Sam Brusco, Associate Editor04.05.21
On Friday, Second Sight Medical Products has notified its decision to terminate the memorandum of understanding (MOU) it signed with Pixium Vision seeking a business combination. Calling the action by Second Sight Medical “unilateral and wrongful,” Pixium Vision said it would take all necessary means, including legal measures, to claim compensation for the damages.
The private placement recently announced and closed by Second Sight was explicitly prohibited under the terms of the MOU entered by the companies on January 5. It was also detrimental to Pixium Vision’s interests—the company has offered Second Sight to renegotiate the MOU to allow pursuit of the business combination while preserving the contractual balance and Pixium Vision’s interests. Pixium said it regrets Second Sight never responded to the proposals it made in good faith, nor demonstrated any willingness to reach such agreement.
Following this delaying attitude and refusal to enter into discussions, Second Sight notified Pixium Vision on Friday its decision to unilaterally terminate the MOU, despite that the MOU doesn’t allow Second Sight this right.
Consequently, Pixium Vision will consider all measures available (including any legal proceedings, in particular with the relevant stock exchange authorities) to preserve its rights and obtain compensation for its entire damages.
Such termination doesn’t compromise the company’s objectives in the context of the new compelling results with Prima System announced by Pixium Vision on March 30, an important step forward validating the Prima System as a treatment for dry age-related macular degeneration.
Lloyd Diamond, CEO of Pixium Vision commented to the press: “While we are naturally disappointed in the position being taken by Second Sight and that this business combination has not proceeded, Pixium Vision is in a strong position both financially and clinically, with a world-class Research & Development team and core expertise in vision neuromodulation and a solid patent portfolio. We are continuing our transition from a research organization to a commercially oriented company with the recent initiation of our PRIMAvera pivotal trial of the Prima System. Our ambition is to be the first company in the world to bring a retinal implant solution to the millions of people worldwide suffering with Dry-AMD and expand this to other retinal diseases. This is supported by the newly reported data showing patients could simultaneously use prosthetic central vision generated with the Prima System and their remaining peripheral vision. We are well positioned to continue the development of this exciting bionic vision system and bring it to market to improve patients’ quality of life.”
The private placement recently announced and closed by Second Sight was explicitly prohibited under the terms of the MOU entered by the companies on January 5. It was also detrimental to Pixium Vision’s interests—the company has offered Second Sight to renegotiate the MOU to allow pursuit of the business combination while preserving the contractual balance and Pixium Vision’s interests. Pixium said it regrets Second Sight never responded to the proposals it made in good faith, nor demonstrated any willingness to reach such agreement.
Following this delaying attitude and refusal to enter into discussions, Second Sight notified Pixium Vision on Friday its decision to unilaterally terminate the MOU, despite that the MOU doesn’t allow Second Sight this right.
Consequently, Pixium Vision will consider all measures available (including any legal proceedings, in particular with the relevant stock exchange authorities) to preserve its rights and obtain compensation for its entire damages.
Such termination doesn’t compromise the company’s objectives in the context of the new compelling results with Prima System announced by Pixium Vision on March 30, an important step forward validating the Prima System as a treatment for dry age-related macular degeneration.
Lloyd Diamond, CEO of Pixium Vision commented to the press: “While we are naturally disappointed in the position being taken by Second Sight and that this business combination has not proceeded, Pixium Vision is in a strong position both financially and clinically, with a world-class Research & Development team and core expertise in vision neuromodulation and a solid patent portfolio. We are continuing our transition from a research organization to a commercially oriented company with the recent initiation of our PRIMAvera pivotal trial of the Prima System. Our ambition is to be the first company in the world to bring a retinal implant solution to the millions of people worldwide suffering with Dry-AMD and expand this to other retinal diseases. This is supported by the newly reported data showing patients could simultaneously use prosthetic central vision generated with the Prima System and their remaining peripheral vision. We are well positioned to continue the development of this exciting bionic vision system and bring it to market to improve patients’ quality of life.”
