LOS ANGELES — Second Sight Medical Products Inc., a maker of implantable visual prosthetics intended to create an artificial form of useful vision for blind individuals, said it is laying off 84 of its 108 employees and planning to wind down operations.
The company (NASDAQ: EYES) said the moves are in response to the impact of the COVID-19 pandemic on its ability to secure financing.
The job cuts were effective March 31.
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Second Sight said in a press release:
Against a background of unprecedented economic shock caused by the COVID-19 pandemic and inability to secure additional financing, the Company’s Board of Directors has evaluated strategic alternatives and decided to pursue an orderly wind down of the Company’s operations. The Company intends to retain an adviser experienced in winding down operations to guide the board on next steps. Any wind down activity, if implemented, will be subject to uncertainties. Additional layoffs are expected to be made at a later date based on the Company’s level of operations.
The Company further announced that the Board of Directors appointed Matthew Pfeffer, a member of the Board and Chairman of the Audit Committee of the Board, as acting Chief Executive Officer to guide the Company through the transitional wind down period, instead of Gregg Williams, Chairman of the Board, as was previously announced.