Vivani Medical (Nasdaq:VANI) announced today that it filed a Form 10 registration statement with the SEC to spin off its neurostimulation unit.
The company said earlier this year that it plans to spin off Cortigent, a division that develops brain implants. The company wants to create two focused companies dedicated to driving current and future value in their respective therapeutic areas. Vivani aims to continue advancing its miniature GLP-1 therapeutic implants. The spin-off would enable Cortigent to continue progressing its brain implant devices to help people recover critical body functions.
“Filing the Form 10 registration statement is an important milestone in our journey to establish Cortigent as an independent, publicly traded company dedicated to advancing its pioneering neurostimulation technology,” said Mendelsohn.
Cortigent’s portfolio includes the Argus II, an artificial vision device, plus the Orion visual cortical prosthesis system. Vivani CEO Adam Mendelsohn said the soon-to-be independent company can benefit from “renewed excitement” in the brain implant field with brain-computer interfaces coming to the fore.
Vivani filed with the SEC to spin out Cortigent as an independent, publicly traded company on the Nasdaq in the third quarter.
“After successfully completing an Early Feasibility Study of Orion in 2025, which is our latest brain implant device for artificial vision, Cortigent is preparing for a pivotal trial of this breakthrough technology,” said Cortigent CEO Jonathan Adams. “We will advance clinical evaluation of Orion for commercialization and study applying our precision neurostimulation technology to a device for the recovery of arm and hand movement after paralysis due to stroke. We are confident that the important proprietary technology that underpins our platform will also allow us to address other critical unmet medical needs.”
More about the Cortigent spin and how it positions Vivani
Adams became Cortigent’s CEO in 2023. Before that, he founded BioVie, a biopharmaceutical company, and served as its CEO. He brings 35 years of experience in the biopharmaceutical field and with medical devices.
Under Adams’ leadership, Cortigent will continue to be headquartered in the Los Angeles area.
Vivani, meanwhile, also filed a Form S-1 to support an initial public offering (IPO) for Cortigent. This approach allows Vivani stockholders to directly participate in Cortigent’s future while Vivani can focus on its drug implants.
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.
With the spin-off, Vivani believes both companies can focus and pursue strategies specific to their core therapies and assets. The company expects it to provide investors with greater visibility into both companies. According to Vivani, two standalone companies provide the necessary foundation to create long-term value on both sides.
The Vivani board authorized management to proceed with the spin, with the expectation of completion in the third quarter or otherwise in 2025.
