In the purchase agreement, the Los Angeles-based company said it sold approximately 6.8 million shares of common stock at $1.48 per share.
“As chairman of our board, Gregg has provided valuable guidance to Second Sight’s leadership team and we sincerely appreciate his ongoing confidence in the strategy and future of our business. I look forward to updating shareholders during the May 10 earnings call regarding our progress with the Orion feasibility trial as we pursue our goal of treating almost all forms of blindness,” prez & CEO Will McGuire said in a prepared statement.
Funds from the deal will help support completion of enrollment in a feasibility study of its Orion cortical visual prosthesis system, adoption of its Argus II retinal prosthesis system, development of its next-gen Argus II and associated devices and more regulatory approvals for its products, Second Sight said.
“This investment reflects my confidence in Second Sight’s team and their ability to execute our commercial strategy and advance important development and clinical programs. I’m especially optimistic about the initial results from the Orion feasibility study and believe the company may be poised for strong growth as it pursues a dramatically larger market. Much of my focus over the next several years will be on ensuring that Second Sight has the appropriate infrastructure to support the expected growth in sales and manufacturing. We are committed to advancing the groundbreaking Orion technology and providing hope to millions of blind individuals worldwide who currently have no treatment available,” board chair Williams said in a press release.
In March, Second Sight said it named John Blake as its new chief financial officer, succeeding Thomas Miller who has held the position since 2014.