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Friday, Jan 27, 2023
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Update: Second Sight IPO Delayed

Second Sight Medical Products Inc., a maker of an artificial retina for the blind, delayed its planned $30 million IPO on the Nasdaq until Wednesday. The Sylmar company, founded by billionaire Alfred Mann, had initially planned to release 3.5 million shares for trading at a price of $9 a share on Tuesday. But the initial public offering was delayed a day, according to a company spokeswoman, who did not offer a reason. The company filed an initial prospectus in August and updated it on Friday, saying it would conduct the IPO “as soon as practicable after this registration statement becomes effective.” It filed the final paperwork Monday. Second Sight makes an implant that stimulates the optic nerve. A small camera mounted on eyeglasses sends a wireless signal to the device, allowing the person to see some imagery. The system, called Argus II, is approved in the United States for patients with a relatively rare disease called retinitis pigmentosa, and in Europe for several other visual impairments. The company plans to expand approved uses to cover nearly all blind people and to move into new foreign markets. So far it has implanted 90 of the Argus II systems, which are approved for insurance reimbursement only in Germany and France. “Over the next 12 to 18 months we intend to introduce the Argus II System in countries other than the U.S. and Europe with the assistance of local partners in some cases,” the prospectus stated. Mann serves as chairman and has a 42 percent company stake, which will decrease to 32 percent after the IPO. Second Sight recorded a net loss of $23 million last year and $22 million in the first nine months of this year. The public offering is being led by MDB Capital Group in New York. Second Sight will trade under the ticker symbol “EYES.”

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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