Aiming to enhance its focus on GLP-1 implants, Vivani Medical has announced plans to spin off its neurostimulation segment into a separate publicly traded entity named Cortigent. This new company will concentrate on advancing brain implant technologies aimed at restoring bodily functions such as vision and movement. The move follows the acquisition of neurostimulation technology through a merger in 2022, with initial efforts to list Cortigent independently initiated in 2023.
Despite previous challenges faced by Second Sight Medical Products, including financial difficulties and operational layoffs, Cortigent is poised to continue developing innovative solutions like the Orion Cortical Visual Prosthesis System and stroke recovery technologies. Although setbacks have occurred, the company remains committed to overcoming obstacles and progressing toward clinical milestones, with an anticipated spin-off completion date set for Q3 2025.
Reorganizing Focus: Vivani’s Strategic Decision
Vivani Medical is restructuring its business model to better align resources and expertise with its core objectives. By separating its neurostimulation endeavors from its primary GLP-1 implant operations, Vivani aims to unlock greater value for shareholders while enabling Cortigent to operate independently. This decision reflects a broader trend in the medical technology sector where companies often pursue specialized divisions to optimize innovation and market positioning.
Historically, Second Sight Medical Products laid the groundwork for neurostimulation advancements but encountered significant hurdles along the way. Following its humanitarian device exemption approval in 2013 for the Argus II vision implant, the company struggled commercially due to insufficient sales and funding constraints. These challenges culminated in production halts, workforce reductions, and ultimately a merger with Nano Precision Medical in 2022. Under this restructured framework, NPM emerged as the dominant partner, shifting focus towards weight-loss implants under the Vivani banner. Now, by facilitating Cortigent’s independence, Vivani seeks to enable both entities to thrive autonomously within their respective domains.
Advancing Neurostimulation Technologies: Cortigent’s Vision
Cortigent represents a fresh start in the realm of neurostimulation, carrying forward groundbreaking research aimed at restoring sensory and motor functions. As it embarks on its journey as an independent entity, Cortigent intends to build upon existing projects such as the Orion Cortical Visual Prosthesis System and stroke recovery systems. These initiatives underscore Cortigent's commitment to addressing unmet medical needs through cutting-edge technological innovations.
The Orion system targets blindness caused by conditions like glaucoma, having recently concluded a six-year feasibility study. While some patients opted for device removal during trials, others demonstrated positive outcomes, reinforcing the potential benefits of this approach. Simultaneously, Cortigent is exploring methods to assist stroke victims in regaining arm and hand motion, beginning with preliminary designs and cadaver studies conducted in recent years. Despite facing funding rejections and regulatory hurdles, Cortigent remains determined to secure necessary approvals and advance its pipeline. With plans to complete the spin-off by Q3 2025, Cortigent anticipates leveraging renewed focus and resources to achieve meaningful progress in its mission to transform lives through advanced neuroscience applications.