Second Sight Medical (NSDQ:EYES) said today it inked a $5 million private placement deal with funds slated to support continued development and testing of its implantable visual prosthetic technology.
The Los Angeles-based company said it is selling approximately 3.2 million shares of common stock at $1.55 per share to entities owned by its board chair Gregg Williams, effective on August 14.
Second Sight said it expects to net gross proceeds of approximately $5 million to help support a feasibility study of its Orion cortical visual prosthesis system, continued development of its Argus 2s next-gen devices and collecting evidence on its Orion system. Funds will also help support advanced research in areas including eye-tracking and object recognition to be integrated into artificial vision to provide a “more interesting and useful” experience for users.
“We are delighted to receive this incremental $5 million investment from Gregg Williams, as we advance our initiatives for Orion and Argus 2s. We look forward to reporting on our continued progress,” prez & CEO Will McGuire said in a prepared statement.
“This investment reflects my continued profound confidence in our entire Second Sight team. I am strongly encouraged by the initial results reported from the Orion patient feasibility study as well as the size of the potential addressable market opportunity we have identified. In my view, having five out of five of our initial patients report seeing light from virtually all of the electrodes in the Orion array certainly bodes well for the future. I am also very encouraged that Orion received the FDA’s Breakthrough Device designation, which has allowed us to have efficient and constructive interactions with the FDA. We remain committed to advancing the groundbreaking Orion technology and serving a significant unmet need for the millions of blind individuals worldwide who currently have no treatment available,” board chair Gregg Williams said in a press release.
Last week, Second Sight saw shares fall despite the opthalmalogical device maker beating loss per share expectations on Wall Street with its second quarter earnings results.