Second Sight Medical closes $35m rights offering

Second Sight Medical (NSDQ:EYES) said today that it closed a $34.6 million rights offering.

The Sylmar, Calif.-based company said that it received subscriptions for a total of 45.8 million units, with a final subscription price of 72.4¢ per unit.

Second Sight said that entities controlled by board chair Gregg Williams acquired a total of 41.4 million units for a total investment of approximately $30 million.

The company said that it plans to issue 45.8 million shares of common stock and 45.8 million warrants to purchase an additional shares of the company’s stock at $1.47 per share. Warrants are set to expire at 5:00 p.m. on March 14, 2024, and are exercisable immediately.

Second Sight said that it expects to distribute the shares and warrants today.

“We are grateful to our existing shareholders for their support. The proceeds from this offering will enable us to continue gathering safety and efficacy data to advance the development of our proprietary Orion cortical visual prosthesis, and seek regulatory approval and ultimately commercialize Argus 2s. This financing allows us to progress toward our goal of making the dream of sight a reality for blind individuals around the world by developing commercially successful products that provide useful artificial vision,” prez & CEO Will McGuire said in a prepared statement.

Last November, Second Sight said that the Centers for Medicare & Medicaid Services finalized the outpatient payment rate for its Argus II retinal prosthesis system for the coming year.

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