Second Sight Medical Products Inc. (NASDAQ:EYES) announced it has completed successful implants at its two newest centers in Italy. The implants were of its Argus II Retinal Prosthesis System that helps patients with outer retinal degeneration. The two centers were only recently approved and the successful surgeries are a strong statement to their viability. The company has been looking to expand the availability of the retinal implants and this shows it is making progress in trying to achieve additional revenue opportunities. Its entry into the Italian market offers the company and their customers to utilize the revolutionary treatments. The treatments can be life changing for patients as there are few other effective methods for relieving the issues caused by the illness.
Retinal degeneration is a situation where the outer retina layer deteriorates and it is caused by the progressive death of cells in that region of the eye. Retinitis Pigmentosa is a rare disease that is hereditary and it affects the light sensitive cells of the retina. This leads to vision impairment and can also end up leaving the patient blind. There were 2,200cases of the impairment in Italy and an additional 167K cases in Europe. Over 100 patients have already received the surgery worldwide and it is the first retinal prosthesis to be approved in the industry.
The treatment is currently offered in 11 countries worldwide, including the US and UK. It provides electrical stimulus to the retinas living cells and creates a perception o light within the patient’s eye. The procedure changes lives and allows people that might otherwise be vison-disabled of even blind live normal lives. Second Sight Medical products seek to create retinal prosthesis that corrects vision impairments. The company was founded in 1998 and they are also developing a product called OrionTM which is a cortical prosthesis.
The stock is strong technically but needs to establish a base at its current levels. UIt has a strong band of support at $16.