Second Sight Medical, Nano Precision Medical merging to create therapeutic implant company

Second Sight Medical Products (NSDQ:EYES) and Nano Precision Medical agreed to a merger deal that will result in a focus on drug-device medical implants.

The two companies entered into a definitive agreement under which privately held Nano Precision Medical (NPM) will merge with a wholly-owned subsidiary of Second Sight in an all-stock transaction, with NPM to be the surviving company under Second Sight’s ownership.

Get the full story at our sister site, Drug Delivery Business News.

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MedTech 100 roundup: Nearing new highs once again

Having hit a downturn as the summer neared, the medtech industry is now consistently on the rise as June comes to a close.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the week (June 25) at 113.42 points, producing a 2.5% rise from the 110.64-point mark set one week prior (June 18). In all, the industry has risen 5.9% over the past three weeks.

The recent upswing shows no signs of slowing after the industry’s progress came to a halt with a -1.4% dip earlier this month. The index looks set to close in on the 114.58-point mark set in April, marking the industry’s all-time best performance.

Even with some recent setbacks, medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 22.9% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus a 82.6% increase from the mid-pandemic low …

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Second Sight Medical plans to raise $50 million from public offering

Second Sight Medical Products announced that it plans to offer shares of its common stock in a public offering worth $50 million.

Los Angeles-based Second Sight priced the underwritten public offering of 10 million shares of common stock at a public offering price of $5 per share to yield gross proceeds of $50 million, according to a news release.

Should an overallotment option granted through a 45-day option to purchase up to 1.5 million additional shares be exercised, the proceeds could reach $57.5 million before discounts, commissions and other expenses. All shares are to be sold by Second Sight.

The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 shares of common stock, solely to cover over-allotments. All of the shares of common stock are being offered by the Company.

Second Sight expects the offering to close on June 25, 2021, after which it plans to use the proceeds for the development of its O…

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MedTech 100 roundup: Industry roars back

In the blink of an eye, the medtech industry exited its spring slump and neared its all-time best performance levels.

MassDevice‘s MedTech 100 Index offered signs of a rebound last week and has built on that momentum, registering a final tally of 109.39 points on April 9. That represents a 2.9% increase from the 106.26-point mark set a week prior (April 2).

The industry’s rebound has been impressive, given that just over one month prior, the index had dropped to 102.16 points (March 8), having just set its all-time best of 110.96 on Feb. 15. Medtech companies had no seen that degree of a fall since October 2020.

Improvements highlight the secure position the industry has nestled into a year on from the height of the COVID-19 pandemic’s impact on medtech, as the industry has produced an 18.5% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus a 76.1% increase from the mid-pandemic low of 62.13 (March 23, 2020).

The overall …

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Second Sight, Pixium Vision merger plans are over

Second Sight Medical notified Pixium that it decided to unilaterally terminate a memorandum of understanding (MOU) ahead of a planned merger.

In a news release, Pixium said the $27.9 million private placement recently announced and closed by Second Sight was “not only explicitly prohibited under the terms of the [MOU] entered into by the companies on Jan. 5, 2021, but also detrimental to Pixum Vision’s interests.”

Paris-based Pixium said it offered to Second Sight a chance to renegotiate the MOU in order to continue pursuing the business combination while preserving contractual balance and the interests of the company and its shareholders, but the company said Second Sight never responded to the proposals, nor did it demonstrate any willingness to reach such an agreement.

Following the refusal to enter renegotiation discussions, Second Sight notified Pixium on Friday that it decided to terminate the MOU, notwithstanding that the MOU doe…

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Second Sight names acting CEO

Second Sight Medical (NSDQ:EYES) announced today that it has named a new acting chief executive officer.

Los Angeles-based Second Sight said in a news release that Scott Dunbar has been named by its board of directors to replace Matthew Pfeffer as acting CEO.

Under Nasdaq rules, an independent director may temporarily be named acting CEO but can’t continue in such service for more than a year. As a result, Pfeffer relinquished the role of acting CEO but will remain with the company’s board as an independent director.

Dunbar, who served as senior patent counsel and compliance officer at Second Sight, has been with the company for 19 years, Second Sight said.

“I want to thank Matt for his leadership during this past year,” Second Sight chairman Gregg Williams said in the release. “Our focus remains on advancing the Orion program toward providing useful vision to the blind, and I look forward to working with Scott as we pursue that goal.&…

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MedTech 100 roundup: Slight rise for the industry

While medtech’s performance still isn’t mirroring the beginning of 2021, the industry is showing signs of life with a small improvement last week.

The year’s strong start, during which MassDevice‘s MedTech 100 index notched an all-time best of 110.96 points (Feb. 15) came to an end later that month and carried over into March, with the index hitting its lowest recent point on March 8 (102.16), marking a fall at a level not seen since October.

Even after a slight rise earlier this month, the index struggled again two weeks ago with another small dip. However, after coming in at 104.05 on March 19, the index got a slight boost over the past week, finishing at 104.87 on March 26, representing a 0.8% rise.

Despite the up-and-down nature of the past couple of months, the index represents a much better situation for the industry compared to this time a year ago when the COVID-19 pandemic was in full swing. The index is up 13.6% from its pre-p…

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DTW Podcast – CEO MacMillan on how COVID-19 strengthened Hologic

Hologic CEO Steve MacMillan says in early March 2020 he didn’t appreciate how COVID-19 would change the world forever. But the diagnostics company quickly rose to the challenge, becoming one of the surer suppliers of diagnostic tests needed to chart the Coronavirus’ severity.

In this DeviceTalks Weekly Podcast, MacMillan shares how Hologic pivoted to meet the calls for help from political leaders in the US and around the world.

He also shares what’s next for the company which has shed its aesthetics business in favor of a tighter new course, a course that includes the creation of an innovative information index that will yield new data on women’s health.

While Hologic rose to the challenge during the pandemic, GuardianLane is ready to help children who are coping with grief, including the loss of loved ones to COVID-19 and other diseases.

CEO Kristina Jones shares the story that won the first pitch contest held by Medtech Color, an organization fo…

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Second Sight’s merger with Pixium Vision may fall through

Second Sight‘s plans to raise $27.9 million from a private placement appear to have generated conflict with its would-be owner Pixium Vision.

Pixium informed Second Sight (NSDQ: EYES)  yesterday that the private placement would breach the memorandum of understanding the two companies reached in early January, according to a Second Sight filing with the SEC. Second Sight said the dispute could head to court, with Pixium seeking to end the MOU and receive a termination fee of up to $1 million.

Under agreements with accredited investors, Second Sight plans to close the private placement on March 26, selling 4.65 million shares of common stock at $6 apiece. The money will go toward working capital for the artificial vision tech company.

The news comes weeks after Second Sight secured announced FDA approval of its Argus 2s retinal prosthesis system, though questions remained about whether it would ever be manufactured. The planned merger with Prixium wo…

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Second Sight gains FDA nod for retinal system that may never be produced

Second Sight Medical  (NSDQ: EYES) today announced that the FDA has approved its Argus 2s retinal prosthesis system, but questions remain about whether it will ever be manufactured.

Second Sight announced in March 2020 that it would wind down its operations amid the financial shock of the coronavirus pandemic. In April, the company said it took steps to reduce overhead and conserve liquidity ahead of potential partnering, acquiring, or combining with businesses, just days before pricing a $6.8 million offering of its common stock, which closed in May. An auction of its assets was set for June, and Second Sight announced a merger with Pixium Vision in January.

If the merger closes, Pixium — which makes neuromodulation tech to treat blindness — would become the controlling shareholder, owning 60% of the total equity before a capital raise. The combined company would focus on Pixium’s Prima retinal stimulation system and create a new subsidiary to focus on …

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Second Sight Medical schedules auction of its assets

The assets of Second Sight Medical (NSDQ:EYES) are going up for auction on June 25.

The developer and manufacturer of implantable visual prosthetics for blind individuals created the only FDA-approved implantable visual prosthetic treatment for severe retinitis pigmentosa. The company said in March that it was winding down its operations amid the financial shock of the COVID-19 pandemic. In April, Second Sight said it took steps to reduce overhead and conserve liquidity ahead of potential partnering, acquiring, or combining with businesses, just days before pricing a $6.8 million offering of its common stock, which closed in May.

Get the full story on our sister site, Medical Design & Outsourcing.

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