Second Sight Medical Products Provides Business Update
Second Sight Medical Products, Inc. (NASDAQ: 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 for blind individuals, announced today that the Company has taken significant steps to reduce overhead and conserve liquidity as it continues operations while assessing strategic options. These options include securing additional funding and exploring business alternatives that may include partnering, acquiring, investing in or combining with businesses that may or may not be in a related industry. No assurances can be given that any of these initiatives will occur.
The Company remains encouraged by the positive interim results from the six subjects at the Ronald Reagan UCLA in Los Angeles and the Baylor College of Medicine in Houston who have been implanted with the Orion Visual Cortical Prosthesis System, and the potential to advance the technology into larger clinical studies to treat profound blindness arising from nearly all forms of preventable blindness.
“Since taking over as the Acting CEO, we have been able to attract interest from unrelated third parties that may enable us to secure value from the intellectual property we have built and which gave rise to several new strategic opportunities that could enhance enterprise value for all of our stakeholders. We are in a fluid situation and intend to provide further updates on a regular basis as warranted,” said Matthew Pfeffer, Acting Chief Executive Officer.
About Second Sight
Second Sight Medical Products, Inc. (NASDAQ: EYES) develops, manufactures and markets implantable visual prosthetics that are intended to deliver useful artificial vision to blind individuals. A recognized global leader in neuromodulation devices for blindness, the Company is committed to developing new technologies to treat the broadest population of sight-impaired individuals. The Company’s headquarters are in Los Angeles, California. More information is available at www.secondsight.com.
About the Orion Visual Cortical Prosthesis System
Leveraging Second Sight’s 20 years of experience in neuromodulation for vision, the Orion Visual Cortical Prosthesis System (Orion) is an implanted cortical stimulation device intended to provide useful artificial vision to individuals who are blind due to a wide range of causes, including glaucoma, diabetic retinopathy, optic nerve injury or disease, and eye injury. Orion is intended to convert images captured by a miniature video camera mounted on glasses into a series of small electrical pulses. The device is designed to bypass diseased or injured eye anatomy and to transmit these electrical pulses wirelessly to an array of electrodes implanted on the surface of the brain’s visual cortex, where it is intended to provide the perception of patterns of light. A six-subject early feasibility study of the Orion is currently underway at the Ronald Reagan UCLA Medical Center in Los Angeles and the Baylor College of Medicine in Houston. No peer-reviewed data is available yet for the Orion system.