Second Sight Medical (NSDQ:EYES) said today it raised $19.8 million from an oversubscribed round of rights offering to shareholders of record, with funds slated to support a post-market study of its Argus II retinal prosthesis system.
The Argus II induces visual perception in blind patients with retinitis pigmentosa by stimulating of the retina’s remaining cells with electrical pulses, which allows for the perception of light patterns to the brain, the company said.
Sylmar, Calif.-based Second Sight Medical will float approximately 6 million shares of stock at $3.31 per share, equal to 85% of the closing price of $3.90 on May 31, according to a press release.
Funds from the round will support a post-market study of its Argus II to analyze the safety and efficacy of the Argus II in treating dry-age-related macular degeneration in hopes of expanding the markets for the device.
The company said it will also use funds to continue funding the development of the Orion I visual cortical prosthesis, which Second Sight said it hopes will be able to treat “nearly all forms of blindness.” A portion of the funds will also go towards general corporate purposes, the company added.
Broadridge Corporate Issuer Solutions acted as the subscription and information agent for the found of financing.
In February, Second Sight touted the results from the 3-year study of its Argus II Retinal Prosthesis System, which were published in the Austrian journal Clinical and Experimental Optometry.
The study used functional low-vision observer rated assessments, an instrument specifically developed for retinal prosthesis patients with severe loss of vision or blindness, to assess 26 patients equipped with the Argus II.
Patients in the study reported a significant improvement in 24 of 35 tasks performed with the device on, while 2 tasks of 25 reported a decrease in outcome. The remaining 9 total tasks showed no significant change in outcome.