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| The Argus II Retinal Prosthesis System--Courtesy of Second Sight Medical Products |
Second Sight Medical Products, the maker of a camera-based retinal implant that restores partial vision to the blind, has set its sights on a public offering that could raise $31.5 million.
In an SEC filing, the company said it will issue 3.5 million shares at $9 each. Second Sight, which first filed for an IPO in August, is likely to hit the market next week under the ticker symbol EYES. The sole book runner for the offering is MDB Capital Group.
Second Sight was founded in 1998 and reported booking $2 million in sales for the year ended June 30, 2014.
The California-based company gained FDA approval for the Argus II Retinal Prosthesis System in February 2013, making it the first-ever eye implant designed for people with retinitis pigmentosa (RP). Its first commercial implants began last January at the University of Michigan's Kellogg Eye Center.
RP is an inherited disease that attacks the light-sensitive cells of the retina. Argus uses electrical stimulation to bypass those cells and activate remaining viable cells, thereby restoring some ability for patients to perceive shapes, people, and other objects, according to Second Sight.
It's estimated that about 1.2 million patients worldwide have RP. Argus II is also approved in Europe. In the future, the company has said it is working on an application targeted at age-related macular degeneration, which is similar to RP, but is a more common disease.
- here's the SEC filing
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