Second Sight Medical Products Inc. in Sylmar announced Monday that it had entered into a $10 million stock purchase agreement with entities owned by the company’s Chairman Gregg Williams.

The transaction involved around 6.7 million shares of common stock priced at $1.48 a share, according to a statement from the company. The funds will be used to further several initiatives currently underway, including the enrollment of patients in a feasibility study for Second Sight’s Orion visual prosthesis system and obtaining widespread regulatory approvals for the Argus II, a device designed to restore a functional form of vision in patients who have lost their sight from retinitis pigmentosa.

Shares of Second Sight (EYES) fell 12 cents, or about 7.3 percent, on Monday to close at $1.53 on the Nasdaq.