Vivani Medical closes $15.7 million stock offering

Vivani Medical Inc. (NASDAQ: VANI) completed a stock offering that raised approximately $15.7 million in gross proceeds before fees and expenses, according to a company statement.

The biopharmaceutical company sold 6 million shares at $1.62 per share through a registered direct offering. Concurrently, Chairman Gregg Williams purchased 3.7 million shares at the same price through a private placement.

Both transactions were priced at-the-market under Nasdaq Stock Market rules. ThinkEquity served as the sole placement agent for the registered direct offering.

The company plans to use proceeds to fund research and clinical development of its product candidates, along with working capital and general corporate purposes.

Vivani develops drug implants using its NanoPortal platform, designed to deliver medications over extended periods. The company is developing GLP-1 based implants for metabolic diseases including obesity and type 2 diabetes.

The registered offering was conducted under a shelf registration statement filed with the Securities and Exchange Commission in April 2024 and declared effective in May 2024.

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