Second Sight Completes $10 Million Private Placement of Common Stock
Wednesday, May 9, 2018 12:15 AM
LOS ANGELES—Second Sight Medical Products
(NASDAQ: EYES) entered into a stock purchase agreement on May 3, 2018 with entities beneficially owned by Gregg Williams for the purchase of 6,756,757 shares of common stock priced at $1.48 per share, the last reported sale price of the common stock on that date. Williams is chairman of the board of directors of Second Sight. The placement of common stock is anticipated to yield gross proceeds of approximately $10 million to the company and was completed without providing warrants or discounts and without incurring any placement agent or investment banking fees in connection with this transaction, Second Sight said in a statement.
Second Sight noted the investment provides current-year funding to support several key near-term initiatives including:
• Complete enrollment of the Orion Cortical Visual Prosthesis System (Orion) feasibility study and to continue gathering clinical data to support safety and efficacy of this new technology.
• Further implementation of its Centers of Excellence strategy to drive adoption of the Argus II Retinal Prosthesis System.
• Complete development of the next-generation Argus II externals and seek regulatory approvals.
• Pursue regulatory approvals to treat better-vision patients in order to expand the treatable population for Argus II.