Vivani Medical (Nasdaq:VANI) today announced steps enabling it to focus solely on its GLP-1-delivering implant technologies.
Our sister site, Drug Delivery Business News, reports today that Vivani 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.
Vivani previously submitted a Form S-1 to support an IPO for Cortigent. It revised its strategy to submit a Form 10 registration to enable the spin-off. The company said this approach enables Vivani shareholders to participate directly in Cortigent’s future. Meanwhile, it allows Vivani to focus exclusively on developing NanoPortal drug implants.
Get the full story at our sister site, Drug Delivery Business News.
