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Second Sight Medical Products Inc (EYES) to Initiate Study of Argus II in Better-Sighted Retinitis Pigmentosa Patients; Shares Rose 5%

support@smarteranalyst.com (Ben Mahaney)

Second Sight Medical Products Inc (NASDAQ:EYES) shares are up nearly 6% this morning, following the news that the company has received approval from Bundesinstitut für Arzneimittel und Medizinprodukte (BfArM), the German competent authority, and a favorable opinion by the applicable ethics committees, to begin a 10-patient study in Germany to implant and evaluate the Argus II Retinal Prosthesis System (Argus II) in better sighted retinitis pigmentosa (RP) patients, or those individuals who have some “tunnel vision.” Tunnel vision is a condition defined by a visual field that is severely constricted.

The clinical study will be conducted with lead principal investigators at three sites in Germany as follows: Universitätsklinikum Aachen with Professor Walter, Städtisches Klinikum Kalrsruhe with Professor Augustin, and Universitätsklinikum Schleswig-Holstein, Universitätsklinikum Lübeck with Professsor Grisanti. The primary endpoint of the study is to measure the improvement of the visual field added by the Argus II for RP patients with tunnel vision. A secondary endpoint will be to evaluate how well those treated with the Argus II integrate the system into their daily lives.

Second Sight CEO Will McGuire commented, "This is an important study and part of our strategy to evaluate the Argus II in better sighted individuals. We are excited by the opportunity to potentially improve the functional vision of additional blind individuals suffering from RP and look forward to initiating enrollment by the end of this year. If successful, the targeted population could increase the potential market for the Argus II by two to three times its current size.”

Professor Walter, Universitätsklinikum Aachen, commented, "This study has the potential to change the management of patients with RP and, if successful, greatly expand the patient population who can benefit from this treatment, and for whom the Argus II could be a solution."

Blind patients interested in the Argus clinical trial can contact Second Sight on the toll free number in Germany, 0800 184 4321, and we will refer you to the appropriate clinical site for further details and screening to determine if you are a candidate for this study.

On the ratings front, H.C. Wainwright analyst Amit Dayal reiterated a Buy rating on EYES, with a price target of $5.00, in a report issued on August 29. The current price target implies an upside of 342% from current levels. According to TipRanks.com, Dayal has a yearly average loss of 0.1%, a 43% success rate, and is ranked #3413 out of 4697 analysts.

Second Sight creates a retinal prosthesis to provide sight to patients blinded from outer retinal degenerations such as Retinitis Pigmentosa. It manufactures and market implantable visual prosthetics to enable blind individuals to overcome disability and achieve greater independence. 

 

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