Vivani Medical closes $4.5 million stock offering

Vivani Medical, Inc. (NASDAQ: VANI) completed a stock offering that raised approximately $4.5 million in gross proceeds before fees and expenses, according to a company statement.

The clinical-stage biopharmaceutical company sold 1,689,200 shares of common stock at $1.48 per share through a registered direct offering. The company also completed a concurrent private placement of 1,351,351 shares at the same price to Gregg Williams, chairman of Vivani's board of directors.

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

Vivani stated it plans to use the net proceeds to fund research and clinical development of its product candidates, along with working capital and general corporate purposes. The company develops miniature drug implants using its NanoPortal platform technology.

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.

Vivani is developing a portfolio of GLP-1 based implants for metabolic diseases including obesity and type 2 diabetes. The company's implants are designed to deliver drug molecules over extended periods.

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