Second Sight Medical said today that it plans to raise $31.5 million in an initial public offering, likely next week.
Second Sight created the Argus II "bionic eye," the 1st retinal prosthesis approved for sale by the FDA.
In a regulatory filing today, Sylmar, Calif.-based Second Sight said it plans to issue 3.5 million shares at $9 apiece, which would trade on the NASDAQ exchange under the "EYES" symbol. The company 1st filed for the IPO last August.
Earlier this month Second Sight took out a $3 million bridge loan from iconic chairman Al Mann to tide it over until the IPO floats.
The Argus II system uses a camera mounted on special glasses that sends a signal to an electronic receiver with 60 electrodes implanted inside the eye. The receiver sends signals to the retina that travel through the optic nerve to the brain, where they can be interpreted as a visual picture. Future applications of the device are aimed at age-related macular degeneration, a similar but more common disease than RP.
While the system does not restore detailed eyesight, Second Sight says the system produces imagery sufficient for Argus II patients to find doors, avoid obstacles, spot movement and enjoy other activities of daily life. In August, a 55-year-old Arizona woman became the first person in the western United States to receive the implant.
"She could see spots of light on the 1st day of activation, which is very exciting," Dr. Mark Humayun, co-inventor of the Argus II and a director of the USC Eye Institute, said in prepared remarks. "That put her ahead of our expectations. Most of our patients haven’t seen for decades and they have to relearn how to interpret visual signals, which takes quite a while. It’s like seeing a baby learn to crawl, then to walk, then to run."