Cortigent Neurostimulation Gets Independent Shot at Nasdaq: Here's Why This Spin-Off Matters

2025-12-31 10:07:10

Vivani Medical just made a bold strategic move—spinning off Cortigent into its own publicly traded company. The plan? Get both companies laser-focused on what they do best while unlocking value for shareholders through a Nasdaq listing expected to close by Q3 2025.

The Setup: Why Split Now?

The merger between legacy Nano Precision Medical and Second Sight Medical Products created Vivani back in August 2023, bundling together two very different businesses under one roof. Now they’re separating again, and there’s solid logic behind it:

Vivani keeps its miniature, ultra long-acting GLP-1 implants for weight management and type 2 diabetes (think of it as targeting the huge pharma implant space)
Cortigent goes independent to pursue neurostimulation breakthroughs for vision restoration and stroke recovery—riding the momentum of the booming neurotech wave

The spin-off structure will involve distributing shares to Vivani stockholders, structured to be tax-free for U.S. federal income tax purposes. Vivani is filing a Form 10 registration statement with the SEC rather than pursuing an IPO route, which gives more flexibility for executing this separation.

What’s Cortigent Actually Doing?

Here’s where it gets interesting. Cortigent’s precision neurostimulation technology is built on proven traction:

Argus II track record: Already the first and only FDA-authorized artificial vision device for retinitis pigmentosa (a rare form of blindness), with hundreds of patients successfully implanted. This isn’t pie-in-the-sky—it’s real clinical validation.

Orion System: The next-gen platform designed for more common blindness causes like glaucoma and diabetic retinopathy. In 2024, it completed a 6-year Early Feasibility Study with encouraging safety and efficacy data. The FDA even handed it a Breakthrough Device designation, signaling regulatory confidence.

Stroke recovery angle: Beyond vision, Cortigent is developing the same neurostimulation tech for restoring arm and hand function in stroke paralysis patients—a massive unmet medical need.

Why Now? Market Tailwinds

The global neurostimulation market is experiencing substantial growth. Companies like Neuralink (Elon Musk’s venture) have raised public awareness and investor appetite for brain-machine interfaces. This creates a perfect window for Cortigent to operate as a standalone with management fully committed to its neurotech mission.

Jonathan Adams remains CEO of Cortigent post-spin-off. He brings 35 years of biopharma and medical device experience, including founding BioVie (which listed on Nasdaq in 2020). The leadership team has proven regulatory and commercialization chops—they’ve navigated FDA approvals, CMS reimbursement, and device manufacturing before.

The Investment Angle

From a shareholder perspective, this creates transparency: two distinct companies, two separate capital structures, two dedicated management teams pursuing their respective strategic priorities. Investors get clearer visibility into each company’s financials and growth drivers rather than trying to value a bundled play.

Vivani can now sprint toward its GLP-1 implant portfolio without distraction. Cortigent can intensify neurostimulation development without competing for resources in a larger organization. The spin-off also enables each company to respond faster to their respective market opportunities.

ThinkEquity LLC is handling the financial advisory role for Cortigent on this transaction. Cortigent will remain headquartered in the Los Angeles area, maintaining operational continuity while gaining strategic independence.

The Bottom Line

This isn’t a distress sale—it’s a deliberate unlock play. Separating allows Cortigent to build investor narrative around neurostimulation leadership just as the market is heating up, while letting Vivani sharpen focus on the exploding GLP-1 implant space. Both companies get the structural flexibility to execute their long-term visions more aggressively.

Expect the spin-off to complete during or before Q3 2025, subject to final board approval, favorable tax opinion, and regulatory/Nasdaq clearance.

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