BCIwiki (bciwiki.com) — The Orion visual neuroprosthetic system originally developed by Second Sight Medical Products is set to change parent again. According to Neurotech Reports on August 18, 2026, Vivani Medical entered a reverse merger with Nasdaq-listed ClearOne, in which Cortigent will become a wholly owned subsidiary. ClearOne will be renamed Cortigent Holdings Inc. and is expected to trade as CRGT. In connection with the transaction, ClearOne agreed to file a registration statement on Form S-1 to raise a minimum of $10 million and a maximum of $15 million.
The Orion system has changed hands several times before. After an aborted merger with French firm Pixium Vision (now part of Science Corp.) in 2021, Second Sight announced a reverse merger with privately held Nano Precision Medical to form Vivani Medical in 2022. In 2025, Vivani announced it would spin off its neuroprosthetics unit as a public company called Cortigent, which had been operating as a subsidiary. Cortigent filed for an IPO in 2023 but did not complete it; Vivani later pursued a Form 10 spin-off, established then withdrew a 2025 distribution record date, and returned to the S-1 process before agreeing to the ClearOne transaction.
Cortigent holds potentially valuable neurostimulation technology inherited from Second Sight but generated no operating revenue, reporting net losses of $5.5 million in 2023 and $2.2 million in 2024. Its auditors also identified substantial doubt about its ability to continue as a going concern. Vivani will receive 12.5 million ClearOne shares and is expected to own approximately 59.4% to 67.5% of the combined company; existing ClearOne shareholders are expected to own approximately 12.7% to 14.4%. After the transaction, Vivani retains majority ownership of Cortigent while focusing on its NanoPortal drug-implant platform.
Cortigent has described a proposed Orion pivotal trial involving approximately 60 patients at roughly 10 U.S. sites. The company must first manufacture and validate new systems and reach agreement with the FDA on the necessary clinical program. No complete trial budget has been publicly disclosed. Neurotech Reports commented that a $15 million gross financing—before transaction and public-company expenses—will more likely fund initial development and trial preparation than completion of a multicenter pivotal study and FDA review.