Vivani Medical announced that its first‑in‑human study of the NPM‑115 exenatide implant, the LIBERATE‑1 trial, has been completed. The trial, conducted in Australia, enrolled 30 participants who received a NanoPortal subdermal implant that delivers exenatide continuously for up to six months. The 9‑week treatment period confirmed the implant’s safety, tolerability and pharmacokinetic profile, providing the first clinical data for Vivani’s proprietary NanoPortal platform.
The successful completion of LIBERATE‑1 validates the NanoPortal technology’s ability to maintain therapeutic drug levels over an extended period, a key requirement for ultra‑long‑acting GLP‑1 therapies. By demonstrating that the implant can be administered once or twice a year, Vivani addresses the chronic medication‑adherence problem that limits the effectiveness of daily or weekly GLP‑1 injectables. The data lay the groundwork for the company’s planned Phase 1 study of the NPM‑139 semaglutide implant, slated to begin in the first half of 2026.
Vivani also closed a $15.7 million direct offering and a concurrent private placement on October 28 2025, priced at $1.62 per share under Nasdaq’s at‑the‑market rules. The company secured an additional $25.7 million in cash and cash commitments through a third‑quarter 2025 private placement, bringing total capital raised to $25.7 million. These funds extend Vivani’s runway into 2027 and will support the continued development of NPM‑115 and NPM‑139 through clinical trials and regulatory review.
Financially, Vivani reported a net loss of $6.5 million for the third quarter of 2025, compared with a $6.0 million loss in the same quarter of 2024. Cash, cash equivalents and restricted cash stood at $4.0 million as of September 30 2025, down from $19.7 million at the end of 2024. The recent financing is therefore critical to maintaining liquidity while the company advances its pipeline.
CEO Adam Mendelsohn said the LIBERATE‑1 results “confirm the safety and pharmacokinetic profile of our NanoPortal platform and reinforce our strategy to bring once‑or‑twice‑yearly GLP‑1 implants to market.” He added that the company remains focused on accelerating the NPM‑139 program and on leveraging the new capital to support research, development and regulatory milestones.
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