Second Sight Medical ($EYES) stock surged 22% in after-hours trading following the company's announcement that it had successfully implanted a version of its Orion I Visual Cortical Prosthesis to treat blindness in an animal study.
That marks a step toward the company's goal of launching human clinical trials in early 2017. The next step is the installation of fully functional Orion implants in animals, hopefully in Q1 2016.
"This is a major milestone not only for the company but, more importantly, those affected by virtually all forms of blindness," said Second Sight CEO Dr. Robert Greenberg in a statement. "Following the success of Argus II in patients with Retinitis Pigmentosa, we are looking forward to extending the hope of restoring some useful vision to nearly all blind individuals with the Orion I."
The Orion is an upgraded version of its FDA-approved Argus II retinal prosthesis system. The new device is supposed to bypass the retina and optic nerve, enabling it to treat blindness in patients with damage to those parts of the eye. Those patients include sufferers of glaucoma, diabetic retinopathy, retinal detachments, trauma, and infection, according to the company. That's about 6 million people worldwide.
The company had a loss of $35.2 million on earnings of $3.4 million in 2014.
As of today morning, the stock has shed about a third of its after-hours gain, but at $13.60 it is well above the preannouncement price of $12.60.
- read the release