Second Sight Medical Products Inc. announced on Tuesday that it has entered into an exclusive agreement with cochlear implant distributor Tecnosalud in Buenos Aires to bring its Argus II Retinal Prosthesis System to South America.
The Sylmar biotech, which produces the Argus II, a device that utilizes an implant and camera to provide sight to the blind, is expanding into Argentina, where Tecnosalud will be responsible for sales, marketing and technical support.
“We are excited to partner with Tecnosalud for our expansion efforts in South America,” Chief Executive of Second Sight Will McGuire said in a statement. “…Their experience in bringing new high-value medical technologies to the market includes expertise in navigating the national health system, which covers the cost of care for those with disabilities.”
For the past 14 years, Tecnosalud has been an exclusive partner of cochlear implant manufacturer Cochlear Ltd. in Sydney and has become one of the major distributors of cochlear implants – devices implanted under the skin that restore some hearing to people with impaired hearing – in Argentina and throughout South America.
In addition to expansion, Second Sight also plans on improving the Argus II’s external hardware as well as upgrading its software in the near future.
Shares closed down 7 cents, or 1.7 percent, to $4.06 on the Nasdaq.