Shares of the implantable visual prosthetics company, Second Sight Medical Products, Inc. (NASDAQ: EYES) have seen a fall of -12.61% in after-hours trading on Friday. The stock in the regular session skyrocketed 304.9% to conclude the weekend session at $5.79. The after-hour fall could be attributed to the profit-taking the investors have been making after impressive gains on the day. That came even after approval of the company’s product by the U.S. Food and Drug Administration (FDA).
What has been happening?
Implantable vision prosthetics (IVPs) are developed and marketed by EYES to give blind individuals useful artificial sight. An industry leader in neuromodulation therapy for sight loss, the Company has dedicated itself to advancing new technologies that are designed to treat the broadest population of blind and visually impaired individuals around the world.
According to the company on Friday, FDA has approved the FDA-approved Argus 2s Retinal Prosthetic System, a part of which is redesigned eyeglasses and video processing unit initially to be used in combination with previously implanted Argus II systems. In the future, the Orion Visual Cortical Prosthetic System will be adapted to use the Argus 2s external system. With significant improvements in ergonomics and increased processing power, the Argus 2s system could offer better video processing in addition to ergonomic improvements.
The decision on starting production of the newly approved hardware has been deferred until after the planned business combination between Second Sight and Pixium Vision is completed, which is currently underway. A combination of the companies would allow the new management team to evaluate how to proceed with the Argus 2s Retinal Prosthesis System as well as all other products already being developed.