Second Sight Medical Products Inc (NASDAQ: EYES) is continuing its recent run for the top in the market this morning. The gains come after the company announced that it has received FDA approval for its Argus 2s Retinal Prosthesis System. Here’s what’s going on:
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Second Sight Medical Products Climbs on FDA Approval
As mentioned above, Second Sight Medical Products is continuing its run for the top after the company announced FDA approval late last week.
In the press release, EYES said that the United States Food and Drug Administration has approved its Argus 2s Retinal Prosthesis System. The system is a redesign of external hardware initially used in combination with previously implanted Argus II systems.
The FDA approved the treatment as a potential option for patients with retinitis pigmentosa, also known as RP. As a result of the approval, EYES said that it expects the Argus 2s will be adapted to be the external system for the next generation Orio Visual Cortical Prosthesis System, one that’s currently under development.
The company went on to say that in addition to ergonomic improvements, the Argus 2s system offers slightly more processing power, potentially allowing for improved video processing.
Second Sight Medical Products said that it is currently working to decide when or if it will begin production of the newly approved hardware. This decision is pending the completion of its combination with Pixium Vision, which is currently in progress. Should the combination be completed, EYES said that the new management team will evaluate how best to proceed with the Argus 2s Retinal Prosthesis System, as well as all other products under development.
In a statement, Matthew Pfeffer, acting CEO at EYES, had the following to offer:
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.
All told, Second Sight Medical Products is an interesting stock to watch at the moment, as there are plenty of options for how the company will move forward. If all goes well with the merger, management of the combined company will be making the tough decisions ahead. If the merger falls through, the company has a newly approved product that it can hit the market with.
No matter how this goes, EYES stock is one to keep your eyes on.