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Second Sight Medical Products, Inc. (NASDAQ: EYES) held its annual meeting on May 28, 2021, with 60.98% of shareholders participating. The meeting covered four proposals, all of which were unanimously approved by the Board, including the election of six directors and the appointment of Gumbiner Savett Inc. as the independent auditor for 2021. CEO Scott Dunbar discussed the ongoing feasibility study for the Orion Visual Cortical Prosthesis, noting encouraging results from the initial tests. The study includes six subjects, with some reaching three years without serious adverse events.
Second Sight Medical Products (NASDAQ: EYES) has received a $1.4 million release in year three funding from the NIH for its Orion Trial, part of a $6.4 million five-year grant. This funding primarily supports the trial conducted at UCLA and Baylor College of Medicine, which aims to test a visual cortical prosthesis intended to restore vision for blind individuals. Promising data from the trial was reported in May 2021, and the funding is crucial for continuing this innovative research and development.
Second Sight Medical Products, Inc. (NASDAQ: EYES) has announced two-year results from its Early Feasibility Study of the Orion Visual Cortical Prosthesis. The study, conducted with six subjects at UCLA and Baylor College of Medicine, resumed after pausing due to COVID-19. Results indicate significant improvements in visual function, with all five tested subjects able to locate a white square on a computer screen better with the Orion system. A minor adverse event occurred, but it was resolved without hospitalization. The company aims for a larger study based on these promising results.
Second Sight Medical Products, Inc. (NASDAQ: EYES) announced the appointment of Dr. Dean Baker and Ms. Alexandra Larson to its Board of Directors. Dr. Baker will also join the Audit Committee, which may help the company regain compliance with Nasdaq audit committee requirements. Chairman Gregg Williams expressed enthusiasm about their experience and potential to advance the company’s mission to restore vision. Notably, these appointments follow Nasdaq's notification of compliance issues, underscoring the strategic importance of the new board members.
Second Sight Medical Products, Inc. (NASDAQ: EYES) has appointed Scott Dunbar as the new acting CEO, succeeding Matthew Pfeffer, who will continue as an independent director. Dunbar has been with the company for 19 years, serving as Senior Patent Counsel and Compliance Officer. The board, led by Chairman Gregg Williams, emphasizes its commitment to advancing the Orion program for providing artificial vision to the blind. Forward-looking statements in the release highlight potential risks including legal claims and the economic impact of COVID-19.
Second Sight Medical Products (NASDAQ: EYES) has successfully closed a private placement, garnering $27.9 million in gross proceeds. These funds are aimed at providing crucial working capital for the company, which specializes in developing implantable visual prosthetics for the blind. ThinkEquity acted as the sole placement agent for this transaction. The securities from this offering remain unregistered under the Securities Act and can only be sold in compliance with SEC regulations. The company will file a registration statement for resale.
Second Sight Medical Products, Inc. (NASDAQ: EYES) has announced a definitive securities purchase agreement for a private placement that will generate $27.9 million in gross proceeds before expenses. The company will issue 4,650,000 shares of common stock at $6.00 per share, with the closing expected on March 26, 2021. The proceeds are aimed at providing working capital. Additionally, Second Sight plans to file a registration statement with the SEC for the resale of these shares, and filed a Current Report on Form 8-K regarding its proposed transaction with Pixium Vision.
Second Sight Medical Products (NASDAQ:EYES) announced FDA approval for the Argus 2s Retinal Prosthesis System. This system features redesigned external hardware, aimed at improving comfort and aesthetics, and is set for use with existing Argus II systems in treating retinitis pigmentosa. The Argus 2s boasts enhanced processing power for better video processing. Production plans will follow a proposed business combination with Pixium Vision, pending evaluation from the new management team. The Argus II system, which helps provide visual perception for the blind, has been discontinued for new implants.
