Visual prosthetic developer Second Sight Medical Products announced the closing of a secondary offering of common stock that raised $57.5 million in gross proceeds.

The offering of 11.5 million shares was listed at $5 per share, three days before closing. The offering included 1.5 million shares to be sold upon full exercise of the underwriter’s option to purchase additional shares.


ThinkEquity, a division of Fordham Financial Management Inc., was the sole book-running manager for the public offering.


The Sylmar-based company plans use the net proceeds for the development its Orion device and for general corporate purposes.


Orion is a visual prosthesis system intended to give artificial vision to blind individuals. The system converts images captured by a mini video camera mounted on a pair of glasses into a series of small electrical pulses, bypassing diseased or injured eyes.


Shares of Second Sight (EYES) closed Monday up 6 cents, or nearly 1.2 percent, to $5.22 on the Nasdaq on a day that market closed up nearly 1 percent.