Second Sight Medical Products Inc (NASDAQ:EYES) Closes Oversubscribed Rights Offering

Second Sight Medical Products Inc (NASDAQ:EYES)

Second Sight Medical Products Inc (NASDAQ:EYES) a developer, marketer and manufacturer of implantable visual prosthetics that offer some valuable vision to blind patients, reported that it has closed its previously reported rights providing to stockholders of record as on February 10, 2017. This offering was oversubscribed.

The update

Second Sight Medical Products Inc (NASDAQ:EYES) will retain almost $20.1 million of the payments obtained, with subscriptions over that funds being returned to shareholders. Pursuant to this rights offering, the company will release almost 13.7 million units, each unit rated at $1.47 and counting one share of the firm’s common stock and one warrant to buy a share of the firm’s common stock priced at $1.47 a share.

The warrants offer a five-year life, are directly exercisable, and will be registered on Nasdaq exchange under the ticker EYESW. Subsequent to the 2-year anniversary of their release, the warrants can be exercised with 30 days’ notice if the common stock hovers around $2.94 or more for 15 successive trading days. They anticipate net proceeds, after deduction of expenses and fees, to be almost $19.7 million.

Second Sight Medical Products Inc (NASDAQ:EYES) intends to use the proceeds from this rights offering to support ongoing development of Argus II®. Furthermore, it intends to continue supporting the ongoing advancement of the Orion™ I Visual Prosthesis, and the ongoing clinical trial of Argus II in people with Dry AMD. The financing will also be used for other general corporate and operating objectives. Broadridge Corporate Issuer Solutions, Inc. served as the information agent and as the subscription agent.

Second Sight Medical Products Inc (NASDAQ:EYES)’s Argus II System offers electrical stimulation that evades the defunct retinal cells and kindles remaining viable cells bringing visual perception in folks with grave to profound Retinitis Pigmentosa. This works by transforming images taken by a miniature video camera fixed on the patient’s glasses into a sequence of small electrical pulses. These pulses are transmitted wirelessly to a series of electrodes fixed on the retina surface.

They are planned to kindle the retina’s remaining cells, ensuing in the insight of patterns of light in the human brain. Then patient absorbs to understand these visual designs, thereby recovering some visual activity. The Argus II is the initial artificial retina to get widespread nod, and is offered at permitted centers in Germany, Italy, Canada, France, Spain, Switzerland, Turkey, Netherlands, Saudi Arabia, the U.S and United Kingdom.

Ticker EYES
Market Cap $65.3M
P/E
EPS (ttm) -$0.74
Shares Outstanding 42.13M
Shares Float 25.2
Insider Ownership 0.70%
Float Short 18.29%
Short Ratio 7.19
Performance (Quarter) -20.92%
Performance (Year) -69.90%
Performance (YTD) -21.32%
Beta
Average Volume 641.13K
Price $1.55
Volume 868,740
Target Price $16

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

Author: Monica Gray

Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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