The Sylmar, Calif.-based company said that it floated approximately 2.5 million shares of stock at $1.62 per share, which was the last reported sale price of its stock on the effective date.
“This investment in Second Sight reflects my commitment to advancing the Orion technology and my confidence in our ability to develop this groundbreaking technology into a marketed product. Orion offers hope to millions of blind individuals worldwide who currently have no treatment available. I am extremely encouraged by the progress of our feasibility study and believe management is on the right path to successfully commercialize this product,” Williams said in prepared statement.
Funds from the round will be used to support “several important initiatives” related to its Orion cortical visual prosthesis system, the continued development of its Argus 2 system and other next-gen externals and add-ons related to artificial vision.
“We would like to again thank Gregg for his continued support. This incremental $4 million investment allows us to continue to advance our important initiatives for Orion and Argus 2s. We are pleased with our progress to date and look forward to reporting future results, including data from the six person feasibility study that we are conducting at Ronald Reagan UCLA Medical Center and Baylor College of Medicine,” prez & CEO Will McGuire said in a press release.
In September, Second Sight said that it won a grant of nearly $2 million from the National Institutes of Health to back the early feasibility trial of its Orion device for the visually impaired.