Shares of Second Sight Medical Products Inc (NASDAQ:EYES) ended Thursday session in green amid volatile trading. The shares closed up +0.72 points or 21.30% at $4.10 with 3.18 million shares getting traded. Post opening the session at $4.16, the shares hit an intraday low of $3.92 and an intraday high of $4.39 and the price vacillated in this range throughout the day. The company has a market cap of $150.88 million and the numbers of outstanding shares have been calculated to be 36.04 million shares.
Second Sight Medical Products Inc (EYES) on June 1, 2016 announced that it has completed its previously announced rights offering to shareholders of record on May 13, 2016. The rights offering was oversubscribed. Second Sight will retain $19.8 million of the subscriptions received, with subscriptions over that amount being returned to investors. Pursuant to the rights offering, Second Sight will issue approximately 6.0 million shares of the Company’s common stock at $3.315 per share, which is equal to 85% the closing price per share of $3.90 on the Nasdaq on May 31, 2016. Net proceeds, after deduction of fees and expenses, are expected to be approximately $19.4 million.
Second Sight plans to use the proceeds from the rights offering to continue funding the ongoing post-market clinical study of the Argus® II Retinal Prosthesis Systems (“Argus II”), to assess the safety and efficacy of the Argus II for the treatment of Dry-Age-Related Macular Degeneration and to further expand domestic and international markets for the Argus II. In addition, Second Sight plans to continue funding the ongoing development of the Orion™ I Visual Cortical Prosthesis, a visual prosthesis for cortical stimulation, that the Company expects, may be able to treat nearly all forms of blindness. The financing will also provide for other general corporate purposes, including working capital, research and development, business development and operational purposes. Broadridge Corporate Issuer Solutions, Inc. acted as the subscription agent and as the information agent.
Shares of Opko Health Inc. (NYSE:OPK) ended Thursday session in green amid volatile trading. The shares closed up +0.01 points or 0.10% at $9.86 with 1.75 million shares getting traded. Post opening the session at $9.86, the shares hit an intraday low of $9.73 and an intraday high of $9.95 and the price vacillated in this range throughout the day. The company has a market cap of $5.56 billion and the numbers of outstanding shares have been calculated to be 547.44 million shares.
On June 30, 2016 Opko Health Inc. (OPK) and Transition Therapeutics Inc. (NASDAQ:TTHI, TSX:TTH) announced the signing of a definitive agreement under which OPKO will acquire Transition Therapeutics, a clinical stage biotechnology company.
Under the terms of the agreement approved by the Boards of Directors of both companies, Transition Therapeutics security holders will receive approximately 6.4 million shares of OPKO common stock. Based on the moving average price of OPKO common stock for the five trading days preceding the signing of the agreement, the transaction is valued at approximately US$60 million, or US$1.55 per share of Transition Therapeutics common stock, based on current outstanding shares. The companies expect the transaction to close during the second half of 2016, subject to approval of Transition Therapeutics stockholders and other customary conditions.