SYLMAR, Calif.—Second Sight Medical Products (NASDAQ:EYES) 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 percent of 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 said it plans to use the proceeds from the rights offering to continue funding the ongoing post-market clinical study of its Argus II Retinal Prosthesis Systems 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.