Second Sight Medical Products Provides Business Update
April 28 2020 - 8:00AM
Business Wire
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.
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 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,” “strategy,” “goal,” 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, such as stated objectives or goals, our
refinement of strategy, including the outcome of our announced
downgrading of operations, our attempts to secure additional
financing, our exploring possible business alternatives, or that
are not otherwise historical facts, 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 or implied by
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, filed on March 19, 2020 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200428005410/en/
Investor Relations: Institutional
Investors In-Site Communications, Inc. Lisa Wilson,
President T: 212-452-2793 E: lwilson@insitecony.com or Individual Investors MZ North America Greg
Falesnik, Managing Director T: 949-385-6449 E:
greg.falesnik@mzgroup.us
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