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Second Sight to launch $40M rights offering

Medical device-maker Second Sight Medical Products Inc. said it will launch a rights offering to raise $40 million.

The eligible shareholders can buy units in the offering by investing 53 cents for each share of common stock held.

The Sylmar, Calif.-based company's chairman, Gregg Williams, has indicated a nonbinding intention to invest up to $20 million in the rights offering.

Each unit will consist of 1 common share and one warrant to buy 1 common share at a strike price of $1.47.

The subscription price will be lower among the closing share price on Jan. 7 or the volume weighted average price of the common share for five days including the expiration date of Feb. 15.

The rights under the offering must be exercised by Feb. 15, with the closing expected in late February, the company said.

Second Sight plans to use the proceeds to collect more data on its potential artificial vision therapy Orion and fund the development of its eye device Argus 2s as well as for other operating and general corporate purposes.