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EYES

Second Sight Medical Products Inc. NASDAQ Capital Market
$7.35
Open: $7.37 High: $8.14 Low: $6.77 Close: $7.3
Range: 2021-04-19 - 2021-04-20
Volume: 5,133,794
Market: Extended-hours
Powered by Finage Stock APIDelayed data
EYES
Second Sight Medical Products Inc. 12744 San Fernando Road Sylmar CA, 91342 http://www.secondsight.com
Second Sight Medical Products Inc develops, manufactures and markets implantable prosthetic devices that can restore some functional vision to patients blinded by outer retinal degenerations, such as Retinitis Pigmentosa.
  • CEO: Jonathan Will Mcguire
  • Employees: 112
  • Sector: Healthcare
  • Industry: Medical Devices
EYES News
Latest news about the EYES
  • Second Sight Medical Products Names Dean Baker and Alexandra Larson to its Board of Directors

    Second Sight Medical Products, Inc. (NASDAQ: EYES) (the "Company" or "Second Sight"), a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced that the Company’s Board of Directors has appointed two new members, Dr. Dean Baker and Ms. Alexandra Larson. Dr. Baker has also been appointed to the Audit Committee of the Board.

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  • Second Sight Medical Products Names Scott Dunbar Acting CEO

    Second Sight Medical Products, Inc. (NASDAQ: EYES) (the "Company" or "Second Sight"), a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced that the Company’s Board of Directors has named Scott Dunbar to replace Matthew Pfeffer as acting Chief Executive Officer ("CEO"). Under Nasdaq rules, an independent director may temporarily be named acting CEO, but such service cannot continue for more than one year. Accordingly, Mr. Pfeffer has relinquished the role of acting CEO but will remain on the Board as an independent director. Scott Dunbar, Senior Patent Counsel and Compliance Officer, has served the Company for 19 years.

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  • Second Sight Medical Products Announces Closing of $27.9 Million Private Placement of Common Stock

    Second Sight Medical Products, Inc. (NASDAQ: EYES) (the "Company" or "Second Sight"), a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced that it has closed its previously announced private placement, which resulted in gross proceeds to Second Sight of $27.9 million, before deducting offering expenses. The net proceeds from the private placement are expected to provide working capital for the Company.

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  • Second Sight May Take Another Look at Giving Up Control

    Second Sight (NASDAQ:EYES) agreed to issue new shares that would give 60% control to its competitor in France, Pixium Vision, on Jan. 6. Since then, EYES stock has risen. As a result, I suspect that management is now thinking about amending or canceling that deal. Source: Who is Danny / Shutterstock.com As it stands, EYES stock has a market value of $256 million, based on the number of shares it had outstanding as of March 13. That was when its latest 10-K filing said that Second Sight has 23.25 million shares outstanding. But at $8.88 now, EYES stock is almost four times greater than the price on Jan. 5, when it was at $2.23. That meant that the market cap then was just $51.85 million. The Pixium Vision Deal The deal still requires shareholder approval, so theoretically the deal could fail. It specifically says that 34.876 million shares will be issued to Pixium Vision in exchange for the “assets and liabilities in relation to its neuromodulation technology used in the treatment of blindness.”InvestorPlace - Stock Market News, Stock Advice & Trading Tips 7 Value Stocks Everyone Is Ignoring Therefore, at the time, the value of that technology transfer was worth $77.78 million. But now, at $8.88, those assets are artificially worth more at $309 million. Management might want to pay this extra high price for those assets. Management would have to pay a $1 million termination fee to walk away from the deal. Moreover, Pixium may threaten to continue to oppose Second Sight’s in Europe, like they were prior to the deal. But then Second Sight would be able to raise the $25 million it is required to in the deal and keep the money under its own control. In the deal, it would have to hand the control over to a holding company of which its shareholders owned just 40% (prior to the financing). The 10-K Seems To Underline the Deal Risk Now that the stock is higher, Second Sight should be able to raise the $25 million with just a 10% or so dilution. This is way less than at least a 66% dilution if it sells the 34.8 million shares (for no money) to Pixium and then raises the $25 million. In fact, the recent 10-K seems to acknowledge this possibility. Here is one reason, which the company cites as a risk (page 40 of the 10-k): “During early March 2021, …the market price of Second Sight common stock increased substantially compared both to the price of Second Sight common stock at the time of execution of the Memorandum of Understanding and with the market price of Pixium stock. This disparity, should it continue or increase, may change the way Second Sight shareholders evaluate the business combination and cast doubt as to its ultimate approval.” Then the company listed another reason. It might not want to spend money on a deal that won’t get approved: ” Although holders of approximately 30% of our outstanding common stock have signed voting agreements to support the Pixium transaction, we may spend substantial amounts of money in pursuit of the transaction only to find that it does not receive the required shareholder approval. “ In other words, the 30% of shareholders who have approved the deal already may not want to go through with the deal. At this point, I think it makes more sense them to either (1) renegotiate the 34.8 million shares so that it reflects just $77 million at today’s price level, or (2) pay the $1 million termination fee from an underwritten $25 million equity underwritten proceeds. What To Do With EYES Stock The deal was originally supposed to close at the end of Q1 or the beginning of Q2. So far, the company has not even scheduled a shareholder meeting to vote on approving the deal. I suspect that the company is renegotiating the deal so that shareholders of Second Sight do not have to give up control to the French company. Until then, you might want to wait before buying EYES stock. For example, if the deal does go through, expect to see EYES stock fall, as control passes to a non-US company. By the way, I highly suspect that this might have to receive CIFIUS approval in the U.S. as well, although this was not listed as a closing condition. On the date of publication, Mark R. Hake did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. Mark Hake writes about personal finance on mrhake.medium.com and runs the Total Yield Value Guide which you can review here. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Second Sight May Take Another Look at Giving Up Control appeared first on InvestorPlace.

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  • Second Sight Medical stock tumbles after private placement of stock at 46% discount

    Shares of Second Sight Medical Products Inc. tumbled 25% to pace all premarket decliners on Wednesday, after the implantable visual prosthetics company announced a large private placement of common stock. The share sale comes after the stock skyrocketed more than 6-fold month to date through Tuesday, after the company's Argus 2s Retinal Prosthesis System was approved by the Food and Drug Administration. The company said earlier Wednesday that it will issue 4.65 million shares, which represents about 20% of the shares outstanding, at a price of $6.00, which is 45.5% below Tuesday's closing price of $11.01, for gross proceeds of $27.9 million. The company expects to use the proceeds for working capital. The stock has soared 488.8% year to date through Tuesday, while the S&P 500 has gained 4.1%.

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  • Second Sight Medical Products Announces $27.9 Million Private Placement of Common Stock

    Second Sight Medical Products, Inc. (NASDAQ: EYES), (the "Company" or "Second Sight"), a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced that it has entered into definitive securities purchase agreements with accredited investors for a private placement that will result in gross proceeds to Second Sight of $27.9 million, before deducting placement offering expenses. Second Sight will issue 4,650,000 shares of common stock at a price of $6.00 per share. This private placement is expected to close on March 26, 2021, subject to customary closing conditions. The net proceeds from the private placement are expected to provide working capital for the Company.

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  • Second Sight Slumps on $27.9 Million Share Placement

    Second Sight, which develops prosthetics to provide vision to the blind, slumped after reporting a $27.9 million private placement of stock.

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  • Second Sight Medical stock soars nearly 1,000% in 3 days

    Shares of Second Sight Medical Products Inc. shot up 30.7% to $15.38 on volume of 56.6 million shares in morning trading Tuesday, bringing its three-day gain to 975.5%, in the wake of the company's announcement that the Food and Drug Administration approved its Argus 2s Retinal Prosthesis System for the treatment of retinitis pigmentosa. The stock skyrocketed a record 304.9% on record volume of 739.7 million shares on March 5 after the announcement, then 103.3% on volume of 320.4 million shares on Monday, before Tuesday's gain. The stock had closed at a near 3-month low of $1.43 prior to the rally. On Tuesday, the stock had been up as much as 69.9% at an intraday high of $20.00, the highest price seen since February 2018, before paring gains. Separately, Paris-based Pixium Vision S.A. issued a release saying the business combination with Second Sight announced on Jan. 6 continues. At that time, Second Sight disclosed an agreement with the developer of bionic vision systems in which Second sight will raise at least $25 million in working capital, Pixium will contribute to Second Sight certain assets in exchange for newly issued Second Sight common stock and Second Sight will transfer its Orion Assets to a newly formed subsidiary, which will be partially spun off to Second Sight shareholders. Second Sight's stock has advanced 339.4% over the past 12 months, while the S&P 500 has gained 41.6%.

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  • Premarket Movers Tuesday - Second Sight, Acadia Pharma, Tesla

    Stocks moving in premarket trading on Tuesday include Second Sight, Acadia Pharma, GameStop and Tesla.

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  • Second Sight Eyes 1,500%-Plus Gains on FDA RP Treatment Approval

    Second Sight racks up additional double-percentage-point gains following FDA approval of its treatment of retinitis pigmentosa, or RP.

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  • Second Sight Medical stock skyrockets 8-fold in 2 days after FDA approves retinal prosthesis system

    Shares of Second Sight Medical Products Inc. soared 104.2% on heavy volume in midday trading Monday, bringing its two-day gain to 728.7%, after the Food and Drug Administration approved the company's Argus 2s Retinal Prosthesis System for the treatment of retinitis pigmentosa (RP). The stock paced all gainers on major U.S. exchanges, and was the most actively traded, as trading volume swelled to 222.6 million shares, compared with the full-day average of 26.5 million shares. The stock had soared a record 304.9% on record volume of 739.7 million shares on Friday. The company said Friday it received FDA approval of its Argus 2s system, which is a redesigned set of eternal hardware -- glasses and video processing unit -- initially for use in combination with previously implanted Argus II systems to treat RP. "We are very pleased to have received this approval, as it presents an opportunity to offer external hardware that we believe enhance comfort and aesthetics compared with the legacy Argus II system," said Chief Executive Matthew Pfeffer. The stock has soared 672.6% over the past three months, while the S&P 500 has tacked on 4.3%.

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  • EYES Stock: The Big FDA News That Has Second Sight Shares Soaring

    Second Sight (NASDAQ:EYES) stock is soaring higher Friday after announcing approval from the U.S. Food and Drug Administration (FDA) for its Argus 2s Retinal Prosthesis System. Source: Shutterstock Second Sight notes that the Argus 2s Retinal Prosthesis System is a redesigned version of external hardware used alongside its Argus II implant. This hardware is a pair of glasses and a camera that help provide vision to people suffering from retinitis pigmentosa (RP). According to Second Sight, it already has plans for the Argus 2s Retinal Prosthesis System. The company hopes to use it in the next generation Orion Visual Cortical Prosthesis System. This is a new treatment for RP currently in development.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Second Sight points out that the Argus 2s Retinal Prosthesis System offers several improvements over its predecessor. That includes better ergonomics and a more powerful processing power. That better processor means video processing should see a boost in performance. 9 Cheap Stocks That Look Like a Bargain Matthew Pfeffer, acting CEO of Second Sight, said this about the news boosting EYES stock up on Friday. “We are very pleased to have received this approval, as it presents an opportunity to offer external hardware that we believe enhance comfort and aesthetics compared with the legacy Argus II system.” EYES stock is also seeing heavy trading today alongside the news. As of this writing, more than 297 million shares have changed hands. To put that in perspective, the stock’s daily average trading volume is about 2 million shares. EYES stock was up 179.2% as of Friday morning. On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post EYES Stock: The Big FDA News That Has Second Sight Shares Soaring appeared first on InvestorPlace.

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  • Second Sight Medical Products, Inc. Receives FDA Approval for the Argus 2s Retinal Prosthesis System

    Second Sight Medical Products (NASDAQ:EYES) a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced U.S. Food and Drug Administration (FDA) has approved the Argus 2s Retinal Prosthesis System, a redesigned set of external hardware (glasses and video processing unit) initially for use in combination with previously implanted Argus II systems for the treatment of retinitis pigmentosa (RP). The Company expects that the Argus 2s will be adapted to be the external system for the next generation Orion Visual Cortical Prosthesis System currently under development.

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  • Second Sight Soars as FDA Approves Argus 2s Vision Aid

    Shares of artificial vision device maker Second Sight Medical Products almost tripled Friday after the U.S. Food and Drug Administration approved the company's Argus 2s retinal prosthesis for treatment of retinitis pigmentosa (RP). RP is a rare genetic disorder that involves the breakdown and loss of cells in the retina of the eye. The Argus 2s is a set of external hardware, glasses and a video processing unit that will all be part of a larger visual prosthesis system that is also currently under development.

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  • Second Sight Medical Products Inc. Announces Resumption of Its Early Feasibility Study of the Orion® Cortical Visual Prosthesis at UCLA

    Second Sight Medical Products Inc. (NASDAQ: EYES), a developer, manufacturer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced the resumption of its Early Feasibility Study of the Orion® Visual Cortical Prosthesis System ("Orion") at UCLA Medical Center ("UCLA"). The study, which includes four participants at UCLA and two participants at Baylor College of Medicine ("Baylor"), was paused for in-person visits following the guidelines for clinical trials at each institution in March 2020 due to COVID-19. Study visits have now been resumed; several UCLA participants are being examined this week, and Baylor is anticipated to resume its study soon.

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  • SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of the Following Companies: Second Sight Medical Products, Inc. (NasdaqGS - EYES), A10 Networks, Inc. (NYSE - ATEN), MoSys, Inc. (NasdaqGS - MOSY)

    BALA CYNWYD, PA / ACCESSWIRE / June 23, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims regarding the following companies for possible breaches of fiduciary ...

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  • Second Sight Medical Products (EYES) Upgraded to Buy: Here's What You Should Know

    Second Sight Medical Products (EYES) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

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  • Second Sight Medical Products (EYES) May Report Negative Earnings: Know the Trend Ahead of Q1 Release

    Second Sight Medical Products (EYES) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

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  • Second Sight Medical Products Inc. Announces Closing of Public Offering of Common Stock

    Second Sight Medical Products Inc. (NASDAQ: EYES), a developer, manufacturer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced that it closed its previously announced underwritten public offering of 7,500,000 shares of common stock at an offering price of $1.00 per share for aggregate gross proceeds of $7,500,000, prior to deducting underwriting discounts, commissions and other offering expenses.

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  • Second Sight Medical Products Announces Pricing of Public Offering of Common Stock

    Second Sight Medical Products Inc. (NASDAQ: EYES), a developer, manufacturer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced the pricing of an underwritten public offering of 7,500,000 shares of common stock, no par value (the "Common Stock") at an offering price of $1.00 per share of Common Stock for aggregate gross proceeds of $7,500,000, prior to deducting underwriting discounts, commissions and other offering expenses. The offering is expected to close on May 5, 2020, subject to the satisfaction of customary closing conditions.

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