Cortigent, which is developing camera-based neural implants that restore partial vision to the blind, filed on Monday with the SEC to raise up to $17 million in an initial public offering.
Cortigent is developing systems that use a camera mounted on glasses combined with a brain implant that delivers targeted electrical neurostimulation to provide artificial vision, which provides the perception of light and shapes. Its first commercial system, Argus II, was approved by the FDA in 2013 under a Humanitarian Device Exemption, but discontinued in 2019 due to commercial considerations. Since then, the company has substantially completed an early feasibility trial of a more advanced system for artificial vision called Orion.
The company's predecessor, Second Sight Medical Products, previously IPO'd in 2014. In August 2022, Second Sight merged with Nano Precision Medical, to form Vivani Medical (Nasdaq: VANI); Vivani is now spinning off the visual device unit, betting that its upgraded device and a larger target population will now help it succeed.
The Valencia, CA-based company traces its roots to 1998 and plans to list on the Nasdaq under the symbol CRGT. Cortigent filed confidentially on January 13, 2023. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
