Vivani Medical (Nasdaq:VANI) announced today a strategic move to streamline its operations, focusing exclusively on its GLP-1-delivering implant technologies. This decision involves spinning off Cortigent, its division dedicated to developing brain implants, as reported by Drug Delivery Business News.
The company’s leadership aims to establish two independent entities, each concentrated on maximizing value within its respective therapeutic domain. This restructuring allows Vivani to sharpen its focus on innovative, miniature GLP-1 therapeutic implants. Simultaneously, the spin-off of Cortigent will empower that entity to advance its brain implant devices, designed to assist individuals in regaining essential bodily functions.
Vivani had previously filed a Form S-1 in preparation for an initial public offering (IPO) for Cortigent. The company has since adapted its strategy, opting to file a Form 10 registration to facilitate the spin-off instead. According to the company, this method will enable Vivani shareholders to directly benefit from Cortigent’s future prospects. Concurrently, it allows Vivani to dedicate its resources to the evolution of its NanoPortal drug implants.
For more details, visit our sister site, Drug Delivery Business News.
