Second Sight Medical Products Inc (NASDAQ: EYES) is screaming for the top in the market this morning, trading on gains of more than 25% early on. The gains come after the company announced the results of a study that’s been ongoing for two years. Here’s what’s happening:
EYES Stock Climbs On Study Results
In the press release, Second Sight Medical Products provided the results of its Early Feasibility Study of the Orion Visual Cortical Prosthesis, also known simply as Orion. The single arm study enrolled six subjects at the UCLA and Baylor College of Medicine.
As a result of the COVID-19 pandemic, the study was paused last year, but is now resumed at both centers. Moreover, all subjects are still enrolled and recent visual function and functional vision results continue to demonstrate benefit from Orion in the majority of patients.
In fact, EYES said that five out of five of those tested at the two-year mark are able to locate a white square on a dark computer screen significantly better with the Orion System on than with it off. Moreover, four out of five of those tested at the two-year mark are able to better identify the direction of motion of a bar moving across the screen with the Orion System on.
The company went on to explain that the Functional Low-Vision Observer Rated Assessment, or FLORA, has only been performed with two subjects as a result of COVID-19 travel restrictions. Nonetheless, both were rated as receiving mild positive or positive benefit from the Orion in real-world settings.
Finally, the company explained that the remaining 24-month visits are being scheduled as we speak. Moreover, there has only been one serious adverse event early in the study, which was resolved completely without hospitalization.
In a statement, Jessy Dorn, Vice President of Clinical and Scientific Research at EYES, had the following to offer:
We are excited to resume the study and see such promising results, especially after all visits were paused for several months due to COVID-19.
The above statement was followed up by Nader Pouratian, a principal investigator on the Orion clinical trial and Professor and Chair of Neurological Surgery at UT Southwestern Medical Center. Here’s what he had to offer:
We have learned about the therapeutic potential of Orion from the results of this early feasibility study and feel they support progress toward a larger study.
The Bottom Line
The bottom line here is simple. While Second Sight Medical Products ran into a bit of a roadblock as a result of COVID-19, the company is quickly picking up where it left off, with its Orion System producing overwhelmingly positive results. All in all, EYES stock is one to watch closely.