Second Sight Medical Products Inc’s (EYES) Argus II Retinal Prosthesis System Implanted in First Patient in Asia; Shares Rise Over 30%
Second Sight Medical Products Inc (NASDAQ:EYES) announced that the Argus® II Retinal Prosthesis System (Argus II) has been implanted in the first patient in Asia through an exclusive distribution partnership with Orient Europharma Co., Ltd. (OEP) and with charitable support from the Hong-Lu Foundation in Taiwan. The Argus II was provided under special import permits authorized by the Taiwan Food and Drug Administration (TFDA).
The surgical procedure was performed by Dr. Yih-Shiou Hwang and his team at Chang Gung Memorial Hospital (CGMH), in Linkou, Taiwan in a 40-year-old patient who suffers from blindness caused by retinal degeneration. Dr. Paulo Stanga, Consultant, Ophthalmologist & Vitreoretinal Surgeon at the Manchester Royal Eye Hospital, UK supervised the implantation.
“We are very pleased to expand the availability of the Argus II to Asia as we continue to offer our technology to patients with Retinitis Pigmentosa (RP), providing them with the potential opportunity to lead more independent lives,” said Will McGuire, President and CEO of Second Sight. “We look forward to supporting broader access to the Argus II to patients with RP throughout Asia and the other regions we serve.
Shares of Second Sight Medical are up nearly 24% to $1.44. EYES has a 1-year high of $6.05 and a 1-year low of $1.06. The stock’s 50-day moving average is $1.36 and its 200-day moving average is $1.99.
On the ratings front, H.C. Wainwright analyst Amit Dayal reiterated a Buy rating on EYES, with a price target of $5, in a report issued on March 10. The current price target implies an upside of 331% from current levels. According to TipRanks.com, Dayal has a yearly average loss of 13.8%, a 35% success rate, and is ranked #4389 out of 4556 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.