Shares of Second Sight Medical Products (EYES) - Get Report surged on Tuesday, racking up additional double-percentage-point gains following the Food and Drug Administration’s approval of the company's treatment of retinitis pigmentosa, better known as RP.
At last check, Second Sight shares were up 28.5% at $15.12, down from earlier gains but still putting the stock on track to exceed more than 1,500% since its Argus 2s retinal prosthesis for RP was approved by the FDA last Friday.
The stock closed at $1.43 a share last Thursday.
RP is a rare genetic disorder that involves the breakdown and loss of cells in the retina of the eye. It causes vision loss that worsens over time and can eventually lead to blindness.
Second Sight’s Argus 2s is a set of external hardware, glasses and a video processing unit that assists in offsetting the effects of the condition.
The Argus 2 is a tiny implant that goes in behind the eye and is then combined with patient-worn camera glasses to help provide a form of vision the patient otherwise would not have.
The unit converts images captured by a miniature video camera mounted on the glasses into a series of small electrical pulses that are transmitted wirelessly to an array of electrodes implanted on the surface of the patient's retina.
The patient must learn to interpret these visual patterns, giving them the potential to regain some visual function.
Shares of Second Sight are up about 529% so far this year as of Monday’s close. The company's current market cap is roughly $135 million.
https://www.thestreet.com/investing/second-sight-eyes-stock-fda-approval-030921
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