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IPO Update: Cortigent Prepares $15M Mini-IPO (Pending: CRGT)

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A brief overview of Cortigent, Inc.

Cortigent, Inc. (CRGT) has filed a request to raise $15 million in an initial public offering of its common stock, according to an S-1 registration statement.

The company is developing a medical

Operating Invoice (SEC)

$2.5 million to repay amounts owed to Vivani for funds provided under the Transition Funding, Support and Services Agreement,

$2 million to manufacture and assemble new devices for use in Orion and stroke recovery systems,

$1 million for a planned pivotal study on Orion,

$2 million for other research and development, including the Stroke Recovery System, and

the balance of proceeds for general working capital.

We plan to use these proceeds over a period of approximately 18 months after receipt of proceeds from this offering. We anticipate that we will use the proceeds of the offering to fund the manufacture of devices to be used in clinical trials of Orion and the Stroke Recovery System in order to seek FDA approval to conduct these trials to select and qualify our sites for clinical trials and other trial preparation activities. We also anticipate conducting pricing and reimbursement market research for the Orion and Stroke Recovery Systems and completing our Orion Patient Preference Information (PPI) study, which will help us work with the FDA to determine our safety endpoints to determine. After that, we need additional funding to complete the pivotal Orion clinical trial and the first stroke device study. Determining the cost of the pivotal Orion study depends on factors such as the size of the study, its duration, site selection and site training, the writing and establishment of FDA-acceptable protocols, accepted safety endpoints, and other terms that we determine to establish jointly with the FDA .

(Source – SEC.)

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