Second Sight eyes $10M funding round | Wall Street Beat

July 25, 2013 by Brad Perriello

Second Sight Medical registers for a $10 million funding round to back its Argus II 'bionic eye' retinal implant. Wall Street Beat

Second Sight Medical is hoping to raise $10.5 million, according to a regulatory filing, as it brings its "bionic eye" Argus II retinal implant to the U.S. market.

The device, comprised of an eyeglass-mounted camera and an electrical stimulator implanted in the eye, works by converting video images captured by a miniature camera housed in the patient's glasses into a series of small electrical pulses that are transmitted wirelessly to an array of electrodes on the surface of the retina.

The Sylmar, Calif.-based medical device company won pre-market approval from the FDA for the Argus II in February.

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Last month Second Sight said it plans to open 12 "centers for excellence" across the U.S. to begin early patient consultations in major markets.

Second Sight is accepting minimum investments of $1,000 and could pay out an estimated $250,000 in payments related to the round, according to the filing.