Second Sight Medical Products Inc EYES shares have soared above 723% over the previous two trading sessions with the stock touching an intraday high of $14.83 on Monday. The shares registered a spike of nearly 103% as of Monday’s closing.
What Happened: The California-based developer and marketer of implantable visual prosthetics said on Friday that the United States Food and Drug Administration had approved its Argus 2s Retinal Prosthesis System.
The Argus 2s is used for the treatment of retinitis pigmentosa and is made up of glasses and a video processing unit to be used in combination with the company’s previously implanted Argus II system.
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“We are very pleased to have received this approval, as it presents an opportunity to offer external hardware that we believe enhance comfort and aesthetics compared with the legacy Argus II system,” said Matthew Pfeffer, acting CEO of Second Sight.
Why It Matters: Second Sight’s prosthetics are aimed at creating an artificial form of useful vision for blind individuals, as per the company.
The decision on when or if to begin production of the newly approved hardware is pending completion of Second Sight’s planned business combination with Pixium Vision, which is currently underway, the company said in a statement.
The new management will take a call on how to proceed with the Argus 2s system.
Price Action: Second Sight shares closed 103.28% at $11.77 on Monday and fell 1.02% in after-hours trading.
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