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Second Sight Medical To Merge With AstraZeneca-Backed Nano Precision Medical

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Second Sight Medical Products Inc (NASDAQ: EYES) will acquire privately-held Nano Precision Medical Inc in an all-stock transaction.

  • Second Sight Medical develops implantable visual prosthetics.

  • Under the agreement, Nano Precision Medical will merge with a wholly-owned subsidiary of Second Sight.

  • The surviving company Nano Precision Medical will be owned by Second Sight. The newly-formed merged company will focus on developing innovative implants for chronic diseases.

  • The combined company will be under NPM's co-founder, CEO, and Chairman, Adam Mendelsohn.

  • Second Sight will issue approximately 134 million shares and acquire about 23% equity of the combined company.

  • The transaction is expected to close in Q2 / Q3 of FY22.

  • Nano Precision Medical's lead program, NPM-119, is a near clinical stage GLP-1 receptor agonist developed to treat patients with Type 2 diabetes for up to 6 months with a single, tiny subdermal implant.

  • The first human trial for NPM-119 is anticipated by late 2022.

  • Before the merger, Second Sight will provide $8 million to NPM for working capital and speed up pipeline programs. EYES shareholders will join NPM shareholders, including AstraZeneca plc (NASDAQ: AZN).

  • AstraZeneca has been a strategic investor in NPM since 2016.

  • Price Action: EYES shares are trading 8.57% higher at $1.52 during the premarket session on the last check Tuesday.

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