Visual prosthesis maker Second Sight announced that it will issue 134M shares to acquire full ownership of Nano Precision Medical. Second Sight shareholders will own ~23% of the combined company.
Nano Precision Medical is based in the San Francisco Bay Area, and has been developing miniaturized implants using their proprietary NanoPortal™ technology for the delivery of medicines to treat chronic diseases. Looking through cofounder Adam Mendelosohn’s patents shows passive implants that control the rate of release of therapeutic substances from a reservoir by the use of nanoporous membranes. NPM’s lead program, NPM-119, is a near clinical stage GLP-1 receptor agonist which is being developed to treat patients with Type 2 diabetes for up to 6 months.
Second Sight had a somewhat rocky 2020 and 2021. In 2020 they winded down operations, and then in 2021 combined with Pixium Vision. Now they seem to be diversifying by adding completely different business fields within the implantables industry. According to the press release:
“According to Second Sight Chairman of the Board Gregg Williams, “The merger with NPM aligns with our expanded vision to become a top device and drug implant company, allows us immediate access to NPM’s experienced executive leadership team, and provides the two companies with a myriad of opportunities to leverage potential synergies.” “