Second Sight Medical Products Inc (NASDAQ:EYES) announced that the German Institute for the Hospital Remuneration System (InEK) has renewed Status 1 (full approval) for the Epiretinal Prosthesis across 15 hospitals under the NUB1 innovation program. This decision allows approved hospitals to negotiate reimbursement coverage for treating patients with advanced stage Retinitis Pigmentosa (RP) with the Argus® II Retinal Prosthesis system, inter alia, with statutory health insurance companies that covers more than 85% of German population. A NUB decision is valid for one year and can be renewed by application.
In Europe, Argus II is indicated for blind people suffering from advanced outer retinal degenerative diseases such as RP. RP is an inherited disease that often results in nearly complete blindness, affecting up to 30,000 Germans and 167,000 Europeans.
“This NUB renewal is a significant endorsement of the strong interest of German ophthalmologists to help blind patients restore some of their vision. We look forward to collaborating with leaders in the ophthalmic and patient community who are committed to help patients living with blindness as a result of severe diseases such as Retinitis Pigmentosa,” said Will McGuire, President and CEO of Second Sight Medical Products.
Availability of the Argus II continues to expand worldwide to patients as reimbursement and funding are approved in a growing number of countries and regions. With over 215 patients implanted thus far, more than 35 of whom live in Germany, Argus II continues to be the most widely available retinal prosthesis with some patients having received their system almost 10 years ago.
In the wake of the announcement, shares of Second Sight Medical are up 8% to $1.59 in pre-market trading. EYES has a 1-year high of $6.93 and a 1-year low of $1.32. The stock’s 50-day moving average is $1.79 and its 200-day moving average is $2.77.
On the ratings front, H.C. Wainwright analyst Amit Dayal reiterated a Buy rating on EYES, with a price target of $16, in a report issued on December 22. The current price target implies an upside of 988% from current levels. According to TipRanks.com, Dayal has a yearly average loss of 13.8%, a 32% success rate, and is ranked #4155 out of 4373 analysts.
Second Sight Medical Products, Inc. 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.