Second Sight Medical Products, a developer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, announced today the completion of its merger with Nano Precision Medical (NPM). NPM is a biopharmaceutical business which develops miniaturized, subdermal drug implants utilizing its proprietary NanoPortal technology to enable long-term, near constant-rate delivery of a broad range of medicines to treat chronic diseases.
In connection with the merger, Second Sight changed its name to Vivani Medical.
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), into clinical-stage development for the treatment of patients with Type 2 diabetes and to identify and execute strategic options to advance it’s clinical-stage Orion visual prosthetic device to treat individuals with blindness due to a wide range of underlying causes.
Vivani will operate under the leadership of NPM’s CEO, Dr. Adam Mendelsohn, and his leadership team of seasoned industry veterans.
Vivani's headquarters are located in Emeryville, California. The company’s common stock will trade on The Nasdaq Capital Market under the symbol "VANI."
ThinkEquity acted as the financial advisor to Second Sight in connection with the merger.
