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.
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.
Medtronic supplants Abbott as the 62nd-largest U.S. firm
Medtronic (NYSE:MDT) is the 62nd-largest company in the U.S. as measured by market capitalization, supplanting rival Abbott (NYSE:ABT). Medtronic’s market cap is $55.90 billion, compared with Abbott’s $55.81 billion.
Biolase to enter ENT market
Biolase (NSDQ:BIOL) said it inked a deal with Valam Corp. to enter the ear, nose & throat market to develop, market and sell a laser system for otolaryngologists, following 510(k) clearance from the FDA for its Epic 10 soft-tissue laser for ENT procedures.
Brookhaven Medical drops $5M on CreatiVasc
Brookhaven Medical said it agreed to put up to $5 million into CreatiVasc Medical, a Greenville, S.C.-based company that’s developing a hemoaccess valve system.
- C.R. Bard (NYSE:BCR): Leerink Swann raises price target to $120 from $107-$110, “market perform” rating.
- Dexcom Inc. (NSDQ:DXCM): Northland Securities downgrades from “market perform” to “underperform” rating, raises price target to $17.00 from $15.
- Endo Health Solutions (NSDQ:ENDP): Morgan Stanley initiates coverage with “equal weight” rating.
- Smith & Nephew (FTSE:SN, NYSE:SNN): Investec downgrades from “add” to a “hold” rating, raises price target to £8.02 ($12.24) from £7.76 ($11.84).