Second Sight Medical Products announces intention to wind down
The company highlighted the “unprecedented economic shock” caused by the coronavirus pandemic as a factor in the decision to slow operations
Second Sight Medical Products has announced that the company will pursue an “orderly” slow down of operations, citing a struggle to secure funds and the impact of the coronavirus (COVID-19) pandemic as factors in the decision.
The company confirmed: “Against a background of unprecedented economic shock caused by the COVID-19 pandemic and inability to secure additional financing, the company’s board of directors has evaluated strategic alternatives and decided to pursue an orderly wind down of the company’s operations.”
Approximately 84 of the 108 employees were made redundant as of 31 March, with the company suggesting that those affected would be eligible for unemployment benefits subject to local regulations.
The board of directors appointed Matthew Pfeffer, a member of the board and chairman of the audit committee, as the acting chief executive officer to guide the wind down process.
The manufacturer was a producer of implantable visual products intended to create “an artificial form of useful vision” for blind individuals.
The company intends to retain an adviser for the process of winding down operations. Additional redundancies are expected at a later date.
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