Acknowledgment of the terms of the press release issued by Second Sight Medical Products, Inc.
Paris, France, March 24, 2021 – Pixium Vision (Euronext Growth Paris - FR0011950641) (“Pixium”) acknowledges the terms of the press release published today by Second Sight Medical Products, Inc. (“Second Sight”) and the Form 8-K filed with the SEC announcing that Second Sight has entered into definitive securities purchase agreements for a private placement, expected to be closed on March 26, 2021.
Such transaction on the capital of Second Sight is explicitly prohibited under the terms of the memorandum of understanding entered into by the companies on January 5, 2021, as it is not carried out in the context of the business combination between Pixium and Second Sight.
Therefore, Second Sight had requested the prior consent of Pixium over the past few days. Pursuant to the unanimous decision of its board of directors, Pixium notified Second Sight on March 23, 2021, of its refusal. Pixium’s board of directors considered that such private placement might, due to regulatory constraints and the market risks associated, jeopardize the likeliness of the closing of the $25 million capital increase contemplated in the memorandum of understanding and consequently of the business combination1.
In this context, Pixium has requested from Second Sight communication of the terms and conditions of the private placement in order to assess all the options available, including studying alternative financing solutions on which the company had been working on prior to entering into the memorandum of understanding with Second Sight, and will inform the market as soon as possible of the actions and decisions it intends to take in the best interest of patients and its shareholders.
Pixium Vision is creating a world of bionic vision for those who have lost their sight, enabling them to regain visual perception and greater autonomy. Pixium Vision’s bionic vision systems are associated with a surgical intervention and a rehabilitation period. Prima System sub-retinal miniature photovoltaic wireless implant is in clinical testing for patients who have lost their sight due to outer retinal degeneration, initially for atrophic dry age-related macular degeneration (dry AMD). Pixium Vision collaborates closely with academic and research partners, including some of the most prestigious vision research institutions in the world, such as: Stanford University in California, Institut de la Vision in Paris, Moorfields Eye Hospital in London, Institute of Ocular Microsurgery (IMO) in Barcelona, University hospital in Bonn, and UPMC in Pittsburgh, PA. The company is EN ISO 13485 certified and qualifies as “Entreprise Innovante” by Bpifrance.
For more information: http://www.pixium-vision.com/fr
1 The closing of the $25 million capital increase constitutes, accordingly to the memorandum of understanding, a closing condition to the business combination.