Second Sight Announces Positive Reimbursement Renewal Decision in Germany

Download as PDF

SYLMAR, Calif.--(BUSINESS WIRE)-- Second Sight Medical Products, Inc. (Nasdaq:EYES) ("Second Sight" or "the Company"), a developer, manufacturer and marketer of implantable visual prosthetics to restore some functional vision to blind patients, today announced that the German Institute for the Hospital Remuneration System (InEK) has renewed Status 1 (full approval) for the Epiretinal Prosthesis across 15 hospitals under the NUB1 innovation program. This decision allows approved hospitals to negotiate reimbursement coverage for treating patients with advanced stage Retinitis Pigmentosa (RP) with the Argus® II Retinal Prosthesis system, inter alia, with statutory health insurance companies that covers more than 85% of German population. A NUB decision is valid for one year and can be renewed by application.

In Europe, Argus II is indicated for blind people suffering from advanced outer retinal degenerative diseases such as RP. RP is an inherited disease that often results in nearly complete blindness, affecting up to 30,000 Germans and 167,000 Europeans.

“This NUB renewal is a significant endorsement of the strong interest of German ophthalmologists to help blind patients restore some of their vision. We look forward to collaborating with leaders in the ophthalmic and patient community who are committed to help patients living with blindness as a result of severe diseases such as Retinitis Pigmentosa,” said Will McGuire, President and CEO of Second Sight Medical Products.

Availability of the Argus II continues to expand worldwide to patients as reimbursement and funding are approved in a growing number of countries and regions. With over 215 patients implanted thus far, more than 35 of whom live in Germany, Argus II continues to be the most widely available retinal prosthesis with some patients having received their system almost 10 years ago.

About the Argus II® Retinal Prosthesis System

Second Sight's Argus II System provides electrical stimulation that bypasses the defunct retinal cells and stimulates remaining viable cells inducing visual perception in individuals with severe to profound Retinitis Pigmentosa. The Argus II works by converting images captured by a miniature video camera mounted on the patient's glasses into a series of small electrical pulses, which are transmitted wirelessly to an array of electrodes implanted on the surface of the retina. These pulses are intended to stimulate the retina's remaining cells, resulting in the perception of patterns of light in the brain. The patient then learns to interpret these visual patterns, thereby regaining some visual function. The Argus II is the first artificial retina to receive widespread approval, and is offered at approved centers in Canada, France, Germany, Italy, Netherlands, Saudi Arabia, Spain, Switzerland, Turkey, United Kingdom, and the U.S.

About Second Sight

Second Sight's mission is to develop, manufacture and market innovative implantable visual prosthetics to enable blind individuals to achieve greater independence. Second Sight has developed and manufactures the Argus® II Retinal Prosthesis System. Second Sight is currently underway in a trial to test the safety and utility of the Argus II in individuals with Dry Age-Related Macular Degeneration. Second Sight is also developing the Orion™ I Visual Cortical Prosthesis to restore some vision to individuals who are blind due to causes other than preventable or treatable conditions. U.S. Headquarters are in Sylmar, CA, and European Headquarters are in Lausanne, Switzerland. For more information, visit www.secondsight.com.

Safe Harbor This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange and Exchange Act of 1934, as amended, that are intended to be covered by the 'safe harbor' created by those sections. All statements in this release that are not based on historical fact are 'forward looking statements'. These statements may be identified by words such as 'estimates', 'anticipates', 'projects', 'plans', or 'planned', 'seeks', 'may', 'will', 'expects', 'intends', 'believes', 'should' and similar expressions or the negative versions thereof and which also may be identified by their context. All statements that address operating performance or events or developments that Second Sight expects or anticipates will occur in the future are forward-looking statements. While management has based any forward looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K as filed on March 11, 2016, as amended on August 8, 2016, and our other reports filed from time to time with the Securities and Exchange Commission. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

1 Neue Untersuchungs und Behandlungsmethoden (NUB)

Investor Relations:
Institutional Investors
In-Site Communications, Inc.
Lisa Wilson, 212-452-2793
President
lwilson@insitecony.com
or
Individual Investors
MZ North America
Greg Falesnik, 949-385-6449
Managing Director
greg.falensik@mzgroup.us

Source: Second Sight Medical Products, Inc.

Released February 2, 2017