Second Sight Medical Products Inc (NASDAQ:EYES) will acquire privately-held Nano Precision Medical Inc in an all-stock transaction.
- Second Sight Medical develops implantable visual prosthetics.
- Under the agreement, Nano Precision Medical will merge with a wholly-owned subsidiary of Second Sight.
- The surviving company Nano Precision Medical will be owned by Second Sight. The newly-formed merged company will focus on developing innovative implants for chronic diseases.
- The combined company will be under NPM's co-founder, CEO, and Chairman, Adam Mendelsohn.
- Second Sight will issue approximately 134 million shares and acquire about 23% equity of the combined company.
- The transaction is expected to close in Q2 / Q3 of FY22.
- Nano Precision Medical's lead program, NPM-119, is a near clinical stage GLP-1 receptor agonist developed to treat patients with Type 2 diabetes for up to 6 months with a single, tiny subdermal implant.
- The first human trial for NPM-119 is anticipated by late 2022.
- Before the merger, Second Sight will provide $8 million to NPM for working capital and speed up pipeline programs. EYES shareholders will join NPM shareholders, including AstraZeneca plc (NASDAQ:AZN).
- AstraZeneca has been a strategic investor in NPM since 2016.
- Price Action: EYES shares are trading 8.57% higher at $1.52 during the premarket session on the last check Tuesday.
