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ALAMEDA, Calif. - Vivani Medical, Inc. (NASDAQ: VANI), a biopharmaceutical company valued at $61.61 million, and Okava Pharmaceuticals, Inc., announced an expanded collaboration to develop a long-acting therapy for dogs. The partnership, initially focused on cats, will now include the development of OKV-119, a GLP-1 therapy for weight management and cardiometabolic conditions in dogs, leveraging Vivani’s NanoPortal technology for extended drug delivery. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 3.41, providing financial flexibility for its development programs.
The therapy aims to mimic the effects of fasting, such as improved insulin sensitivity and energy metabolism, without altering feeding routines. With over half of U.S. dogs overweight or obese, this treatment could significantly impact their health and lifespan.
Vivani’s CEO, Adam Mendelsohn, PhD, highlighted the alignment with the company’s mission to revolutionize chronic disease treatment using proprietary drug delivery technologies. The partnership’s structure offers Vivani minimized costs and risks while providing upside potential for shareholders through milestone payments and royalties.
Vivani’s NanoPortal platform underpins its pipeline, including implants for chronic weight management and type 2 diabetes in humans, designed for semi-annual or annual administration. The company aims to improve medication adherence and tolerability, addressing the issue of non-adherence which contributes to significant healthcare costs and preventable deaths.
This press release includes forward-looking statements regarding Vivani’s business and product development, reflecting the company’s beliefs and expectations. However, these statements are subject to uncertainties, risks, and changes beyond Vivani’s control, and actual results may differ materially.
The financial terms of the expanded agreement were not disclosed. Information in this article is based on a press release statement from Vivani Medical, Inc.
In other recent news, Vivani Medical, Inc. reported its 2024 financial outcomes, revealing a net loss of $23.5 million, or $0.43 per share, aligning closely with analyst expectations. The company also announced the successful completion of full enrollment for its Phase 1 LIBERATE-1 trial of the exenatide implant NPM-115, which is expected to deliver topline results by mid-2025. In addition, Vivani Medical secured approximately $8.25 million through a private placement to support the development of its drug implants, including NPM-139 and NPM-115. Analyst Yi Chen from H.C. Wainwright maintained a Buy rating on Vivani Medical with a price target of $4.00, reflecting confidence in the company’s progress. The analyst’s reaffirmation follows positive preclinical data for NPM-139, which demonstrated significant weight loss in studies. Vivani’s NPM-139 and NPM-115 implants are designed for chronic weight management, offering potential once or twice-yearly dosing to improve patient adherence. The company’s NanoPortal technology, used in these implants, aims to provide consistent medication delivery and enhance treatment outcomes. Vivani’s ongoing developments in GLP-1 implants continue to attract attention in the rapidly expanding market for metabolic disease treatments.
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