SYLMAR, Calif., Nov. 19, 2014 (GLOBE NEWSWIRE) -- Second Sight Medical Products, Inc. ("Second Sight") today announced the pricing of its initial public offering of 3,500,000 shares of common stock, at a price of $9.00 per share. Second Sight develops, manufactures and markets implantable visual prosthetics to restore some functional vision to blind patients. Its current product, the Argus® II System, which treats outer retinal degenerations such as retinitis pigmentosa, is the only retinal prosthesis approved in the United States by the FDA and the first approved retinal prosthesis in the world.
Second Sight's shares of common stock are expected to begin trading today on the NASDAQ Market under the ticker symbol "EYES." The offering is expected to close on November 24, 2014, subject to the satisfaction of customary closing conditions. The underwriter also has been granted a 45-day option to purchase up to an additional 525,000 shares of common stock at the initial public offering price.
Second Sight expects to receive total gross proceeds from this offering of $31.5 million (or approximately $36.2 million if the underwriter's option to purchase additional shares is exercised in full). Second Sight intends to use proceeds from the offering for general corporate purposes that include:
- promoting commercialization of its Argus II product,
- research and development to enhance quality of vision in existing products, and
- research, development and clinical trials to expand the indications for use of the Argus II and its underlying intellectual property with the goal of treating nearly all currently untreatable cases of blindness (about eight million people globally).
MDB Capital Group, LLC served as the sole underwriter in connection with the offering.
The offering is being made only by means of a prospectus, copies of which can be obtained from: MDB Capital Group LLC, 401 Wilshire Boulevard, Suite 1020, Santa Monica, CA 90401, (310) 526-5000.
A registration statement relating to these securities has been filed and declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Second Sight Medical Products, Inc.
Second Sight develops, manufactures and markets implantable visual prosthetics to restore some functional vision to blind patients. The company's current product is an advanced neurostimulation device called the Argus® II System, which treats retinitis pigmentosa. The Argus II System is the only retinal prosthesis approved in the United States by the Food and Drug Administration and the first approved retinal prosthesis in the world. The company seeks to treat all blind patients through further improvements to their neurostimulation platform.