The Alameda, California-based company priced the shares at $1.62 apiece. It also announced a concurrent private placement of more than 3.7 million shares of common stock at the same price. Gregg Williams, the company’s board chair, purchased the shares in the concurrent placement.
Altogether, the company expects proceeds of approximately $15.7 million before fees and other expenses. It expects to close the offering and private placement on or about Oct. 28, 2025. ThinkEquity acts as the sole placement agent for the registered direct offering.
Vivani plans to use the net proceeds to fund ongoing R&D efforts for its product candidates, plus for working capital and general corporate purposes. This adds to $10 million brought in through an August equity financing as the company progresses its drug delivery technology.
The company develops NanoPortal technology, which steadily delivers medication over extended periods of time.
Vivani 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.
Meanwhile, the company continues to work toward the spin-off of its Cortigent neurotechnology unit. It initially sought to complete the spin on Oct. 8, but withdrew its plans, although it expects to complete the transaction “as soon as possible.”
