Second Sight Medical Products, Inc. Announces Rights Offering
January 09 2017 - 8:22AM
Business Wire
Second Sight Medical Products, Inc. (Nasdaq:EYES) ("Second
Sight" or "the Company"), a developer, manufacturer and marketer of
implantable visual prosthetics to provide some useful vision to
blind patients, today announced it filed a registration statement
on Form S-1 with the Securities and Exchange Commission (the "SEC")
for a rights offering to its existing stockholders.
Under the proposed rights offering, Second Sight would
distribute one non-transferable subscription right for each share
of common stock held on the record date. Each right would entitle
the holder to invest $0.47 at a subscription price that will be
determined at the end of the subscription period. Rights will
entitle existing shareholders to purchase units consisting of one
share of common stock and one warrant to purchase one share of
common stock at the subscription price. The subscription price per
unit will equal the lesser of $2.00 or the closing price per share
of our common stock on Nasdaq on the close of the subscription
period. The subscription period is anticipated to extend from the
effective date of the registration statement through about 25 days
thereafter.
Holders who exercise their subscription rights in full will be
entitled, if available, to subscribe for additional rights that are
not purchased by other shareholders. The record date, commencement
date and expiration date for the rights offering, will be
determined and announced after the registration statement relating
to the rights offering becomes effective.
Second Sight plans to use the proceeds from the rights offering
to fund ongoing development that will improve performance of Argus
II, and to expand markets to better-sighted RP patients. In
addition the Company plans to continue funding the ongoing
development of the Orion I visual prosthesis, and continue funding
the ongoing clinical study of Argus II in patients with AMD. The
financing is also expected to provide for other operating and
general corporate purposes.
The registration statement on Form S-1 filed by Second Sight
with the Securities and Exchange Commission has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective. The rights offering, which is expected to commence
promptly following the effectiveness of the registration statement,
will only be made by means of a prospectus. A preliminary
prospectus relating to and describing the proposed terms of the
rights offering has been filed with the SEC as a part of the
registration statement and is available on the SEC’s web site
at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other 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.
Questions about the rights offering and requests for copies of
the prospectus relating to the rights offering may be directed to
Broadridge Corporate Issuer Solutions, Inc., the Company’s
information agent for the rights offering, by calling
(855) 793-5068 (toll-free) or
emailing shareholder@broadridge.com.
About the Argus II® Retinal Prosthesis System
Second Sight's Argus II System provides electrical stimulation
that bypasses the defunct retinal cells and stimulates remaining
viable cells inducing visual perception in individuals with severe
to profound Retinitis Pigmentosa. The Argus II works by converting
images captured by a miniature video camera mounted on the
patient's glasses into a series of small electrical pulses, which
are transmitted wirelessly to an array of electrodes implanted on
the surface of the retina. These pulses are intended to stimulate
the retina's remaining cells, resulting in the perception of
patterns of light in the brain. The patient then learns to
interpret these visual patterns, thereby regaining some visual
function. The Argus II is the first artificial retina to receive
widespread approval, and is offered at approved centers in Canada,
France, Germany, Italy, Netherlands, Saudi Arabia, Spain,
Switzerland, Turkey, United Kingdom, and the U.S.
About Second Sight
Second Sight's mission is to develop, manufacture and market
innovative implantable visual prosthetics to enable blind
individuals to achieve greater independence. Second Sight has
developed and manufactures the Argus® II Retinal Prosthesis System.
Second Sight is currently underway in a trial to test the safety
and utility of the Argus II in individuals with Dry Age-Related
Macular Degeneration. Second Sight is also developing the
Orion™ I Visual Cortical Prosthesis to restore some vision to
individuals who are blind due to causes other than preventable or
treatable conditions. U.S. Headquarters are in Sylmar, CA, and
European Headquarters are in Lausanne, Switzerland. For more
information, visit www.secondsight.com.
Safe Harbor
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange and Exchange
Act of 1934, as amended, which are intended to be covered by the
"safe harbor" created by those sections. All statements in this
release that are not based on historical fact are "forward looking
statements." These statements may be identified by words such as
"estimates," "anticipates," "projects," "plans," or "planned,"
"seeks," "may," "will," "expects," "intends," "believes," "should"
and similar expressions or the negative versions thereof and which
also may be identified by their context. All statements that
address operating performance or events or developments that Second
Sight expects or anticipates will occur in the future are
forward-looking statements. While management has based any forward
looking statements included in this release on its current
expectations, the information on which such expectations were based
may change. Forward-looking statements involve inherent risks and
uncertainties which could cause actual results to differ materially
from those in the forward-looking statements, as a result of
various factors including those risks and uncertainties described
in the Risk Factors and in Management's Discussion and Analysis of
Financial Condition and Results of Operations sections of our
Annual Report on Form 10-K as filed on March 11, 2016, as
amended on August 8, 2016, and our other reports filed from
time to time with the Securities and Exchange Commission. We
urge you to consider those risks and uncertainties in evaluating
our forward-looking statements. We caution readers not to place
undue reliance upon any such forward-looking statements, which
speak only as of the date made. Except as otherwise required by the
federal securities laws, we disclaim any obligation or undertaking
to publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in
our expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
You should however review additional disclosures we make in our
registration statement on Form S-1 for this offering that has been
filed with the Securities and Exchange Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170109005760/en/
Investor Relations:Institutional InvestorsIn-Site
Communications, Inc.Lisa Wilson,
212-452-2793Presidentlwilson@insitecony.comorIndividual InvestorsMZ
North AmericaGreg Falesnik, 949-385-6449Managing
Directorgreg.falensik@mzgroup.us
Second Sight Medical Pro... (NASDAQ:EYES)
Historical Stock Chart
From Mar 2024 to Apr 2024
Second Sight Medical Pro... (NASDAQ:EYES)
Historical Stock Chart
From Apr 2023 to Apr 2024