Vivani Medical Temporarily Withdraws Cortigent Spin-Off Record Date Amid U.S. Government Shutdown

Vivani Medical has temporarily withdrawn the record date for the spin-off of its subsidiary Cortigent due to delays caused by the U.S. federal government shutdown. Cortigent develops brain implant devices using advanced neuromodulation technology, including the Orion Visual Cortical Prosthesis System designed to treat blindness from conditions like glaucoma and diabetic retinopathy. The spin-off aims to better position Cortigent to accelerate development of its neurostimulation brain-computer interfaces while allowing Vivani to focus on its drug implant business for chronic diseases such as obesity and type 2 diabetes. Vivani is working to establish and announce a new record date for the transaction, with ThinkEquity acting as the exclusive financial advisor. Despite some promising technological milestones, Vivani faces financial challenges, including ongoing losses, high leverage, and zero revenue growth over recent years, which contribute to a cautious analyst outlook. The company operates in the biotechnology sector with a focus on miniaturized, long-acting drug implants and innovative neuromodulation devices.