headquarters are located in Emeryville, California. More information for investors is available at www.vivani.com.
Notice of Intention to Delist Warrants (Nasdaq: EYESW)
As part of Nasdaq’s approval of the merger transaction, the merged company is required to comply with Nasdaq’s listing rule 5110(a). This rule requires the post-merger company to meet all Nasdaq listing criteria. The Company has satisfied the listing requirements for the common shares of the combined company after the merger. Because the warrants (Nasdaq:EYESW) will not meet Nasdaq’s original listing standards upon closing of the merger, the company would not be in compliance with listing rule 5110(a) with respect to warrants only. Accordingly, the Company has voluntarily elected to delist the Warrants, which will enable the Company to otherwise comply with Nasdaq listing rules. The Company intends to file a Delisting Notification on Form 25 with the SEC on or about September 8, 2022, to withdraw the Warrants from trading on the Nasdaq Capital Markets. The delisting of the warrant class from the Nasdaq listing is effective 10 days after the Form 25 is filed.
This press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as: “target”, ” believe”, “expect”, “will”, “could”, “anticipate”, “estimate”, “would”, “position”, “future” and other similar expressions which, in this press release, refer to the Company’s post-merger strategy . Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on the Company’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Actual outcomes and results may differ materially from those indicated in the forward-looking statements. Accordingly, you should not rely on any such forward-looking statements. Important factors that could cause actual results and results to differ materially from those set forth in the forward-looking statements include, among others, the following: (1) our ability to recognize the anticipated benefits of the merger; (2) risks associated with the development and commercialization of NPM-119 (exenatide implant); (3) claims or legal proceedings relating to the termination of the MoU with Pixium Vision and related costs; (4) changes in applicable laws or regulations; (5) the Company’s ability to achieve or maintain profitability in the future; (3) the possibility that the Company will be adversely affected by other economic, business and/or competitive factors; (4) the impact of COVID-19 on the Company’s business; and (5) various other risks and uncertainties. There may be additional risks that the Company considers insignificant or that are unknown. A more detailed list and description of risks and uncertainties can be found in the company’s most recent Annual Report on Form 10-K, and in all subsequent quarterly filings on Form 10-Q with the Securities and Exchange Commission ( the “Commission”), and the Company’s final proxy statement/prospectus filed with the Commission on June 24, 2022. Any forward-looking statements we make in this press release are based solely on information currently available to the Company and valid only on the date on which it is manufactured. The Company undertakes no obligation to update publicly any forward-looking statements, written or oral, which may be made from time to time, whether as a result of additional information, future developments or otherwise, except as required by law. requires it.