Second Sight Medical
(NSDQ:EYES) announced today that it will wind down its operations amid the financial shock of the coronavirus pandemic.
The Los Angeles–based company will lay off 84 of its 108 employees and will retain an adviser experienced in winding down operations to guide the board on the next steps. Company officials expect additional layoffs.
Founded in 1998, Second Sight over the years has pioneered neuromodulation devices to treat blindness. Its Argus II retinal prosthesis system is an FDA-approved device able to provide visual aid to people with severe to profound retinitis pigmentosa, but the company last year turned its focus to its Orion cortical implant.
Second Sight in a news release said the need to wind down was due to the effect of the COVID-19 pandemic on its ability to secure financing.
The board has appointed board member Matthew Pfeffer to serve as acting CEO during the wind-down period — versus board chair Greg Williams, as was previously announced.
