Cortigent, vision restoration device maker, sets terms for $15M IPO

Cortigent (CRGT), which has developed a neurostimulation device for restoring vision, has proposed terms for a $15M initial public offering.

The medical device maker said in a filing that it is looking to offer 1.5M shares priced at $10 per share. Underwriters would receive a 45-day option to buy up to 225K additional shares to cover any over-allotments. Think Equity is serving as lead bookrunner.

After the IPO, Vivani would control 77% of Cortigent's common stock voting power. If the underwriters' option is exercised in full, Vivani would control 74%.

Based in Valencia, Calif., Cortigent's Argus II system has been approved by the US Food and Drug Administration under a humanitarian device exemption for the treatment of profound blindness. The company is also working on a next-generation system called Orion for blindness and a device to treat arm/hand paralysis in stroke patients.

Cortigent is owned by Vivani Medical (NASDAQ:VANI), which was established in August 2022 through the merger of Nano Precision Medical and Second Sight Medical Products. Vivani moved Second Sight's neurostimulation device assets and operations to Cortigent in December.

Last year, ophthalmology products heavyweight Bausch + Lomb (BLCO), a spinout of Bausch Health (BHC), held one of the biggest IPOs of 2022, raising $712M.

More on medical devices:

Glaukos said to have won regional Medicare coverage for glaucoma devices

Novo Nordisk in talks to acquire French medical device maker Biocorp

Avanos Medical climbs 7% with the sale of Respiratory Health business to SunMed

Glaukos upgraded to overweight by Piper Sandler ahead of product launches