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Second Sight Completes $10 Million Private Placement of Common Stock with Gregg Williams, Chairman of the Board of Directors

Date Announced: 07 May 2018

Bionic eye company says it has enough cash to support developmental activities through this year.

LOS ANGELES--(BUSINESS WIRE)--Second Sight Medical Products, Inc. (EYES) ("Second Sight" or "the Company"), a developer, manufacturer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision to blind patients, today announced that it has 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. Gregg Williams is Chairman of the Board of Directors of Second Sight. This 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.

This investment provides Second Sight with 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 breakthrough technology;
  • Further implement our Centers of Excellence strategy to drive adoption of the Argus® II Retinal Prosthesis System (Argus II);
  • Complete development of our next-generation Argus II externals and seek regulatory approvals; and
  • Pursue regulatory approvals to treat better-vision patients in order to expand the treatable population for Argus II.

“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,” stated Will McGuire, President and CEO of Second Sight.

“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,” said Gregg Williams, Chairman of the Board of Second Sight.

Source: Second Sight

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