SYLMAR, Calif., Nov. 24, 2014 (GLOBE NEWSWIRE) -- Second Sight Medical Products, Inc. (Nasdaq:EYES) ("Second Sight" or "the Company"), a developer, manufacturer and marketer of implantable visual prosthetics to restore some functional vision to blind patients, today announced that the underwriter for its initial public offering exercised its entire over-allotment option to purchase an additional 525,000 shares of the Company's common stock. The Company's shares of common stock are listed on The NASDAQ Market under the ticker symbol "EYES."
Total gross proceeds of Second Sight's initial public offering, including the over-allotment, were $36,225,000. Second Sight intends to use proceeds from the offering for general corporate purposes including:
- promoting commercialization of its Argus II product;
- research and development to enhance quality of vision in existing products; and,
- research, development and clinical trials to expand the indications for use of the Argus II and its underlying intellectual property with the goal of treating nearly all currently untreatable cases of blindness (about eight million people globally).
MDB Capital Group acted as the sole underwriter for the offering.
Copies of the final prospectus can be obtained from: MDB Capital Group LLC, 401 Wilshire Blvd., Suite 1020, Santa Monica, CA 90401, (310) 526-5000.
A registration statement relating to these securities has been filed and declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, 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.
About Second Sight Medical Products, Inc.
Second Sight develops, manufactures and markets implantable visual prosthetics to restore some functional vision to blind patients. The Company's current product is an advanced neurostimulation device called the Argus(R) II System, which treats retinitis pigmentosa. The Argus II System is the only retinal prosthesis approved in the United States by the Food and Drug Administration and the first approved retinal prosthesis in the world. The Company seeks to treat all blind patients through further improvements to their neurostimulation platform.
About MDB Capital Group
MDB Capital Group is Wall Street's only investment bank focused entirely on disruptive technology, with over 15 years of experience launching early stage technology companies into the public markets. MDB maximizes the value of disruptive technology companies by positioning them to attract growth capital, strengthening their patent portfolios to create sustainable competitive advantages, and connecting them with a base of high-quality investors committed to helping maximize the probability of the company's success. For more information, please visit www.mdb.com.
Safe Harbor Statement
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 and Exchange Act of 1934, as amended, that 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". 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 the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our recently filed registration statement on Form S-1. 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.