Vivani Medical announced that it brought in $10 million in equity financing as it progresses its drug delivery technology.
Alameda, California-based Vivani develops NanoPortal technology, which steadily delivers medication over extended periods of time.
The company aims to guarantee correct patient doses while avoiding potential safety concerns around fluctuating drug release profiles. It can also deliver large hydrophilic molecules, including peptides and proteins. The company believes this enables a broader range of therapeutic applications. Vivani reported the first successfully administered GLP-1 implant in its LIBERATE-1 clinical trial in March.
This week, the company entered into a share purchase agreement to sell nearly 8 million shares of common stock at $1.26 apiece. That should bring proceeds of approximately $10 million. Vivani says the funding secures its financial position through the second half of 2026. It also supports the prioritization and accelerated development of NPM-139, its semaglutide implant, into clinical-stage development, with initiation anticipated in 2026.
“Today’s financing announcement reinforces my enthusiasm about the recent progress and future prospects of NanoPortal drug implants as well as my confidence in the management team to successfully develop and deliver transformational therapeutic options for the treatment of chronic diseases, starting with obesity and type 2 diabetes,” said Gregg Williams, Vivani’s board chair. “I remain committed to supporting the company’s efforts to continue advancing development of its pipeline based on the recent, very positive developments.”
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What’s next for Vivani?
Vivani expects to provide a more detailed NPM-139 program update later this year and hopes to initiate clinical development in 2026.
The company also anticipates completing the spin-off of Cortigent, its brain implant device division, in the third or fourth quarter of 2025.
CEO Adam Mendelsohn says the company’s strategic prioritization of NPM-139 provides Vivani with “significantly improved prospects regarding both technical success and commercial potential considering the clinical evidence, broad adoption, and continued growth of semaglutide-based products into the foreseeable future.”
“As the first-in-human application of Vivani’s NanoPortal implant technology, it was important that LIBERATE-1 showed a positive safety and tolerability profile, along with encouraging performance data for NPM-115 that met the study’s primary objectives,” Mendelsohn said. “Concurrently, newly generated NPM-139 preclinical feasibility data showed approximately 20% weight loss was maintained longer than six months with a single implant in an ongoing study, continuing to support the potential for annual dosing. We anticipate initiating the NPM-139 clinical program in 2026.”
