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Monday, Mar 18, 2024

Study Brightens Prospects for Second Sight

Second Sight Medical Products Inc. is one step closer in the development of a device to restore vision for people suffering from almost any form of blindness – and greatly expanding the market for its products. The Sylmar medical device manufacturer supported a UCLA study in which a wireless neurostimulation system was implanted on the visual cortex of the brain of a 30-year-old blind patient, allowing the patient to see spots of light. The study used a commercially available neurostimulator and not Second Sight’s Orion I Visual Cortical Prosthesis, which is activated by a video camera, an element that was not tested in the study. However, the successful implantation provided the first proof of concept in a human subject for the Orion I – a device that bypasses the eye and directly activates the visual processing part of the brain to restore limited vision. The device would benefit patients with previously untreatable blindness caused by glaucoma, cancer and other diseases or trauma. The technology also has the future potential to help those with hearing loss and other sensory impairments, according to Second Sight. “This will be the first time that there’s a product that can restore lost vision for nearly any form of blindness, said Dr. Robert Greenberg, chairman of Second Sight. “It gives hope to millions of patients who today have lost a degree of independence.” When the study results were announced on Oct. 25, Second Sight shares rose 17 percent to close at $3.33. Shares closed Nov. 22 at $2.14. In an Oct. 26 report, analysts Amit Dayal and Sameer Joshi of H.C. Wainwright & Co. gave the company a “buy” rating, stating approximately 7.8 million people could potentially benefit from Orion technology. Nevertheless, the company must go through clinical trials with the full system first. Greenberg said Second Sight will apply for permission from the Food and Drug Administration to conduct trials in the coming months. Unlike the Orion I, the company’s current commercial implant, the Argus II Retinal Prosthesis System, stimulates the retina and only treats specific forms of blindness. Down the line, the company plans on offering both products as the Argus II will remain the preferred method for people who can benefit from its technology. In its third-quarter financial results, Second Sight reported 14 Argus II implantations for the quarter and incurred a net loss of $8.5 million. Yet Wainwright’s Dayal and Joshi still have high hopes for the company. “We believe there is significant growth ahead for the company that is protected by a substantial patent portfolio and market lead,” their report stated. “We are projecting revenues to grow at an eight-year compound annual growth rate of 53 percent from approximately $9 million that the company recorded in 2015 to reach nearly $275 million in 2023.”

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