Vivani Merges Cortigent Into Nasdaq-Listed ClearOne, Giving Orion Implant a New Parent
The Orion visual neuroprosthetic system, originally developed by Second Sight Medical Products, is changing parent companies again, Neurotech Reports said. Vivani Medical has agreed a reverse merger with Nasdaq-listed ClearOne under which its Cortigent unit becomes a wholly owned ClearOne subsidiary; ClearOne will be renamed Cortigent Holdings Inc. and is expected to trade as CRGT. ClearOne agreed as part of the transaction to file a Form S-1 registration statement to raise $10 million to $15 million, and Cortigent plans a pivotal trial of Orion in about 60 patients, though funding remains a challenge.