Second Sight Medical Products (EYES) Prices 3.5M Common IPO at $9/Share
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Second Sight Medical Products, Inc. (Nasdaq: EYES) 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 ArgusĀ® 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.
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