Pixium Vision and Second Sight Medical Products, Inc. announced that they have entered into a definitive business combination agreement pursuant to which Pixium Vision will, following the contribution to Second Sight of all of its assets and liabilities in relation to its neuromodulation technology used in the treatment of blindness, become the controlling shareholder of the new combined company, owning 60% of the total equity before the capital raise. The combined company will focus on retinal stimulation through the Prima System. As part of the transaction, a new subsidiary will be created to focus on cortical stimulation through Orion.

The new combined company will own 40% of the new subsidiary and will also have a first option to exclusive global marketing rights for Orion. Pixium Vision CEO, Lloyd Diamond, will serve as executive Chairman of the combined company and subject to affirmative vote of the shareholders of Second Sight, its Board of Directors will consist of seven members: Three directors nominated by Pixium Vision, including Lloyd Diamond; Two directors nominated by Second Sight, who will be selected from the current directors of Second Sight; and Two independent directors to be appointed by Pixium Vision and Second Sight together. Lloyd Diamond will also remain General Director of Pixium Vision and Matt Pfeffer will be CEO of the new subsidiary focused on cortical vision and the Orion platform.