Second Sight Medical Products Inc. completed a private placement to raise about $3 million in gross proceeds to fund its Argus 2s and advance Orion visual system.
The company said Chairman Gregg Williams purchased 3,275,100 common shares at 92 cents apiece. Williams has been on the healthcare equipment company's board since 2009 and became the chairman in March.
Second Sight plans to use the proceeds to fund the ongoing development of Argus 2s and advance Orion visual system, both of which are intended to restore some functional vision for blind people.
Sylmar, Calif.-based Second Sight develops prosthetic devices that give functional artificial vision to blind individuals.