Second Sight Medical Products Announces Pricing of Public Offering of Common Stock
April 30 2020 - 8:43PM
Business Wire
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.
Second Sight Medical Products intends to use the net proceeds
from the offering for accrued expenses, working capital and general
corporate purposes, which may include, without limitation, engaging
in partnerships, business combinations, or acquisitions or
investing in businesses that may or may not be related to its
current operations.
ThinkEquity, a division of Fordham Financial Management, Inc.,
is acting as representative of the underwriters in the
offering.
A shelf registration statement on Form S-3 (File No. 333-221228)
relating to the shares of common stock to be issued in the proposed
offering was filed with the Securities and Exchange Commission
(SEC) and is effective. A preliminary prospectus supplement and
accompanying prospectus describing the terms of the proposed
offering was filed by the Company with the SEC. The securities may
be offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the securities being offered
may also be obtained from ThinkEquity, a division of Fordham
Financial Management, Inc., 17 State Street, 22nd Floor, New York,
New York 10004, by telephone at (877) 436-3673, by email at
prospectus@think-equity.com. Electronic copies of the preliminary
prospectus supplement and accompanying prospectus will also be
available on the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or 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.
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.
About Second Sight Medical Products Inc.
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 https://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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200430006073/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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