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

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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).

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