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ALAMEDA, Calif. - Vivani Medical, Inc. (NASDAQ:VANI), a micro-cap biotech company with a market value of $69.32 million, has appointed Anthony Baldor as Chief Financial Officer, replacing Brigid A. Makes who is retiring to focus on board appointments and personal projects, according to a company press release issued Wednesday. InvestingPro analysis indicates the company faces significant cash burn challenges as it develops its drug delivery platforms.
Baldor brings more than 20 years of financial management experience in the biotechnology sector. He previously served as Chief Financial Officer at Diakonos Oncology Corp., where he led Series Seed and Series A financings, and as Vice President of Corporate Strategy & Development at 4D Molecular Therapeutics, Inc.
His prior experience includes positions at Jefferies Group LLC, BioInnovation Capital, RMI Partners, and Cequent Pharmaceuticals. Baldor holds an M.B.A. and a Master of Data Science from the University of California, Berkeley, and a B.A. from Vassar College.
"Anthony’s deep expertise in financial strategy will be instrumental as Vivani advances its pipeline and scales its operations," said Vivani Chief Executive Officer Adam Mendelsohn in the statement. The company’s stock, currently trading at $1.17, shows significant potential according to analysts, who have set a target price of $4.00, though investors should note the stock’s high volatility with a beta of 3.33.
Makes, who helped guide the company through the merger of Nano Precision Medical and Second Sight Medical Products, will continue to serve in an advisory capacity during the transition.
Vivani Medical is developing drug implants designed to deliver medication steadily over extended periods. The company’s lead program, NPM-115, is a six-month, subdermal GLP-1 (exenatide) implant under development for chronic weight management. Other programs include NPM-139, a semaglutide implant, and NPM-119, an exenatide implant for type 2 diabetes treatment.
The company’s NanoPortal implants aim to address medication non-adherence, which affects approximately 50% of patients taking daily pills and contributes to over $500 billion in annual avoidable healthcare costs in the U.S.
In other recent news, Vivani Medical has reported a net loss of $23.5 million, or $0.43 per share, for its 2024 financial outcomes, aligning closely with analyst expectations from H.C. Wainwright. The company has also completed full enrollment for its Phase 1 LIBERATE-1 trial of the exenatide implant NPM-115, with results expected by mid-2025. In a strategic move, Vivani Medical has filed for a spin-off of its subsidiary Cortigent, Inc., which will become an independent, publicly traded company on Nasdaq. This spin-off aims to focus Vivani on its NanoPortal drug implant technology while Cortigent advances its neurostimulation devices. Additionally, Vivani has expanded its partnership with Okava Pharmaceuticals to include the development of a long-acting GLP-1 therapy for dogs, leveraging its NanoPortal technology. The company also secured $8.25 million through a private placement to support the development of its semaglutide implant NPM-139. H.C. Wainwright has maintained a Buy rating with a $4.00 price target for Vivani Medical, reflecting confidence in the company’s pipeline and technology platform. Recent preclinical data for NPM-139 showed promising results, reinforcing the potential for an annual dosing regimen.
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