Vivani shares skyrocket as implant reduces weight in mice

Vivani Medical

28/02/2024 14:58

Feb 28 (Reuters) - Vivani Medical  VANI.O  shares surged
more than five-fold in early trading on Wednesday after the drug
developer said its experimental under-the-skin drug implant
helped reduce weight in obese mice in a pre-clinical trial. 
    The implant caused a weight loss of about 20% compared to a
sham treatment in high-fat diet-induced obese mice after a
28-day treatment, the company said.
    Weight-loss drugmakers have emerged as a hot favorite among
investors since the launch of new powerful treatments from Novo
Nordisk  NOVOb.CO  and Eli Lilly  LLY.N . The global market for
such drugs is expected to reach at least $100 billion by the end
of the decade. 
    Vivani, which had a market value of $51 million as of
Tuesday's close, also said another implant, being developed for
the treatment of type 2 diabetes, reduced weight in healthy rats
in a different trial.
    The Alameda, California-based company's third experimental
implant for humans, also for obesity, is being tested in
pre-clinical trials. 
    Vivani is set to add as much as $398 million to its market
cap if gains hold.

 (Reporting by Puyaan Singh in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Puyaan.Singh@thomsonreuters.com;))