Second Sight Medical jumps after merger deal

Vivani Medical

08/02/2022 13:10

** Second Sight Medical  EYES.O  shares up 8.6% at $1.52
premarket after co announces merger
    ** EYES late Mon entered into agreement to merge with
privately held Nano Precision Medical (NPM) in all-stock
deal urn:newsml:reuters.com:*:nBw9jQrJJa
    ** NPM's lead program (NPM-119) is near clinical stage
subdermal implant of GLP-1 receptor agonist to treat patients
with Type 2 diabetes
    ** EYES to issue 134 mln shares to acquire NPM; EYES
shareholders will own 23% of combined co
    ** UK drugmaker AstraZeneca  AZN.L  has been strategic
investor in NPM since 2016
    ** Merger expected to close in Q2/Q3 2022
    ** EYES currently developing Orion, investigational device
intended to provide artificial vision to people who are blind
due to glaucoma, diabetic retinopathy, optic nerve injury or
disease, or forms of cancer
    ** Shares have lost 43% in the past year. Stock surged to as
high as $20 last Mar, fueled by social media interest, days
after US FDA approved co's Argus II device to treat genetic
disorder retinitis pigmentosa

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))