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Tag: Second Sight Medical Products

  • Second Sight Medical Products Inc. (EYES) Bullish on Merger Agreement with Nano Precision Medical

    Second Sight Medical Products Inc. (EYES) Bullish on Merger Agreement with Nano Precision Medical

    Following the announcement of a merger agreement, EYES stock added a huge 15.00% in the after-hours on Monday. On February 07, Second Sight Medical Products Inc. (EYES) and Nano Precision Medical Inc. (NPM) announced Merger Agreement for creating a leading therapeutic implant company.

    During the regular trading session, the stock fluctuated between a high of $1.4107 and a low of $1.3600. EYES closed the session at $1.400 with a gain of 2.94% at a volume of 1.6 million shares. Consequent to the announcement, the stock went up to reach $1.6100 in the after hours. The after-market session witnessed a hefty volume of 1.45 million shares on Monday.

    The implantable visual prosthetics developer, Second Sight Medical Products Inc. was founded in 1998. Currently, the company has a market capitalization of $53.6 million. The 39.41 million outstanding shares of the company have declined by 14.11% year to date. Moreover, EYES lost a value of 44.88% last year.

    EYES’ Merger Agreement

    As per the announcement, the companies have entered into a definitive merger agreement. Under the agreement, in an all-stock transaction, NPM will merge with a wholly-owned subsidiary of EYES. The surviving company Nano Precision Medical will be owned by Second Sight. Furthermore, the focus of the newly-formed merged company will be the development of innovative implants for chronic diseases.

    Before the merger, the company will provide $8 million to NPM for working capital and to speed up pipeline programs. Upon the completion of the merger, EYES shareholders will join NPM shareholders as well as AstraZeneca. AstraZeneca has been a strategic investor in NPM since 2016.

    The proposed merger agreement has been approved by the boards of both the involved companies. And the merger is expected to close somewhere in the second or third quarter of 2022.

    In addition, 134 million common stock shares will be issued by EYES for the complete ownership of NPM. Subsequently, the company’s shareholders will have a 23% equity share in the combined company.

    Other Developments

    On August 11, 2021, the company announced a new NIH grant supplement for its Orion study. National Institutes of Health awarded the grant supplement to fund its study for insights into risk and benefits analysis by blind people for neuroprostheses.

    On June 25, 2021, EYES announced the successful closing of its underwritten public offering of 11,5000,000 common stock shares. The public offering price of the common stock shares was $5.00 per share with gross proceeds of $57,500,00 including over-allotment option.

  • Second Sight Medical Products Inc. (EYES) stock surged in the premarket trading session; here’s why

    In the premarket trading session, we observe that Second Sight Medical Products Inc. (EYES stock) shares had surged by 17.59% to trade at the price of $5.08 last check. EYES stock had previously closed the session on Thursday whilst gaining 12.21% at a share price of $4.32. The EYES stock volume traded 12.36 million shares, while for the past 50 days the average daily volume trade was 6.46 million shares. In the past year up-to-date EYES shares have jumped up by 348.78% and in the past week, the shares climbed 12.21%. In the past three and six months, the EYES stock had shed -40.98% and added 117.09% respectively. Furthermore, the EYES stock is currently valued in the market at $164.68 million and has 23.54 million outstanding shares.

    All you need to know about Second Sight Medical Products’ as a company

    Second Sight Medical Products is as the company name suggests a medical devices company. EYES stock focuses on the development and marketing of visual prosthetics that are implantable. These product offerings of Second Sight Medical Products are aimed to provide artificial vision to blind individuals. This means that the company targets the market of blind individuals in an effort to bridge the gap of visual impairment. The platform of operations it has created for this market provides technologically innovated products for sight-impairment. The company’s product offering includes Orion Visual Cortical Prosthesis System, an embedded cortical incitement gadget, which is proposed to give valuable fake vision to people who are visually impaired because of different causes, including glaucoma, diabetic retinopathy, optic nerve injury or sickness, and eye injury. The organization was established in 1998 and is settled in Sylmar, California.

    Closing of underwriting for the 10 million shares of EYES stock announced by the company

    On 23rd June 2021, Second Sight Medical Products, Inc. announced that it made a public offering price for its underwritten offer of 10 million shares of common EYES stock. The pricing was set at $5.00 per share which totaled the whole public offering to a value of $50 million. This, of course, is separate from the underwriting discounts and commissions along with other expenses that will take place from this gross proceeds.

    The company is creating and developing its Orion Visual Cortical Prosthesis System and has stated capital funding for this to be the primary reason for expanding the gross proceeds from the public underwritten offering.

    The underwriting also includes the granting of a 45-day option for the purchase of an additional 1.5 million share of common EYES stock. This is done with the intention to cover over-allotments. It is clear by the indication of the company’s intent for the gross proceeds that this offering was made solely by the company.

    The closing of this underwriting took place on 25th June 2021, along with satisfactory compliance of customary closing conditions. The company had appointed ThinkEquity as the sole book-running manager for the offering. ThinkEquity is a division of Fordham Financial Management Inc.

  • Why Second Sight Medical Products Inc. (EYES) stock faced headwinds on Tuesday?

    Why Second Sight Medical Products Inc. (EYES) stock faced headwinds on Tuesday?

    Second Sight Medical Products Inc. (EYES) shares lost 14.80% in after-hours on Tuesday, June 22, 2021, and closed at $5.41 per share. Earlier, EYES’s stock lost 1.40% to close Tuesday’s normal session at $6.35 per share. EYES shares have risen 482.57% over the last 12 months, and they have moved down 4.01% in the past week. Over the past three months, the stock has lost 42.33%, while over the past six months, it has plunged 280.24%.

    Let’s have a brief look at its latest developments.

    Pricing of Public Offering

    On June 23, 2021, Second Sight Medical Products, Inc announced the pricing of its underwritten public offering of 10,000,000 shares of its common stock at a public offering price of $5.00 per share. the underwriters got 45 days option to purchase up to an additional 1,500,000 shares of common stock.

    The company will get gross proceeds of $50,000,000and will be used primarily for the development of the Orion device and general corporate purposes.

    Third NIH funding for Its Orion Study

    On May 13, 2021, Second Sight Medical Products, Inc received third-year funding for its early feasibility clinical trial of a visual cortical prosthesis (the Orion Trial), from NIH. The NIH released $1.4 million of the $6.4 million planned five-year grant. The Company uses the funds primarily to pay UCLA and Baylor College of Medicine to conduct the Orion Trial.

    Two-Year Results of Orion study

    On May 12, 2021, Second Sight Medical Products announced two-year results of its early feasibility study (Study) of the Orion visual cortical prosthesis (Orion). The study is a single-arm six subject study at UCLA and Baylor College of Medicine.

    Five out of five of those tested at the two-year mark can locate a white square on a dark computer screen significantly better with the Orion System on than with it off.

    Four out of five of those tested at the two-year mark can better identify the direction of motion of a bar moving across a computer screen with the Orion System on.

    There has been only one serious adverse event early in the Study. The event was completely resolved without hospitalization.

    New board members

    On April 6, 2021, Second Sight Medical Products added two new members to its board, Dr. Dean Baker and Ms. Alexandra Larson. Dr. Baker has also been appointed to the Audit Committee of the Board.

    New CEO appointment

    On April 1, 2021, Second Sight Medical products announced that Scott Dunbar will be the new acting Chief Executive officer, replacing Matthew Pfeffer as he can’t continue for more than one year as an acting CEO according to Nasdaq rules. Mr. Pfeffer will keep working as an independent director.

    Closing Private Placement of Common Stock

    On March 27, 2021, Second Sight Medical Products announced the closing of its previously announced private placement. The company will get gross proceeds of $27.9 million from the private placement which will be used for working capital for the company.

    Conclusion

    Well, as of this writing there is no recent news which could be linked with its poor performance on Tuesday. We have the latest news of today which is the pricing of its common stock and its reaction still has to come today (Wednesday).

  • 49 Stocks Making Sharp Moves in Pre Market Session

    49 Stocks Making Sharp Moves in Pre Market Session

    BlackBerry Limited (BB) stock soared 21.29% to $8.49 in the pre-market trading following the announcement of its multi-year, global agreement with Amazon Web Services, Inc. (AWS). The most recent rating by TD Securities, on April 01, 2020, is a Hold.
    Gores Metropoulos Inc. (GMHI), a Shell Companies company, dropped about -3.71% at $16.37 in pre-market trading Wednesday.
    Carnival Corporation & Plc (NYSE: CCL) shares are trading up 2.48% at $20.65 at the time of writing. The firm recently reported Peter C. Anderson as a Section 16 Named Executive Officer. Company’s 52-week ranged between $7.80 to $51.94. Analysts have a consensus price target of $31.
    Guardion Health Sciences Inc. (GHSI) is up more than 2.11% at $0.3 in pre-market hours Wednesday December 02, 2020. The stock had jumped over 11.71% to $0.29 in the last trading session.
    Advaxis Inc. (ADXS) grew over 0.85% at $0.32 in pre-market trading today. The healthcare company recently announced closing of $9.2 million public offering.
    Before the trading started on December 02, 2020, RiceBran Technologies (RIBT) is down -5.56% to reach $0.68. It has been trading in a 52-week range of $0.37 to $2.43.
    Sundial Growers Inc. (SNDL) stock moved up 5.75 percent to $0.69 in the pre-market trading and the company recently announced elimination of senior secured second lien convertible notes.
    Kaixin Auto Holdings (KXIN) is up more than 4.55% at $7.35 in pre-market hours Wednesday December 02, 2020. The stock had jumped over 8.32% to $7.03 in the last trading session.
    Moleculin Biotech Inc. (MBRX) lost over -7.83% at $0.9125 in pre-market trading Wednesday December 02, 2020 after declaring that the US Food and Drug Administration (FDA) has approved its request for a “Rare Pediatric Disease” designation for its drug candidate WP1066.
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    Auris Medical Holding Ltd. (EARS) stock plunged -17.97% to $4.29 in the pre-market trading after reporting positive efficacy data from testing AM-301 in vitro. The most recent rating by Euro Pacific Capital, on October 08, 2018, is a Buy.
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    China Automotive Systems Inc. (NASDAQ: CAAS) shares are trading down -4.95% at $8.25 at the time of writing after the firm declared that its shipped approximately 120,000 units from its portfolio of electric power steering products for use in Chinese electric vehicles during 2020. Company’s 52-week ranged between $1.42 to $10.50.
    Tilray Inc. (NASDAQ: TLRY) shares are trading up 1.61% at $8.2 at the time of writing. Company’s 52-week ranged between $2.43 to $22.95. Analysts have a consensus price target of $4.77.
    Ocugen Inc. (OCGN) lost over -8.87% at $0.3101 in pre-market trading Wednesday December 02, 2020. The company recently reported that leading independent proxy firms ISS and Glass Lewis recommended Ocugen stockholders vote “FOR” reverse stock split and authorized shares amendment proposals.
    AMC Entertainment Holdings Inc. (AMC) is up more than 2.41% at $4.25 in pre-market hours Wednesday December 02, 2020. The stock had dropped over -2.81% to $4.15 in the last trading session.
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    Tantech Holdings Ltd (TANH), a Household & Personal Products company, dropped about -3.24% at $1.79 in pre-market trading Wednesday after reporting the launch by its subsidiary, Shangchi Automobile Co., Ltd., of its newest highly innovative driverless and autonomous street sweeper.
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    Second Sight Medical Products Inc. (EYES) stock moved down -8.0 percent to $1.38 in the pre-market trading.
    BioNTech SE (BNTX) grew over 7.36% at $122.4 in pre-market trading today after declaring that it will hold a press conference including a video webcast on Wednesday, December 2, 2020, to provide an update on the status of the COVID-19 vaccine development program of its lead vaccine candidate BNT162b2.
    Sogou Inc. (SOGO), a Internet Content & Information company, rose about 3.09% at $8.68 in pre-market trading Wednesday.
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