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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on May 18, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Sight Medical Products, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 45%; padding-right: 1pt; padding-left: 1pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">California</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 1pt; padding-left: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 45%; padding-right: 1pt; padding-left: 1pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>02-0692322</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)&nbsp;</P></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12744 San Fernando Road, Building 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sylmar, California 91342</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(818) 833-5000</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices,
including Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Sight Medical Products 2011 Equity
Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2015 Employee
Stock Purchase Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2014 Executive Officer Option
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Full title of the plans)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Robert J. Greenberg M.D., Ph.D.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Sight Medical Products, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12744 San Fernando Road, Building 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sylmar, California 91342</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name and address of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(818) 833-5000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Telephone number, including area code,
of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">non-accelerated filer, or a smaller reporting
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">filer&rdquo; and &ldquo;smaller
reporting company&rdquo; in Rule 12b-2 of the Exchange Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
    </FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font: 10pt Wingdings">x</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;(do
    not check if a </FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">small reporting company)</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Title of securities to be registered</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Amount<BR> to be<BR> registered (1)</TD><TD NOWRAP STYLE="padding-bottom: 1pt"><SUB>&nbsp;</SUB></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Proposed<BR> maximum<BR> offering price<BR> per
    share</TD><TD NOWRAP STYLE="padding-bottom: 1pt"><SUP>&nbsp;</SUP></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Proposed<BR> maximum<BR> aggregate<BR> offering
    price</TD><TD NOWRAP STYLE="padding-bottom: 1pt"><SUP>&nbsp;</SUP></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Amount of<BR> registration fee</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Common stock, no par value per share:</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><SUB>&nbsp;</SUB></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><SUP>&nbsp;</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><SUP>&nbsp;</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; padding-bottom: 1pt; padding-left: 1pt">&mdash;Options outstanding under the 2011
    Equity Incentive Plan, as amended</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,022,377</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><SUB>(2)</SUB></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">6.44</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><SUP>(6)</SUP></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">19,464,108</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><SUP>(6)</SUP></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,262</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">&mdash;To be issued under the 2011
    Equity Incentive Plan, as amended</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,268,562</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUB>(3)</SUB></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11.70</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>(7)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,542,175</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>(7)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,084</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1pt">&mdash;Shares issued under the 2011 Equity Incentive
    Plan registered for re-sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">121,088</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUB>&nbsp;</SUB></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11.70</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>(7)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,416,730</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>(7)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1pt">&mdash;Shares available for issuance under the 2015 Employee
    Stock Purchase Plan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">250,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUB>(4)</SUB></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11.70</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>(7)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,925,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>(7)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">340</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 0">&mdash;Shares to be issued
    for options granted, under 2014 Executive Officer Option Agreement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">125,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUB>(5)</SUB></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.25</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">531,250</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,787,027</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUB>&nbsp;</SUB></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,879,263</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,913</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">(1)&nbsp;&nbsp;&nbsp;
Pursuant to Rule 416(a) of the Securities Act of 1933, as amended, this Registration Statement shall also cover
any additional shares of Second Sight Medical Products, Inc. (the &ldquo;Company&rdquo;) common stock that become issuable
under the Company&rsquo;s 2011 Equity Incentive Plan, as amended (&ldquo;2011 Plan&rdquo;) the 2014 Executive Officer
Option Agreement (&ldquo;January 2014 Plan&rdquo;), and the 2015 Employee Stock Purchase Plan (&quot;ESPP&quot;) by reason of
any stock dividend, stock split, recapitalization or other similar transactions effected without the Company&rsquo;s receipt
of consideration that increases the number of the Company&rsquo;s outstanding shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;Represents
shares subject to outstanding granted option awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">(3)&nbsp;&nbsp;&nbsp; Represents
shares reserved for issuance pursuant to future awards under the 2011 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;Represents
250,000 shares of common stock reserved for issuance pursuant to future awards under the  ESPP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;Represents
125,000 shares reserved for issuance to Robert J. Greenberg under the January 2014 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under
the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), and based upon the weighted average exercise price per share
for outstanding stock option awards under the 2011 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">(7) &nbsp;&nbsp;Estimated in
accordance with paragraphs (c) and (h) of Rule 457 under the 1933 Act solely for the purpose of calculating the registration fee
on the basis of $11.70, which represents the average of the high and low price per share of the Company&rsquo;s common stock on
May 13, 2015 as reported on the NASDAQ Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U><A NAME="a_002"></A>Item 1. Plan Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will send or make available the documents containing
the information specified in Part I of this Form S-8 to individuals who participate in our 2011 Equity Incentive Plan, the
January 2014 Plan and our 2015 Employee Stock Purchase Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This registration statement relates to a maximum of
5,787,027 shares of common stock of our company issuable upon the exercise of options to acquire up to (i) 5,290,939 shares
of common stock, that may granted under our 2011 Equity Incentive Plan, (ii) 121,088 shares issued under the 2011 Plan, (iii)
125,000 shares issuable upon exercise of options granted under the January 2014 Plan and up to (iv) 250,000 shares of
common stock, subject to periodic increase, that may be acquired pursuant to our 2015 Employee Stock Purchase Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U><A NAME="a_003"></A>Item 2. Company Information and Employee Plan Annual
Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide, without charge, to each person to whom a copy
of the Section 10(a) prospectus is delivered, upon oral or written request, a copy of any or all documents incorporated by reference
in Item 3 of Part II of this registration statement (which documents are incorporated by reference in the Section 10(a) prospectus).
Requests should be directed to the Corporate Secretary, Second Sight Medical Products, Inc., 12744 San Fernando Road, Building
3, Sylmar, California 91342, or at (818) 833-5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REOFFER PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Sight Medical Products, Inc.</B><BR>
12744 San Fernando Road, Building 3<BR>
Sylmar, California 91342<BR>
(818) 833-5000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5,787,027 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Up to an aggregate of 5,787,027 shares of common stock, no
par value per share (the &quot;Common Stock&quot;), of Second Sight Medical Products, Inc., a California corporation (the &quot;Company&quot;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or &quot;Second Sight Medical Products&quot;), may be offered and sold from time to
time by the selling stockholders of the Company identified in this reoffer prospectus. See &quot;Selling Stockholders&quot; beginning
on page 23. The Company's common stock is traded on the Nasdaq Capital Market under the symbol &ldquo;EYES.&quot; We will receive
no part of the proceeds from sales made under this reoffer prospectus. The Selling Stockholders will bear all sales commissions
and similar expenses. Any other expenses incurred by us in connection with this registration statement and offering and not borne
by the Selling Stockholders will be borne by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shares of Common Stock are &quot;restricted securities&quot;
under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;), before their sale under this reoffer prospectus.
This reoffer prospectus has been prepared for the purpose of registering the Common Stock under the Securities Act to allow future
sales by the Selling Stockholders. To the knowledge of the Company, no Selling Stockholders have any arrangement with any brokerage
firm for the sale of the Common Stock. The Selling Stockholders and participating brokers and dealers may be deemed to be &quot;underwriters&quot;
within the meaning of the Securities Act, in which event any profit on the sale of the Common Stock by the Selling Stockholders
and any commissions or discounts received by brokers or dealers in connection with the sale of the Common Stock may be deemed
to be underwriting compensation under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>YOU SHOULD CONSIDER CAREFULLY THE RISK FACTORS BEGINNING
ON PAGE 6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BEFORE PURCHASING ANY OF THE COMMON STOCK OFFERED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE
SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS REOFFER PROSPECTUS IS TRUTHFUL OR
COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should only rely on the information incorporated by reference
or provided in this reoffer prospectus or any supplement. We have not authorized anyone else to provide you with different information.
This reoffer prospectus may only be used where it is legal to sell these securities. You should not assume that the information
in this reoffer prospectus or any supplement is accurate as of any date other than the date on the front of those documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The date of this reoffer prospectus is May 15, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART&nbsp;I</B></FONT></TD>
    <TD STYLE="width: 80%; text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U><A HREF="#a_001">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></U></FONT></TD>
    <TD STYLE="width: 10%; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 1.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_002">Plan Information</A></FONT></TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 2.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_003">Registrant Information and Employee Plan Annual Information</A></FONT></TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART&nbsp;II</B></FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U><A HREF="#a_004">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></U></FONT></TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 3.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_005">Incorporation of Documents by Reference</A></FONT></TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 4.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_006">Description of Securities</A></FONT></TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 5.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_007">Interests of Named Experts and Counsel</A></FONT></TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 6.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_008">Indemnification of Directors and Officers</A></FONT></TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 7.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_009">Exemption from Registration Claimed</A></FONT></TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 8.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_010">Exhibits</A></FONT></TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 9.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_011">Undertakings</A></FONT></TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A HREF="#a_012">SIGNATURES</A></B></FONT></TD>
    <TD STYLE="text-align: right">32</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our disclosure in this reoffer prospectus contains &quot;forward-looking
statements.&quot; Forward-looking statements are our current expectations or forecasts of future events. You can identify these
statements by the fact that they do not relate strictly to historic or current facts. They use words such as &quot;anticipate,&quot;
&quot;estimate,&quot; &quot;expect,&quot; &quot;project,&quot; &quot;intend,&quot; &quot;plan,&quot; &quot;believe,&quot; &quot;could,&quot;
&quot;should&quot; and other words and terms of similar meaning. These statements may be found under the sections entitled &ldquo;Risk
Factors&rdquo; as well as in this prospectus generally. These include statements, among others, relating to our planned future
actions, our research and development plans, our prospective products or product approvals, future performance or results of anticipated
products, applications, customers, technologies our beliefs with respect to the sufficiency of our cash and cash equivalents,
plans with respect to funding operations, projected expense levels and the outcome of contingencies, such as future financial
results. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ
materially from our historical experience and our present expectations or projections.&nbsp;&nbsp;Factors that could cause actual
results to differ from those discussed in the forward-looking statements include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         limited cash and a history of losses,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         future financial and operating results and our ability to achieve profitability,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         limited experience in marketing our product at a sustainable commercial level and need
                                         to expand our domestic and international marketing programs,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">emerging
                                         competition and rapidly advancing technology or alternative therapies and treatments
                                         for persons suffering from blindness,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">customer
                                         demand for the products we develop, effective pricing and obtaining reimbursement under
                                         government and private insurance programs,</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to secure additional FDA and CE Mark or other government approvals and certifications
                                         for treating AMD or other indications,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         need to conduct and pay for additional clinical trials to determine efficacy of the Argus
                                         II System in treating patients with AMD and for new products that we are planning on
                                         developing especially the Orion I product,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to obtain adequate government and private party insurance reimbursements for
                                         our products domestically and in foreign markets,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         impact of competitive or alternative products, technologies and pricing,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">general
                                         economic conditions and events and the impact they may have on us and our potential customers,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         adequacy of protections afforded to us by the patents that we own and license and the
                                         cost to us of maintaining, </FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif">enforcing and defending those
                                         patents and licenses,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to obtain, expand and maintain patent protection in the future, and to protect
                                         our non-patented intellectual property,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         exposure to and ability to defend third-party claims and challenges to our patents, licenses
                                         and other intellectual property rights,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to obtain adequate financing in the future,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to continue as a going concern,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         intentions, expectations and beliefs regarding anticipated growth, market penetration
                                         and trends in our business,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         timing and success of our plan of commercialization,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         effects of market conditions on our stock price and operating results,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to timely and effectively adapt our existing technology and have our technology
                                         solutions gain market acceptance,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to comply with evolving legal standards and regulations, particularly concerning
                                         requirements for being a public company and United States export regulations,</FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left; width: 0.25in; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our exposure to foreign currency fluctuations with regard to our European and other
                                                                                                                                      international operations</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         attraction and retention of qualified employees and key personnel, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">other
                                         factors discussed in the &ldquo;Risk Factors&rdquo; section of this prospectus.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Forward-looking statements are based
upon management&rsquo;s beliefs and assumptions and are made as of the date of this prospectus. Any or all of our
forward-looking statements in this report may turn out to be wrong. They can be affected by inaccurate assumptions we might
make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. Actual
future results may vary materially as a result of these and other various factors, including, without limitation, the risks
outlined under the section entitled &ldquo;Risk Factors&rdquo; and matters described in this prospectus
generally.&nbsp;&nbsp;In light of these risks and uncertainties, we cannot assure you that the forward-looking statements
contained in this prospectus will in fact occur.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should not rely upon forward-looking statements as predictions
of future events. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot
guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking
statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness
of the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We undertake no obligation to update publicly any forward-looking
statements for any reason after the date of this prospectus to conform these statements to actual results or to changes in our
expectations, except as required by federal securities laws.. You are advised to consult any further disclosures we make in our
reports to the Securities and Exchange Commission including our reports on forms 10-Q, 8-K and 10-K. Our filings list various
important factors that could cause actual results to differ materially from expected results. We note these factors for investors
as permitted by the Private Securities Litigation Reform Act of 1995. You should understand that it is not possible to predict
or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks
or uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a medical device company that develops, manufactures
and markets implantable visual prosthetics to restore some functional vision to blind patients. Our current product, the Argus&reg;
II System, treats outer retinal degenerations, such as retinitis pigmentosa, which we refer to as RP in this prospectus. RP is
a hereditary disease, affecting an estimated 1.5 million people worldwide including about 100,000 people in the United States,
that causes a progressive degeneration of the light-sensitive cells of the retina, leading to significant visual impairment and
ultimately blindness. The Argus II System is the only retinal prosthesis approved in the United States by the Food and Drug Administration,
or FDA, and the first approved retinal prosthesis in the world. By restoring some functional vision in patients who otherwise
have total sight loss, the Argus II System can provide benefits which include,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;improving
patients&rsquo; orientation and mobility, such as locating doors and windows, avoiding obstacles, and seeing the lines of a crosswalk,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;allowing
patients to feel more connected with people in their surroundings, such as seeing when someone is approaching or moving away,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;providing
patients with enjoyment from being &ldquo;visual&rdquo; again, such as locating the moon, tracking groups of players as they move
around a field, and watching the moving streams of lights from fireworks, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;improving
patients&rsquo; well-being and ability to perform activities of daily living.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Argus II System provides an artificial form of vision
that differs from the vision that normally sighted people have. It does not restore normal vision and it does not slow or reverse
the progression of the disease. Results vary among patients. While the majority of patients receive a benefit from the Argus II,
some patients report receiving little or no benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As with substantially all implantable medical devices, there
are risks for Argus II patients associated with the surgery necessary to implant the device and with the long-term implantation
and use of the device. Most side effects, such as eye pain, inflammation and eye redness, are minor in that they resolve on their
own or with medication. Since patients with Argus II implants have relatively little to no residual vision, the risk of adverse
events in terms of loss of remaining vision is minimal. However, some events, such as low eye pressure or thinning of the tissue
over the implant, can require surgery to treat. Adverse events are typically treatable with standard ophthalmic practices and
have not prevented continued use of the system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Argus II System employs electrical stimulation to bypass
defunct photoreceptor cells and to stimulate remaining viable retinal cells, inducing light and visual perception in blind individuals.
The Argus II System works by converting video images captured by a miniature camera housed in a patient&rsquo;s glasses into a
series of small electrical pulses that are transmitted wirelessly to an array of electrodes that are implanted on the surface
of the retina. These pulses are intended to stimulate the retina&rsquo;s remaining cells, resulting in a corresponding perception
of patterns of light in the brain. Following the implant surgery patients learn to interpret these visual patterns thereby regaining
some functional vision, allowing them to detect shapes of people and objects in their surroundings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>We are subject to various risks that may materially harm
our business, prospects, financial condition and results of operations. An investment in our common stock is speculative and involves
a high degree of risk. In evaluating an investment in shares of our common stock, you should carefully consider the risks described
below and the other risk factors set forth in our periodic and other filings with the SEC, including those set forth in our Annual
Report on Form 10-K for the year ended December 31, 2014, together with the other information included in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>If any of the events described in the following risk factors
actually occurs, or if additional risks and uncertainties that are not presently known to us or that we currently deem immaterial
later materialize, then our business, prospects, results of operations and financial condition could be materially and adversely
affected. In that event, the trading price of our common stock could decline, and you may lose all or part of your investment
in our shares. The risks discussed below include forward-looking statements, and our actual results may differ substantially from
those discussed in these forward-looking statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Related to Our Dependence on the ARGUS II System</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We depend on the success of our first commercial product,
the Argus II System, which received European market clearance (CE Mark) in February 2011 and FDA approval in February 2013, in
the United States for RP; and on the regulatory approval of our current product and a new device under development, the Orion
I visual prosthesis (a modified version of the Argus II System), to treat other diseases causing blindness, in the US and other
countries, which may never occur.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our future success depends upon building a commercial operation
in the US and expanding growth in Europe as well as entering additional markets to commercialize our Argus II System for both
RP and AMD. We believe our expanded growth will depend on the further development, regulatory approval and commercialization of
the Orion I product, which we anticipate can be used by nearly all profoundly blind individuals. If we fail to expand the use
of the Argus II System in a timely manner for other forms of retinal degeneration in addition to RP, or to develop the Orion I
product and penetrate the available markets which those applications are intended to serve, we may not be able to expand our markets
or to grow our revenue, our stock values could decline and investors may lose money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our revenue from sales of Argus II System is dependent
upon the pricing and reimbursement guidelines adopted in each country and if pricing and reimbursement levels are inadequate to
achieve profitability our operations will suffer.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our financial success is dependent on our ability to price
our products in a manner acceptable to government and private payers while still maintaining our profit margins. Numerous factors
that may be beyond our control may ultimately impact our pricing of Argus II System and determine whether we are able to obtain
reimbursement or reimbursement at adequate levels from governmental programs and private insurance. If we are unable to obtain
reimbursement or our product is not adequately reimbursed, we will experience reduced sales, our revenues likely will be adversely
affected, and we may not become profitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Obtaining reimbursement approvals is time consuming, requires
substantial management attention, and is expensive. Our business will be materially adversely affected if we do not receive approval
for reimbursement of the Argus II System under government programs and from private insurers on a timely or satisfactory basis.
Limitations on coverage could also be imposed at the local Medicare Administrative Contractor level or by fiscal intermediaries
in the US and by regional, or national funding agencies in Europe. Our business could be materially adversely affected if the
Medicare program, local Medicare Administrative Contractors or fiscal intermediaries were to make such a determination and deny,
restrict or limit the reimbursement of Argus II System. Similarly in Europe these governmental and other agencies could deny,
restrict or limit the reimbursement of Argus II System at the hospital, regional or national level. Our business also could be
adversely affected if retinal specialists and the facilities within which they operate are not adequately reimbursed by Medicare
and other funding agencies for the cost of the procedure in which they implant the Argus II System on a basis satisfactory to
the administering retinal specialists and their facilities. If the local contractors that administer the Medicare program and
other funding agencies are slow to reimburse retinal specialists or provider facilities for the Argus II System, the retinal specialists
may delay their payments to us, which would adversely affect our working capital requirements. Also if the funding agencies delay
reimbursement payments to the hospitals, any increase to their working capital requirements could reduce their willingness to
treat blind patients who wish to have our devices implanted. If reimbursement for our products is unavailable, limited in scope
or amount, or if pricing is set at unsatisfactory levels, our business will be materially harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our commercial and financial success depends on the Argus
II System being accepted in the market, and if not achieved will result in our not being able to generate revenues to support
our operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if we are able to obtain favorable reimbursement within
the markets that we serve, commercial success of our products will depend, among other things, on their acceptance by retinal
specialists, ophthalmologists, general practitioners, low vision therapists and mobility experts, hospital purchasing and controlling
departments, patients, and other members of the medical community. The degree of market acceptance of any of our product candidates
will depend on factors that include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">cost
                                         of treatment,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">pricing
                                         and availability of future alternative products,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         extent of available third-party coverage or reimbursement,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">perceived
                                         efficacy of Argus II System relative to other future products and medical solutions,
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">prevalence
                                         and severity of adverse side effects associated with treatment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The activities of competitive medical device companies,
or others, may limit Argus II System&rsquo;s revenue.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our commercial opportunities for Argus II System may be reduced
if our competitors develop or market products that are more effective, are better tolerated, receive better reimbursement terms,
are more accepted by physicians, have better distribution channels, or are less costly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, to our knowledge, no other medical
devices comparable to the Argus II System have been approved by regulatory agencies, both in the US and Europe, to restore
some functional vision in persons who have become blind due to RP. Other visual prosthesis companies such as Retina Implant
AG and Pixium Vision, both based in Europe, are developing retinal implant technologies to partially restore some vision in
blind patients. Retina Implant has obtained a CE mark for its Alpha IMS product but has not yet placed  its product into
general commercial sales to our knowledge, and to our knowledge neither Retina Implant nor Pixium has filed for
market approval with the FDA, nor to our knowledge has either company obtained an Investigational Device Exemption to begin
the required clinical trials in the US. These competitive therapies if or when developed or brought to market may result in
pricing and market access pressure even if Argus II System is otherwise viewed as a preferable therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many privately and publicly funded universities and other organizations
are engaged in research and development of potentially competitive products and therapies, such as stem cell and gene therapies,
some of which may target RP and other indications as our product candidates. These organizations include pharmaceutical companies,
biotechnology companies, public and private universities, hospital centers, government agencies and research organizations. Our
competitors include large and small medical device and biotechnology companies that may have significant access to capital resources,
competitive product pipelines, substantial research and development staffs and facilities, and substantial experience in medical
device development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may face substantial competition in the future and
may not be able to keep pace with the rapid technological changes which may result from others discovering, developing or commercializing
products before or more successfully than we do. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general the development and commercialization of new medical
devices is highly competitive and is characterized by extensive research and development and rapid technological change. Our customers
consider many factors including product reliability, clinical outcomes, product availability, inventory consignment, and price
and product services provided by the manufacturer. Market share can shift as a result of technological innovation and other business
factors. We believe these risk factors are partially mitigated by the Argus II System being the sole product that is currently
available for commercial implantation in the US and Europe. Major shifts in industry market share have occurred in connection
with product problems, physician advisories and safety alerts, reflecting the importance of product quality in the medical device
industry, and any quality problems with our processes, goods and services could harm our reputation for producing high-quality
products and would erode our competitive advantage, sales and market share. Our competitors may develop products or other novel
technologies that are more effective, safer or less costly than any that we are developing and if those products gain market acceptance
our revenue and financial results could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we fail to develop new products or enhance existing products,
our leadership in the markets we serve could erode, and our business, financial condition and results of operations may be adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Related to Our Business and Industry</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have incurred operating losses since inception and
expect to continue to incur losses for the foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have had a history of operating losses and we expect that
operating losses will continue into the near term. Although we have had sales of the Argus II product, these limited sales have
not been sufficient to cover our operating expenses. Our ability to generate positive cash flow will also hinge on our ability
to correctly price our product to our markets, expand the use of the Argus II System, develop the Orion I visual prosthesis and
obtain government and private insurance reimbursement. As of March 31, 2015 we have total stockholders&rsquo; equity of $30,459,135
and an accumulated deficit of $(157,620,305). We cannot assure you that we will be profitable even if we successfully commercialize
our products. Failure to become and remain profitable may adversely affect the market price of our common stock and our ability
to raise capital and continue operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be unable to continue as a going concern if we
do not successfully raise additional capital or if we fail to generate sufficient revenue from operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Primarily as a result of our limited revenue, history of losses
to date and our lack of liquidity, there is uncertainty as to our ability to continue as a going concern. If we are unable to
raise additional capital or if we are unable to generate sufficient revenue from our operations, we may not stay in business.
We have no committed sources of capital and there is no assurance that additional financing will be available when needed on terms
that are acceptable, if at all. These circumstances may discourage some investors from purchasing our stock, lending us money,
or from providing alternative forms of financing. The failure to satisfy our capital requirements would adversely affect our business,
financial condition, results of operations and prospects. Unless we raise additional funds, either through the sale of equity
securities or one or more collaborative arrangements, we will not have sufficient funds to continue operations. Even if we take
these actions, they may be insufficient, particularly if our costs are higher than projected or unforeseen expenses arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business is subject to international economic, political
and other risks that could negatively affect our results of operations or financial position.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We derive a significant portion of our revenues from Europe,
and we anticipate that revenue from Europe and other countries outside the US will increase. Accordingly, our operations are subject
to risks associated with doing business internationally, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">currency
                                         exchange variations,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">extended
                                         collection timelines for accounts receivable,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">greater
                                         working capital requirements,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">multiple
                                         legal systems and unexpected changes in legal and regulatory requirements,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         need to ensure compliance with the numerous regulatory and legal requirements applicable
                                         to our business in each of these jurisdictions and to maintain an effective compliance
                                         program to ensure compliance with these requirements,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">political
                                         changes in the foreign governments impacting health policy and trade,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">tariffs,
                                         export restrictions, trade barriers and other regulatory or contractual limitations that
                                         could impact our ability to sell or develop our products in certain foreign markets,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">trade
                                         laws and business practices favoring local competition, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">adverse
                                         economic conditions, including the stability and solvency of business financial markets,
                                         financial institutions and sovereign nations and the healthcare expenditure of domestic
                                         or foreign nations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The realization of any of these or other risks associated with
operating in Europe or other non-U.S. countries could have a material adverse effect on our business, results of operations or
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to stringent domestic and foreign medical
device regulation and any unfavorable regulatory action may materially and adversely affect our financial condition and business
operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our products, development activities and manufacturing processes
are subject to extensive and rigorous regulation by numerous government agencies, including the FDA and comparable foreign agencies.
To varying degrees, each of these agencies monitors and enforces our compliance with laws and regulations governing the development,
testing, manufacturing, labeling, marketing, distribution, and the safety and effectiveness of our medical devices. The process
of obtaining marketing approval or clearance from the FDA and comparable foreign bodies for new products, or for enhancements,
expansion of the indications or modifications to existing products, could:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">take
                                         a significant, indeterminate amount of time,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">require
                                         the expenditure of substantial resources,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">involve
                                         rigorous pre-clinical and clinical testing, and possibly post-market surveillance,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">involve
                                         modifications, repairs or replacements of our products,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">require
                                         design changes of our products,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">result
                                         in limitations on the indicated uses of our products, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">result
                                         in our never being granted the regulatory approval we seek.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these occurrences that we might experience will cause
our operations to suffer, harm our competitive standing and result in further losses that adversely affect our financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have ongoing responsibilities under FDA and international
regulations, both before and after a product is commercially released. For example, we are required to comply with the FDA&rsquo;s
Quality System Regulation (QSR), which mandates that manufacturers of medical devices adhere to certain quality assurance requirements
pertaining among other things to validation of manufacturing processes, controls for purchasing product components, and documentation
practices. As another example, the Medical Device Reporting regulation requires us to provide information to the FDA whenever
there is evidence that reasonably suggests that a device may have caused or contributed to a death or serious injury or, that
a malfunction occurred which would be likely to cause or contribute to a death or serious injury upon recurrence. Compliance with
applicable regulatory requirements is subject to continual review and is monitored rigorously through periodic inspections by
the FDA. If the FDA were to conclude that we are not in compliance with applicable laws or regulations, or that any of our medical
devices are ineffective or pose an unreasonable health risk, the FDA could ban such medical devices, detain or seize such medical
devices, order a recall, repair, replacement, or refund of such devices, or require us to notify health professionals and others
that the devices present unreasonable risks of substantial harm to the public health. The FDA has been increasing its scrutiny
of the medical device industry and the government is expected to continue to scrutinize the industry closely with inspections
and possibly enforcement actions by the FDA or other agencies. Additionally, the FDA may restrict manufacturing and impose other
operating restrictions, enjoin and restrain certain violations of applicable law pertaining to medical devices and assess civil
or criminal penalties against our officers, employees, or us. Any adverse regulatory action, depending on its magnitude, may restrict
us from effectively manufacturing, marketing and selling our products. In addition, negative publicity and product liability claims
resulting from any adverse regulatory action could have a material adverse effect on our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of preclinical and clinical tests that will be required
for regulatory approval varies depending on the disease or condition to be treated, the jurisdiction in which we are seeking approval
and the regulations applicable to that particular medical device. Regulatory agencies, including those in the US, Canada, Europe
and other countries where medical devices are regulated, can delay, limit or deny approval of a product for many reasons. For
example,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                         medical device may not be safe or effective,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         agencies may interpret data from preclinical and clinical testing differently than we
                                         do,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         agencies may not approve our manufacturing processes,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         agencies may conclude that our device does not meet quality standards for durability,
                                         long-term reliability, biocompatibility, electromagnetic compatibility, electrical safety,
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         agencies may change their approval policies or adopt new regulations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The FDA may make requests or suggestions regarding conduct
of our clinical trials, resulting in an increased risk of difficulties or delays in obtaining regulatory approval in the US. Any
of these occurrences could prove materially harmful to our operations and business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are also subject to stringent government regulation
in European and other foreign countries, which could delay or prevent our ability to sell our products in those jurisdictions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to pursue market authorizations for the Argus II
System and other product candidates in additional jurisdictions. For us to market our products in Europe and some other international
jurisdictions, we and our distributors and agents must obtain required regulatory registrations or approvals. The approval procedure
varies among countries and jurisdictions and can involve additional testing and the time and costs required to obtain approval
may differ from that required to obtain an approval by the FDA. Approval by the FDA does not ensure approval by regulatory authorities
in other countries or jurisdictions, and approval by one foreign regulatory authority does not ensure approval by regulatory authorities
in other foreign countries or jurisdictions or by the FDA. Violations of foreign laws governing use of medical devices may lead
to actions against us by the FDA as well as by foreign authorities. We must also comply with extensive regulations regarding safety,
efficacy and quality in those jurisdictions. We may not be able to obtain all the required regulatory registrations or approvals,
or we may be required to incur significant costs in obtaining or maintaining any regulatory registrations or approvals we receive.
Delays in obtaining any registrations or approvals required for marketing our products, failure to receive these registrations
or approvals, or future loss of previously obtained registrations or approvals would limit our ability to sell our products internationally.
For example, international regulatory bodies have adopted various regulations governing product standards, packaging requirements,
labeling requirements, import restrictions, tariff regulations, duties and tax requirements. These regulations vary from country
to country. In order to sell our products in Europe, we must maintain our ISO 13485:2003 certification and CE mark certification,
which is an international symbol of quality and compliance with applicable European medical device directives. Failure to maintain
the ISO 13485:2003 certification or CE mark certification or other international regulatory approvals would prevent us from selling
in some countries in Europe and elsewhere. The failure to obtain these approvals could harm our business materially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if we obtain clearance or approval to sell our products,
we are subject to ongoing requirements and inspections that could lead to the restriction, suspension or revocation of our clearance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We, as well as any potential collaborative partners such as
distributors, will be required to adhere to applicable FDA regulations regarding good manufacturing practice, which include testing,
control, and documentation requirements. We are subject to similar regulations in foreign countries. Even if regulatory approval
of a product is granted, the approval may be subject to limitations on the indicated uses for which the product may be marketed
or to the conditions of approval, or contain requirements for costly post-marketing testing and surveillance to monitor the safety
or efficacy of the product. Ongoing compliance with good manufacturing practice and other applicable regulatory requirements is
strictly enforced in the United States through periodic inspections by state and federal agencies, including the FDA, and in international
jurisdictions by comparable agencies. Failure to comply with these regulatory requirements could result in, among other things,
warning letters, fines, injunctions, civil penalties, recall or seizure of products, total or partial suspension of production,
failure to obtain premarket clearance or premarket approval for devices, withdrawal of approvals previously obtained, and criminal
prosecution. The restriction, suspension or revocation of regulatory approvals or any other failure to comply with regulatory
requirements would limit our ability to operate and could increase our costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The CE marking regulations are subject to a significant
effort to strengthen the regulatory regime for medical devices which, if adopted, will make clearance process more time consuming
and costly for us to obtain access to and continue to market within the European markets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are subject to an annual audit of compliance with the rules
necessary to support our CE Mark. In 2012 the European Commission proposed a new regulatory scheme which is likely to come into
effect in 2015 or 2016. It is anticipated that that the proposals which are currently being discussed by the Council of the European
Union, will impose significant additional obligations on medical device companies. The Council of the European Union expects that
these proposals will be adopted by the end of 2014 or early 2015, and if so the new regulations on medical devices would likely
become effective by 2016. Devices with a current CE marking may have to comply with additional, more challenging regulatory obligations,
the details of which are not yet clarified. We expect that changes being made to regulations will include stricter requirements
for clinical evidence and pre-market assessment of safety and performance, new classifications to indicate risk levels, requirements
for third party testing by government accredited groups for some types of medical devices, and tightened and streamlined quality
management system assessment procedures. Additionally we anticipate that the new regulations will require clinical evidence as
well as analytical performance levels, the details of which are yet to be provided. If the additional provisions proposed by the
European Parliament are adopted, this could lead to the involvement of the European Medicines Agency (EMA) in regulation of some
types of medical devices, in the qualification and monitoring of notified bodies (NBs), and enhancing the roles of other bodies,
including a new Medical Devices Coordination Group (MDCG). The European Parliament&rsquo;s proposed revisions would impose enhanced
competence requirements for NBs and &ldquo;special notified bodies&rdquo; (SNBs) for specific categories of devices, such as implantable
devices. This could result in stricter conformity assessment procedures. Although the extent of the new regulations is currently
uncertain the medical device industry anticipates that there will be significant changes under these initiatives to the regulation
of medical devices which will increase the time and costs for obtaining CE marking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have no large scale manufacturing experience, which
could limit our growth.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our limited manufacturing experience may not enable us to make
products in the volumes that would be necessary for us to achieve a significant amount of commercial sales. Our product involves
new and technologically complex materials and processes and we currently experience low yields on our manufacturing process. As
we move from making small quantities of our product for clinical trials to larger quantities for commercial distribution, we must
develop new manufacturing techniques and processes that allow us to scale production. We may not be able to establish and maintain
reliable, efficient, full scale manufacturing at commercially reasonable costs in a timely fashion. Difficulties we encounter
in manufacturing scale-up, or our failure to implement and maintain our manufacturing facilities in accordance with good manufacturing
practice regulations, international quality standards or other regulatory requirements, could result in a delay or termination
of production. To date, our manufacturing activities have largely been to provide units for clinical testing and limited initial
sales of the Argus II System. We may face substantial difficulties in establishing and maintaining manufacturing for our products
at a larger commercial scale and those difficulties may impact the quality of our products and adversely affect our ability to
increase sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Materials necessary to manufacture Argus II may not be
available on commercially reasonable terms, or at all, which may delay development, manufacturing and commercialization of our
products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We rely on numerous suppliers to provide materials, components
and services necessary to produce the Argus II System and next generation product candidates. Certain suppliers are currently
sole source because of our low manufacturing volumes and our need for specialty technical or other engineering expertise. Our
suppliers may be unable or unwilling to deliver these materials and services to us timely as needed or on commercially reasonable
terms. Should this occur, we would seek to qualify alternative suppliers or develop in-house manufacturing capability, but may
be unable to do so. Substantial design or manufacturing process modifications and regulatory approval might be required to facilitate
or qualify an alternate supplier. Even where we could qualify alternative suppliers the substitution of suppliers may be at a
higher cost and cause time delays including delays associated with additional possible FDA review, that impede the commercial
production of the Argus II System, reduce gross profit margins and impact our abilities to deliver our products as may be timely
required to meet demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Any failure or delay in completing clinical trials or
studies for new product candidates or next generation of the Argus II System and the expense of those trials could adversely affect
our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preclinical studies and clinical trials required to demonstrate
the safety and efficacy of incremental changes and obtain indication expansion for the next generation of the Argus II System
and for new product candidates are time consuming and expensive. If we are required to conduct additional clinical trials or other
studies with respect to any of our product candidates beyond those that we have contemplated, or if we are unable to successfully
complete our clinical trials or other studies or if the results of these trials or studies are not positive or are only modestly
positive, we may be delayed in obtaining marketing approval for those product candidates, we may not be able to obtain marketing
approval or we may obtain approval for indications that are not as broad as intended. Our product development costs also will
increase if we experience delays in testing or approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The completion of clinical trials for our product candidates
could be delayed because of our inability to manufacture or obtain from third-parties materials sufficient for use in preclinical
studies and clinical trials; delays in patient enrollment and variability in the number and types of patients available for clinical
trials; difficulty in maintaining contact with patients after treatment, resulting in incomplete data; poor effectiveness of product
candidates during clinical trials; unforeseen safety issues or side effects; and governmental or regulatory delays and changes
in regulatory requirements and guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we incur significant delays in our clinical trials, our
competitors may be able to bring their products to market before we do which could result in harming our ability to commercialize
our products or potential products. If we experience any of these occurrences our business will be materially harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>To establish our sales and marketing infrastructure,
we will need to grow the size of our organization, and we may experience delays or other difficulties in managing this growth.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As our development and commercialization plans and strategies
evolve, we will need to expand the size of our employee base for managerial, operational, sales, marketing, financial and other
resources. Future growth would impose significant added responsibilities on members of management, including the need to identify,
recruit, maintain, motivate and integrate additional employees. Our management team may have to use a substantial amount of time
to managing these growth activities. Our future financial performance and our ability to commercialize the Argus II System and
our other product candidates and compete effectively will depend, in part, on our ability timely and effectively to manage any
future growth and related costs. We may not be able to effectively manage a rapid pace of growth and timely implement improvements
to our management infrastructure and control systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may acquire additional businesses or form strategic
alliances in the future, and we may not realize the benefits of such acquisitions or alliances.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may acquire additional businesses or products, form strategic
alliances or create joint ventures with third-parties that we believe will complement or augment our existing business. If we
acquire businesses with promising markets or technologies, we may not be able to realize the benefit of acquiring such businesses
if we are unable to successfully integrate them with our existing operations and company culture. We may have difficulty in developing,
manufacturing and marketing the products of a newly acquired company that enhances the performance of our combined businesses
or product lines to realize value from expected synergies. We cannot assure that, following an acquisition, we will achieve the
revenues or specific net income that justifies the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we lose key management personnel, or if we fail to
recruit additional highly skilled personnel, our ability to identify, develop and commercialize new or next generation product
candidates will be impaired, could result in loss of markets or market share and could make us less competitive.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are highly dependent upon Robert J. Greenberg M.D., Ph.D.,
our President and Chief Executive Officer, and are also dependent on other members of our senior management team including Thomas
B Miller our Chief Financial Officer. Our executives have significant ophthalmic, regulatory industry, sales and marketing, operational,
and/or corporate finance experience. The loss of any management executive or any other principal member of our management team
could impair our ability to identify, develop and market new products or effectively deal with regulatory and reimbursement matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to utilize and benefit from our net operating
loss carryforwards and certain other tax attributes may be limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2014, we had federal and state of California
income tax net operating loss carryforwards, which may be applied to future taxable income, of approximately $107,346,000 and
$101,807,000, respectively. To the extent that we continue to generate taxable losses, unused losses will carry forward to offset
future taxable income, if any, until these unused losses expire. However, we may be unable to use these losses to offset taxable
income before our unused losses expire at various dates that range from 2023 through 2034 for federal net operating losses and
from 2015 through 2034 for state net operating losses. Under Section 382 of the Internal Revenue Code of 1986, as amended, or
the Code, if a corporation undergoes an &ldquo;ownership change,&rdquo; generally defined as a greater than 50 percentage point
change (by value) in its equity ownership over a three-year period, the corporation&rsquo;s ability to use its pre-change net
operating loss, or NOL, carryforwards to offset its post-change taxable income may be limited. Limitations may also apply to the
utilization of other pre-change tax attributes as a result of an ownership change. We have experienced ownership changes in the
past. We may experience additional ownership changes in connection with our recent IPO and in the future as a result of shifts
in our stock ownership, including shifts in our stock ownership that are outside of our control. As a result, our ability to use
our pre-change NOL carryforwards to offset taxable income may be subject to limitations. In addition, there may be periods during
which the use of NOL carryforwards is suspended or otherwise limited under state tax law. For these reasons, we may not be able
to utilize and benefit from a material portion of our NOL carryforwards and other tax attributes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We could be adversely affected by violations of the U.S.
Foreign Corrupt Practices Act and similar worldwide anti-bribery laws.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The U.S. Foreign Corrupt Practices Act and similar worldwide
anti-bribery laws generally prohibit companies and their intermediaries from making improper payments to non-U.S. officials for
the purpose of obtaining or retaining business. We intend to adopt policies for compliance with these anti-bribery laws, which
often carry substantial penalties. We cannot assure you that our internal control policies and procedures always will protect
us from reckless or other inappropriate acts committed by our affiliates, employees or agents. Violations of these laws, or allegations
of such violations, could have a material adverse effect on our business, financial position and results of operations and could
cause the market value of our common stock to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Related to Intellectual Property and Other Legal
Matters</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we or our licensors are unable to protect our/their
intellectual property, then our financial condition, results of operations and the value of our technology and products could
be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patents and other proprietary rights are essential to our business
and our ability to compete effectively with other companies is dependent upon the proprietary nature of our technologies. We also
rely upon trade secrets, know-how, continuing technological innovations and licensing opportunities to develop, maintain and strengthen
our competitive position. We seek to protect these, in part, through confidentiality agreements with certain employees, consultants
and other parties. Our success will depend in part on the ability of our licensors to obtain, maintain (including making periodic
filings and payments) and enforce patent protection for their intellectual property, in particular, those patents to which we
have secured exclusive rights. Our licensors may not successfully prosecute or continue to prosecute the patent applications which
we have licensed. Even if patents are issued in respect of these patent applications, we or our licensors may fail to maintain
these patents, may determine not to pursue litigation against entities that are infringing upon these patents, or may pursue such
enforcement less aggressively than we ordinarily would. Without adequate protection for the intellectual property that we own
or license, other companies might be able to offer substantially identical products for sale, which could unfavorably affect our
competitive business position and harm our business prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if issued, patents may be challenged, invalidated, or
circumvented, which could limit our ability to stop competitors from marketing similar products or limit the length of term of
patent protection that we may have for our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Litigation or third-party claims of intellectual property
infringement or challenges to the validity of our patents would require us to use resources to protect our technology and may
prevent or delay our development, regulatory approval or commercialization of improvements in the Argus II System or new product
candidates. Further, the validity of some of our patents has been challenged.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pixium Vision (Pixium) has filed oppositions in the
European Patent Office (EPO) challenging the validity of ten European patents owned or exclusively licensed by Second Sight.
Two of the patents are owned by Johns Hopkins University (JHU) and exclusively licensed to Second Sight. Eight of the patents
are owned by Second Sight. Second Sight was successful in the opposition division in the two JHU cases. However, at the
appeal level one of the JHU patents was preserved and one of JHU patents was invalidated. In the third proceeding Pixium was
successful in the opposition division, and we have appealed. In the fourth case we were successful in the opposition
division. In the fifth proceeding Pixium was successful in the opposition division, and we will appeal. Three of these
opposition cases have not reached a hearing in the opposition division. We have successfully opposed one Pixium patent and
Pixium has appealed this outcome. The seventh through tenth cases await initial action. These challenges to our patent
portfolio, if successful, may affect our ability to block competitors from utilizing this particular intellectual property in
Europe, but in our view have no material effect on our ability to make and sell the Argus II System or otherwise have any
material effect upon us. Of the six patents contested, two have reached final resolution with no further appeal
available within in the EPO. Of the  eight remaining patents, none apply to our current product. To our current knowledge,
none apply to any competitive product. These patents represent possible improvements that we, or a competitor, may wish to
use in the future. Remaining at issue are six out of nearly 300 patents we have to protect our technology. These EPO
proceedings involving us and Pixium include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP
1061874 Visual Prosthesis &mdash; upheld by the opposition and appellate divisions. No further appeal is available in the EPO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP
1061996 Apparatus for Preferential Outer Retinal Stimulation &mdash; upheld by the opposition division, lost in the appellate
division. No further appeal is available in the EPO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;EP
1171188 Retinal Color Prosthesis for Color Sight Restoration &mdash; successfully opposed in the opposition division, pending
before the Appellate Division.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP2219728
Electrode Array for Even Neural Pressure Having Multiple Attachment Points &mdash; successfully upheld in the Opposition Division.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP1937352
Sub-threshold Stimulation to Precondition Neurons for Supra-threshold Stimulation &mdash; successfully opposed in the Opposition
Division, pending before the Appellate Division.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP2192949
&mdash; Return Electrode for a Flexible Circuit Electrode Array - Return Electrode for a Flexible Circuit Electrode Array - successfully
opposed in the Opposition Division, pending appeal </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP1949437
&mdash; Implantable Microelectronic Device and Method of Manufacture &mdash; opposition filed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP1945835
&mdash; Platinum Electrode Surface Coating and Method for Manufacturing the Same &mdash; opposition filed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP2061549
&mdash; Package for an Implantable Neural Stimulation Device &mdash; opposition filed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP2155327
&ndash; System for Providing Stimulation Inputs to a Visual Prosthesis Implant &ndash; opposition filed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EP1986733
(Pixium) &mdash; Device with Flexible Multilayer System for Contacting or Electro-stimulation of Living Tissue Cells or Nerves
&mdash; successfully opposed and significantly narrowed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are the target of claims by third parties asserting that
our products or intellectual property infringe upon the rights of others we may be forced to incur substantial expenses or divert
substantial employee resources from our business and, if successful, those claims could result in our having to pay substantial
damages or prevent us from developing one or more product candidates. Further, if a patent infringement suit were brought against
us or our collaborators, we or they could be forced to stop or delay research, development, manufacturing or sales of the product
or product candidate that is the subject of the suit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we experience patent infringement claims, or if we elect
to avoid potential claims others may be able to assert, we or our collaborators may choose to seek, or be required to seek, a
license from the third-party and would most likely be required to pay license fees or royalties or both. These licenses may not
be available on acceptable terms, or at all. Even if we or our collaborators were able to obtain a license, the rights may be
nonexclusive, which would give our competitors access to the same intellectual property. Ultimately, we could be prevented from
commercializing a product, or be forced to cease some aspect of our business operations if, as a result of actual or threatened
patent infringement claims, we or our collaborators are unable to enter into licenses on acceptable terms. This could harm our
business significantly. The cost to us of any litigation or other proceeding, regardless of its merit, even if resolved in our
favor, could be substantial. Some of our competitors may be able to bear the costs of such litigation or proceedings more effectively
than we can because of their having greater financial resources. Uncertainties resulting from the initiation and continuation
of patent litigation or other proceedings could have a material adverse effect on our ability to compete in the marketplace. Intellectual
property litigation and other proceedings may, regardless of their merit, also absorb significant management time and employee
resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we fail to comply with our obligations in the agreements
under which we license development or commercialization rights to products or technology from third-parties, we could lose license
rights that are important to our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hold exclusive licenses from Johns Hopkins University, Duke
University, and the Doheny Eye Institute to intellectual property relating to the Argus II visual prosthesis. These licenses impose
various commercialization, milestone payment, profit sharing, insurance and other obligations on us. If we fail to comply with
any material obligations, the licensor will have the right to terminate the applicable license, which covers part of the system
of the eye implant and thus will be a barrier to manufacture the Argus II System and impair our ability to sell the Argus II.
The existing or future patents to which we have rights based on our agreements with Johns Hopkins University, Duke University
and the Doheny Eye Institute may be too narrow to prevent third-parties from developing or designing around these patents. Additionally,
we may lose our rights to the patents and patent applications we license in the event of a breach or termination of the license
agreement. Each license expires with the expiration of the last of the licensed patents. In the case of JHU, the license will
expire March 13, 2018. While the JHU agreement includes a patent which is a significant obstacle to our competitors, it is one
of many other patents which in our view present material obstacles to our competitors. The DEI license includes ongoing research,
making the expiration date indeterminate, but in any event the expiration date is no earlier than August 8, 2033. The total aggregate
royalty on both agreements does not exceed 3.25% of Argus II System net sales. All of the patents in the DEI agreement are co-owned
with the Doheny Eye Institute. We license the Doheny Eye Institute&rsquo;s interest in the patents to maintain our exclusive use
on that intellectual property. Should the license terminate we retain the right to utilize the intellectual property, but may
not be able to prevent others from doing so, in which case we may lose a competitive advantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are unable to protect the confidentiality of our
proprietary information and know-how, the value of our technology and products could be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to patented technology, we rely upon, among other
things, unpatented proprietary technology, processes, trade secrets and know-how. Any involuntary disclosure to or misappropriation
by third-parties of our confidential or proprietary information could enable competitors to duplicate or surpass our technological
achievements, potentially eroding our competitive position in our market. We seek to protect confidential or proprietary information
in part by confidentiality agreements with our employees, consultants and third-parties. While we require all of our employees,
consultants, advisors and any third-parties who have access to our proprietary know-how, information and technology to enter into
confidentiality agreements, we cannot be certain that this know-how, information and technology will not be disclosed or that
competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information
and techniques. These agreements may be terminated or breached, and we may not have adequate remedies for any such termination
or breach. Furthermore, these agreements may not provide meaningful protection for our trade secrets and know-how in the event
of unauthorized use or disclosure. To the extent that any of our staff were previously employed by other pharmaceutical, medical
technology or biotechnology companies, those employers may allege violations of trade secrets and other similar claims in relation
to their medical device development activities for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are unable to protect the intellectual property
used in our products, others may be able to copy our innovations which may impair our ability to compete effectively in our markets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The strength of our patents involves complex legal and scientific
questions and can be uncertain. As of March 1, 2015 we have 308 issued patents and 172 pending patent applications on a worldwide
basis. Our patent applications may be challenged or fail to result in issued patents and our existing or future patents may be
too narrow to prevent third-parties from developing or designing around our intellectual property and in that event we may lose
competitive advantage and our business may suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, the patent applications that we license or have filed
may fail to result in issued patents. The claims may need to be amended. Even after amendment, a patent may not issue and in that
event we may not obtain the exclusive use of the intellectual property that we seek and may lose competitive advantage which could
result in harm to our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Third-party claims of intellectual property infringement
may prevent or delay our commercialization efforts for Argus II and our development and commercialization activities for other
product candidates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we are not currently aware of any litigation or other
proceedings or third-party claims of intellectual property infringement related to the Argus II System, the medical device industry
is characterized by many litigation cases regarding patents and other intellectual property rights. Other parties may in the future
allege that our activities infringe their patents or that we are employing their proprietary technology without authorization.
We may not have identified all the patents, patent applications or published literature that affect our business either by blocking
our ability to commercialize our product, by preventing the patentability of one or more aspects of our products or those of our
licensors or by covering the same or similar technologies that may affect our ability to market our product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, even in the absence of litigation, we may need
to obtain licenses from third-parties to advance our research or allow commercialization of our product candidates, and we have
done so from time to time. We may fail to obtain future licenses at a reasonable cost or on reasonable terms, if at all. In that
event, we may be unable to further develop and commercialize one or more of our product candidates, which could harm our business
significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may become involved in future lawsuits to protect
or enforce our patents or the patents of our licensors, which could be expensive, time consuming and unsuccessful.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Competitors may infringe our patents or the patents of our
licensors. To counter infringement or unauthorized use, we may file infringement claims, which can be expensive and time consuming.
In addition, in an infringement proceeding, a court may decide that a patent of ours or of our licensors is not valid or is unenforceable,
or may refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover the technology
in question. An adverse result in any litigation or defense proceedings could put one or more of our patents at risk of being
invalidated or interpreted narrowly and could put our patent applications at risk of not issuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The US Patent and Trademark Office may initiate interference
proceedings to determine the priority of inventions described in or otherwise affecting our patents and patent applications or
those of our collaborators or licensors. An unfavorable outcome could require us to cease using the technology or to attempt to
license rights to it from the prevailing party. Our business could be harmed if a prevailing party does not offer us a license
on terms that are acceptable to us. Litigation or interference proceedings may fail and, even if successful, may result in substantial
costs and distraction of our management and other employees. We may not be able to prevent, alone or with our licensors, misappropriation
of our proprietary rights, particularly in countries where the laws may not protect those rights as fully as in the US.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Product liability lawsuits could divert our resources,
result in substantial liabilities and reduce the commercial potential of our products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We face a risk of product liability claims arising from the
prosthesis being inserted into the eye, and it is possible that we may be held liable for eye injuries of patients who receive
our product. These lawsuits may divert our management from pursuing our business strategy and may be costly to defend. In addition,
if we are held liable in any of these lawsuits, we may incur substantial liabilities and may be forced to limit or forego further
commercialization of one or more of our products. We maintain product liability insurance that covers our clinical trials and
commercial sales, our aggregate coverage limit under these insurance policies for an amount of $5,000,000, and while we believe
this amount of insurance currently is sufficient to cover our product liability exposure, these limits may not prove adequate
to fully cover potential liabilities. In addition, we may not be able to obtain or maintain sufficient insurance coverage at an
acceptable cost or otherwise to protect against potential product liability claims, which could prevent or inhibit the commercial
production and sale of our products. If the use of our products harm or are alleged to harm people, we may be subject to costly
and damaging product liability claims that exceed our policy limits and cause us significant losses that could seriously harm
our financial condition or reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>CE Marking does not absolve us from strict conformity
with all applicable European Union legislation and member state regulation where the product is offered and if we do not adhere
to these directives and regulations we may incur fines and other penalties that will prevent or delay market penetration of our
products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CE (European Conformity) marking is a symbol that manufacturers
affix to products to indicate that a product conforms to all relevant EU rules and regulations and that the manufacturer has performed
all necessary evaluation procedures. Although the CE mark allows manufacturers to place products on the market and permits free
movement of goods, it is not a mark of approval by the EU. The manufacturer and its authorized representative in EU are responsible
for all aspects of the product assessment, testing, documentation, declaration of conformity and CE marking, even where a formal
processing agent, the notified body, is required, as in the case of non-European based manufacturers. In all cases the manufacturer
and representative assume the full responsibility and liability even when using the services of a consultant or test laboratory.
Liability is not transferrable to third parties, including the notified body which is required for processing the certification.
Generally, there is strict liability applied to medical devices subject to the CE marking by directive 85/374/EEC, and testing
and reporting does not change or reduce this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Legislative or regulatory reform of the health care system
in the US and foreign jurisdictions may adversely impact our business, operations or financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our industry is highly regulated and changes in law may adversely
impact our business, operations or financial results. In March 2010, the Patient Protection and Affordable Care Act, or PPACA,
and a related reconciliation bill were signed into law. This legislation changes the current system of healthcare insurance and
benefits intended to broaden coverage and control costs. The law also contains provisions that will affect companies in the medical
device industry and other healthcare related industries by imposing additional costs and changes to business practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, in some foreign countries, including countries in
Europe and Canada, the pricing of approved medical devices is subject to governmental control. In these countries, pricing negotiations
with governmental authorities can take 12 months or longer after the receipt of regulatory approval and product launch. To obtain
reimbursement or pricing approval in some countries, we may be required to conduct a clinical trial that compares the cost-effectiveness
of our product candidate to other available therapies. Our business could be materially harmed if reimbursement of our products
is unavailable or limited in scope or amount or if pricing is set at unsatisfactory levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We cannot predict what healthcare reform initiatives may be
adopted in the future. Further federal and state legislative and regulatory developments are likely, and we expect ongoing initiatives
in the U.S and Europe. These reforms could have an adverse effect on our ability to obtain timely regulatory approval for new
products and on anticipated revenues from the Argus II System and other product candidates, both of which may affect our overall
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may incur significant increased costs as a result
of operating as a public company, and our management will be required to devote substantial time to compliance requirements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a public company, we will incur significant legal, accounting
and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented
by the SEC and NASDAQ, have imposed various requirements on public companies, including requiring establishment and maintenance
of effective disclosure and financial controls and changes in corporate governance practices. Our management and other personnel
will be required to devote a substantial amount of time to these new compliance requirements. Moreover, these rules and regulations
will substantially increase our legal and financial compliance costs and will make some activities more time consuming and costly.
These rules and regulations will make it more difficult and more expensive for us to maintain our existing director and officer
liability insurance or to obtain similar coverage from an alternative provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are an &ldquo;emerging growth company,&rdquo; and
we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock
less attractive to investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For so long as we remain an &ldquo;emerging growth company&rdquo;
as defined in the JOBS Act, we may take advantage of certain exemptions from various requirements that are applicable to public
companies that are not &ldquo;emerging growth companies,&rdquo; including not being required to comply with the independent auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and stockholder approval of any golden parachute payments not previously approved. We may take advantage of these
exemptions for so long as we are an &ldquo;emerging growth company,&rdquo; which could be as long as five years following the
completion of this offering. Investors may find our common stock less attractive because we rely on these exemptions. If some
investors find our common stock less attractive as a result, there may be a less active trading market for our common stock, and
our stock price may be more volatile or may decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, Section 107 of the JOBS Act also provides that
an &ldquo;emerging growth company&rdquo; can take advantage of an extended transition period for complying with new or revised
accounting standards. However, we chose to &ldquo;opt out&rdquo; of this extended transition period, and as a result, we intend
to comply with new or revised accounting standards on the relevant dates that adoption of those standards may be required for
non-emerging growth companies. Our decision to opt out of the extended transition period for complying with new or revised accounting
standards is irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will be required to evaluate our internal control
over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002, and any adverse results from such evaluation could
result in a loss of investor confidence in our financial reports and have an adverse effect on our stock price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002,
we will be required to furnish a report by our management on our internal control over financial reporting the year following
our first annual report required to be filed with the SEC. The report will contain, among other matters, an assessment of the
effectiveness of our internal control over financial reporting as of the end of our fiscal year, including a statement as to whether
or not our internal control over financial reporting is effective. This assessment must include disclosure of any material weaknesses
in our internal control over financial reporting identified by management. If we are unable to assert that our internal control
over financial reporting is effective, we could lose investor confidence in the accuracy and completeness of our financial reports,
which could have an adverse effect on our stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Relating to Our Financial Results and Need for
Financing</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fluctuations in our quarterly operating results and cash
flows could adversely affect the price of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The revenues we generate and our operating results will be
affected by numerous factors such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         commercial success of the Argus II System,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to obtain regulatory approval of the Argus II System in additional jurisdictions,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to obtain regulatory approval of the Argus II System for treatment of AMD, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         emergence of products that compete with our product candidates,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         status of our preclinical and clinical development programs,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">variations
                                         in the level of expenses related to our existing product candidates or preclinical and
                                         clinical development programs,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">execution
                                         of collaborative, licensing or other arrangements, and the timing of payments received
                                         or made under those arrangements,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         intellectual property infringement lawsuits to which we may become a party,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         developments affecting our product candidates or those of our competitors, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to obtain reimbursement from government or private payers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our quarterly operating results fall below the expectations
of investors or securities analysts, the price of our common stock could decline substantially. Any quarterly fluctuations in
our operating results and cash flows may cause the price of our stock to fluctuate substantially. We believe that, in the near
term, quarterly comparisons of our financial results are not necessarily meaningful and should not be relied upon as an indication
of our future performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will need additional capital to support our growth.
Additional capital may be difficult to obtain, restricting our operations and resulting in additional dilution to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We raised net proceeds of approximately $34.2 million from
the IPO we completed in November 2014. Our business will require additional capital for implementation of our long term business
plan. We believe our cash, cash equivalents and other investments will be sufficient to fund our operations over approximately
18 to 24 months following the IPO. However, the actual amount of funds that we will need for our business development will be
determined by many factors, some of which are beyond our control, and we may need funds sooner than currently anticipated. These
factors include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         amount of our future operating losses,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">third
                                         party expenses relating to the commercialization of the Argus II System,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         need and cost of conducting additional clinical trials of the Argus II System for other
                                         applications,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         amount of our research and development, including research and development for Orion
                                         I visual prosthesis, marketing and general and administrative expenses, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         changes and technological developments in our markets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we require additional funds, we may seek to fund our operations
through the sale of equity securities, additional debt financing and strategic collaboration agreements. We cannot be sure that
additional financing from any of these sources will be available when needed or that, if available, the additional financing will
be obtained on terms favorable to us or our stockholders. If we raise additional funds by selling shares of our capital stock,
the ownership interest of our current stockholders will be diluted. If we are unable to obtain additional funds on a timely basis
or on terms favorable to us, we may be required to cease or reduce further commercialization of the Argus II System, to cease
or reduce certain research and development projects, to sell some or all of our technology or assets or business units or to merge
all or a portion of our business with another entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Related to the Securities Market and Ownership
of Our Common Stock</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The price of our common stock may be volatile and the
value of your investment could decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Medical technology stocks have historically experienced high
levels of volatility. The trading price of our common stock may fluctuate substantially. The market price of our common stock
may be higher or lower than the price you pay in the offering, depending on many factors, some of which are beyond our control
and may not be related to our operating performance. These fluctuations could cause you to lose substantially all or part of your
investment in our common stock. Factors that could cause fluctuations in the trading price of our common stock include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">announcements
                                         of new offerings, products, services, therapies, treatments or technologies, commercial
                                         relationships, acquisitions or other events by us or our competitors,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">challenges
                                         to our patents and the patents underlying the patents and intellectual property that
                                         we license,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">United
                                         States and European approvals or denials of our products,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">price
                                         and volume fluctuations in the overall stock market from time to time,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">significant
                                         volatility in the market price and trading volume of technology companies in general,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">fluctuations
                                         in the trading volume of our shares or the size of our public float,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">actual
                                         or anticipated changes or fluctuations in our results of operations,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                         our results of operations meet the expectations of securities analysts or investors,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">actual
                                         or anticipated changes in the expectations of investors or securities analysts,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">litigation
                                         involving us, our industry, or both,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         developments in the United States, foreign countries, or both,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">general
                                         economic conditions and trends,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">major
                                         catastrophic events,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">lockup
                                         releases, sales of large blocks of our common stock,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">departures
                                         of key employees, or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                         adverse impact on the company from any of the other risks cited herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if the market for medical technology stocks or
the stock market, in general, experiences a loss of investor confidence, the trading price of our common stock could decline for
reasons unrelated to our business, results of operations or financial condition. The trading price of our common stock might also
decline in reaction to events that affect other companies in our industry even if these events do not directly affect us. In the
past, following periods of volatility in the market price of a company&rsquo;s securities, securities class action litigation
has often been brought against that company. If our stock price is volatile, we may become the target of securities litigation.
Securities litigation could result in substantial costs and divert our management&rsquo;s attention and resources from our business.
This could have a material adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sales of substantial amounts of our common stock in the
public markets, including sales after the &ldquo;lock-up&rdquo; period, or the perception that sales might occur, could reduce
the price of our common stock and may dilute your voting power and ownership interest in us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of a substantial number of shares of our common stock
in the public market from persons previously subject to lock-up pursuant to our IPO, or the perception that these sales could
occur, could adversely affect the market price of our common stock and may make it more difficult for you to sell your common
stock at a time and price that you deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to certain exceptions, our directors, officers
and our stockholders beneficially owning 10% or more of our common stock and certain of our consultants have agreed not to
offer, sell or agree to sell, directly or indirectly, any shares of common stock without the permission of MDB Capital Group,
our IPO underwriter, for a period of 12 months ending November 18, 2015. Certain of our executives, other employees and
consultants have agreed to similar lock-up agreements for a period of six months from the date of the IPO, ending after May
17, 2015. When these lockup periods expire, the locked-up security holders will be able to sell shares in the public market.
In addition, the underwriter may, in its sole discretion, release all or some portion of the shares subject to lock-up
agreements prior to the expiration of the applicable lock-up period. We disclosed in our prospectus dated November 18, 2014,
that Dr. Greenberg, our chief executive officer, may sell up to 100,000 shares of Common Stock between February 15 and April
15, 2015. Dr. Greenberg sold 100,000 shares of Common Stock in the aggregate on March 20 and March 23, 2015. We also disclosed
in that prospectus that three of our executives, who have options to purchase 210,000 shares of common stock that expire in
September 2015, are subject to the six month lock-up ending May 17, 2015. Dr. Greenberg, who has options to purchase 150,000
shares that were granted under the 2011 Plan, is one of those three executives. Sales of a substantial number of such shares
by directors, officers or employees, or the perception that such sales may occur, or early release of lock-ups, could cause
our share price to fall or make it more difficult for you to sell your common stock at a time and price that you deem
appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of up to approximately 22,898,690 shares of our common
stock, and holders of up to 805,000 shares of common stock underlying the underwriter&rsquo;s warrant, will have rights, subject
to some conditions, to require us to file a registration statement covering the sale of their shares or to include their shares
in registration statements that we may file for ourselves or other stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Certain of our stockholders have the ability to control
the outcome of matters submitted for stockholder approval and may have interests that differ from those of our other stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of April 7, 2015 our executive officers, key employees,
directors and their affiliates beneficially own in the aggregate approximately 65.3% of the outstanding shares of our common stock.
As a result, these stockholders, if acting together, may be able to exercise significant influence over all matters requiring
stockholder approval, including the election of directors and the approval of significant corporate transactions. They may also
have interests that differ from yours and may vote in a manner that is adverse to your interests. This concentration of voting
power may have the effect of deterring, delaying or impeding actions that could be beneficial to you, including actions that may
be supported by our board of directors, and deprive our shareholders of an opportunity to receive a premium for their common stock
as part of sale of our company and might ultimately affect the market price of our common stock.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the Long Term Investor Right is triggered we
will become obligated to deliver additional shares to holders of common stock who (i) purchased shares in the IPO and (ii)
subsequently perfected their rights to LTIR interests according to a formula limited to no more than one share for each
share acquired in the IPO.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Long Term Investor Right is triggered our
other stockholders will incur dilution and may experience a decline in the value of their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We do not intend to pay dividends for the foreseeable
future and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our
common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have never declared or paid any dividends on our common
stock. We intend to retain any earnings to finance the operation and expansion of our business, and we do not anticipate paying
any cash dividends in the future. As a result, you may only receive a return on your investment in our common stock if the market
price of our common stock increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future sales and issuances of our equity securities or
rights to purchase our equity securities, including pursuant to our equity incentive plans, would result in dilution of the percentage
ownership of our stockholders and could cause our stock price to fall.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent we raise additional capital by issuing equity
securities; our stockholders may experience substantial dilution. We may sell common stock, convertible securities or other equity
securities in one or more transactions at prices and in a manner we determine from time to time. If we sell common stock, convertible
securities or other equity securities in more than one transaction or if our employees and consultants exercise their options
to purchase shares of our Common Stock, investors may be diluted by subsequent sales. Such sales may also result in material dilution
to our existing stockholders, and new investors could gain rights superior to existing stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The public market for our common stock has been volatile
since completion of our initial public offering in November 2014. This volatility may affect the ability of our investors to sell
their shares as well as the price at which they sell their shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We completed our initial public offering in November 2014.
Since that time, our shares have traded from $8.05 per share to $24.02 per share and day-to-day trading often has been volatile.
This volatility may continue or increase in the future. The market price for the shares may be significantly affected by factors
such as progress in the development of our technology, progress in our pre-clinical and clinical trials, agreements with research
facilities or co-development partners, commercialization of our technology, coverage by third party payers, variations in quarterly
and yearly operating results, general trends in the medical device industry, and changes in FDA and foreign regulations affecting
us and our industry. Furthermore, in recent years the stock market has experienced extreme price and volume fluctuations that
are unrelated or disproportionate to the operating performance of the affected companies. Those broad market fluctuations may
materially and adversely affect the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Substantial future sales of shares of common stock in
the public market could cause our stock price to fall.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our common stockholders (including those persons who may
become common stockholders upon exercise of our options or warrants) sell substantial amounts of our common stock, or the public
market perceives that stockholders might sell substantial amounts of our common stock, the market price of our common stock could
decline significantly. Such sales also might make it more difficult for us to sell equity or equity-related securities in the
future at a time and price that our management deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have the right to issue shares of preferred stock.
If we were to issue preferred stock, it is likely to have rights, preferences and privileges that may adversely affect the common
stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are authorized to issue 10,000,000 shares of &ldquo;blank
check&rdquo; preferred stock, with such rights, preferences and privileges as may be determined from time-to-time by our board
of directors. Our board of directors is empowered, without stockholder approval, to issue preferred stock in one or more series,
and to fix for any series the dividend rights, dissolution or liquidation preferences, redemption prices, conversion rights, voting
rights, and other rights, preferences and privileges for the preferred stock. No shares of preferred stock are presently issued
and outstanding and we have no immediate plans to issue shares of preferred stock. The issuance of shares of preferred stock,
depending on the rights, preferences and privileges attributable to the preferred stock, could adversely reduce the voting rights
and powers of the common stock and the portion of our assets allocated for distribution to common stockholders in a liquidation
event, and could also result in dilution in the book value per share of the common stock we are offering. The preferred stock
could also be utilized, under certain circumstances, as a method for raising additional capital or discouraging, delaying or preventing
a change in control of our company, to the detriment of the investors in the common stock offered hereby. We cannot assure you
that we will not, under certain circumstances, issue shares of our preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will not receive any proceeds from the sale of
the Common Stock by the Selling Stockholders to others. All sales proceeds will be received by the Selling Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will bear all costs, expenses and fees in connection with
the registration of the Common Stock. Brokerage commissions and similar selling expenses, if any, attributable to the offer or
sale of the shares will be borne by the Selling Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SELLING STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The common stock
being registered by this prospectus consists of (i) 5,412,027 shares that will be or are held by persons who acquired or will
acquire those shares upon exercise of options granted under the 2011 Plan or, (ii) the 125,000 shares issuable under
the January 2014 Plan, or (iii) 250,000 shares from and pursuant to the terms of the ESPP. This
prospectus also covers possible resales by certain Company officers, employees and non-employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering
these shares to permit the selling stockholders to resell their shares when they deem appropriate.&nbsp;&nbsp;The selling stockholders
may resell all, a portion, or none of their shares, at any time and from time to time.&nbsp;&nbsp;The selling stockholders may
also sell, transfer or otherwise dispose of some or all of their shares in transactions exempt from the registration requirements
of the Securities Act.&nbsp;&nbsp;We do not know when or in what amounts the selling stockholders may offer their common stock
for sale under this prospectus. We will provide the names of any selling stockholders and the number of shares of common stock
sold by such selling stockholders by means of a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below sets forth with respect to the Selling Stockholders,
based upon information available to the Company as of May 13, 2015, the number of shares of Company&rsquo;s common stock owned
(including, where applicable, the Common Stock covered by this reoffer prospectus, the common stock not covered by this reoffer
prospectus and options to purchase the Common Stock), the number of shares of common stock registered by this reoffer prospectus
and the number and percent of outstanding shares of Company&rsquo;s common stock that will be owned after the sale of the registered
common stock assuming the sale of all of the registered common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Selling&nbsp;Stockholder</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number&nbsp;of&nbsp;Shares&nbsp;of</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Company&nbsp;Common</B></FONT><BR> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Stock&nbsp;Owned&nbsp;Before</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sale</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number&nbsp;of&nbsp;Shares&nbsp;of</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Company&nbsp;Stock</B></FONT><BR> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registered&nbsp;by&nbsp;this</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Reoffer&nbsp;Prospectus</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number&nbsp;of&nbsp;Shares&nbsp;of</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Company&nbsp;Stock</B></FONT><BR> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Owned&nbsp;After&nbsp;Sale</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percentage&nbsp;of&nbsp;Shares</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>of&nbsp;Company&nbsp;Stock</B></FONT><BR> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Owned&nbsp;After&nbsp;Sale</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Mark Humayun, M.D., Ph.D.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">179,040</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">50,866</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">128,174</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">*</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Eugene De Juan, M.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Neil Talbot, Ph.D. (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">David Zhou, Ph.D. (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rongqing Dai (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,259</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,259</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Victoria Wilinski (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jordan Neysmith (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Karl-Heinz Ihrig (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Amy Hines</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Donald Webber (7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tomasita Rodriguez</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Charles Byers (8)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Inna Bergal (9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Represents beneficial ownership of less than
    one percent.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 10,017 shares of common stock held by Neil Talbot and
    currently exercisable options to purchase 48,388 shares of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 14,725 shares of common stock held by David Zhou and currently
    exercisable options to purchase 39,411 shares of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 5,000 shares of common stock held by Rongqing Dai and
    currently exercisable options to purchase 31,259 shares of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 2,000 shares of common stock held by Victoria Wilinski
    and currently exercisable options to purchase 22,213 shares of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 5,000 shares of common stock held by Jordan Neysmith and
    currently exercisable options to purchase 8,388 shares of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 3,000 shares of common stock held by Karl-Heinz Ihrig
    and currently exercisable options to purchase 1,905 shares of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 750 shares of common stock held by Don Weber and currently
    exercisable options to purchase 1,405 shares of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 1,081 shares of common stock held by Charles Byers and
    currently exercisable options to purchase 122 shares of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes 400 shares of common stock held by Inna Bergal and currently
    exercisable options to purchase 200 shares of common stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Under the Securities Exchange Act of 1934, any person engaged
in a distribution of the shares offered by this reoffer prospectus may not simultaneously engage in market making activities with
respect to our common shares during the applicable &quot;cooling off&quot; periods prior to the commencement of such distribution.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In addition, and without limiting the foregoing, the Selling
Stockholders will be subject to applicable provisions of the Securities Exchange Act of 1934 and the rules and regulations thereunder,
which provisions may limit the timing of purchases and sales of the shares by the Selling Stockholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Selling Stockholders and any of their pledgees, donees,
assignees, transferees, may sell any or all of the shares of Common Stock from time to time under this reoffer prospectus in one
or more transactions on the Nasdaq Capital Market or any stock exchange, market or trading facility on which the Common Stock
is traded, in a negotiated transaction or in a combination of such methods of sale, at market prices prevailing at the time of
sale, at prices related to such prevailing market prices or at prices otherwise negotiated. The Selling Stockholders will act
independently of the Company in making decisions with respect to the timing, manner and size of each sale. The Selling Stockholders
may use any one or more of the following methods when selling shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">ordinary
                                         brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">block
                                         trades in which the broker-dealer will attempt to sell the shares as agent but may position
                                         and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">purchases
                                         by a broker-dealer as principal and resale by the broker-dealer for its account;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                         exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">privately
                                         negotiated transactions;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">underwritten
                                         offerings;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">short
                                         sales;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">agreements
                                         by the broker-dealer and the Selling Stockholders to sell a specified number of such
                                         shares at a stipulated price per share;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                         combination of any such methods of sale; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         other method permitted by applicable law.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Selling Stockholders may also sell shares under Rule 144
under the Securities Act, if available, under Section 4(a)(1) of the Securities Act or directly to the Company in certain circumstances
rather than under this reoffer prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise prohibited, the Selling Stockholders may
enter into hedging transactions with broker-dealers or other financial institutions in connection with distributions of the
shares or otherwise. In such transactions, broker-dealers or financial institutions may engage in short sales of the shares
in the course of hedging the position they assume with the Selling Stockholders. The Selling Stockholders may also engage in
short sales, puts and calls, forward-exchange contracts, collars and other transactions in our securities or derivatives of
our securities and may sell or deliver shares in connection with these trades. If the Selling Stockholders sell shares short,
they may redeliver the shares to close out such short positions. The Selling Stockholders may also enter into option or other
transactions with broker-dealers or financial institutions which require the delivery to the broker-dealer or the financial
institution of the shares. The broker-dealer or financial institution may then resell or otherwise transfer such shares
pursuant to this reoffer prospectus. In addition, the Selling Stockholders may loan their shares to broker-dealers or
financial institutions who are counterparties to hedging transactions and the broker-dealers, financial institutions or
counterparties may sell the borrowed shares into the public market. The Selling Stockholders may also pledge their shares to
brokers or financial institutions and under margin loans the broker or financial institution may, from time to time, offer and
sell the pledged shares. The Selling Stockholders have advised us that they have not entered into any agreements,
understandings or arrangements with any underwriters, broker-dealers or financial institutions regarding the sale of their
shares other than ordinary course brokerage arrangements, nor is there an underwriter or coordinating broker acting in
connection with the proposed sale of shares by the Selling Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Selling Stockholders and any broker-dealers that participate
in the distribution of the Common Stock may be deemed to be &quot;underwriters&quot; within the meaning of Section 2(11) of the
Securities Act, and any commissions received by them and any profit on the resale of the Common Stock sold by them may be deemed
to be underwriting discounts and commissions under the Securities Act. All selling and other expenses incurred by the Selling
Stockholders will be borne by the Selling Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no assurance that the Selling Stockholders will sell
all or any portion of the shares of Common Stock offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All expenses of the registration statement including, but not
limited to, legal accounting, printing and mailing fees are and will be borne by us. Any commissions, discounts or other fees
payable to brokers or dealers in connection with any sale of the shares of common stock will be borne by the Selling Stockholders,
the purchasers participating in such transaction, or both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our financial statements for the years ended December 31, 2014
and 2013 incorporated by reference in the Annual Report on Form 10-K for the year ended December 31, 2014 have been audited by
Gumbiner Savett Inc., an independent registered public accounting firm as set forth in their report. Such financial statements
have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The validity of the shares of Common Stock offered hereby will
be passed upon for the Company by the Law Offices of Aaron A. Grunfeld, 11111 Santa Monica Boulevard, Suite 1840, Los Angeles,
California 90025. As of the date of this registration statement, Law Offices of Aaron A. Grunfeld collectively own 38,400 shares
of the Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We file
annual and quarterly reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended
(the &quot;Exchange Act&quot;), with the Securities and Exchange Commission (the &quot;SEC&quot;). You may read and copy any document
the Company files at the SEC's public reference rooms located at 450 Fifth Street, N.W., Washington, D.C. 20549. Please call the
SEC at 1-800-SEC-0330 for further information on the public reference rooms. The Company's SEC filings are also available to the
public from the SEC's web site at http://www.sec.gov. Additional information about the Company may also be obtained at the Investor
Relations section of our web site at http://investors.secondsight.com</FONT>/<FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has filed with the SEC a registration statement
on Form S-8 (the &quot;Registration Statement&quot;) under the Securities Act with respect to the Common Stock. This reoffer prospectus,
which constitutes a part of that Registration Statement, does not contain all the information contained in that Registration Statement
and its exhibits. For further information with respect to the Company and the common stock, you should consult the Registration
Statement and its exhibits. Statements contained in this reoffer prospectus concerning the provisions of any documents are necessarily
summaries of those documents, and each statement is qualified in its entirety by reference to the copy of the document filed with
the SEC. The Registration Statement and any of its amendments, including exhibits filed as a part of the Registration Statement
or an amendment to the Registration Statement are available for inspection and copying through the entities listed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATED DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC allows the Company to &quot;incorporate by reference&quot;
the information that we file with them, which means that we can disclose important information to you by referring you to the
other information we have filed with the SEC. The information that we incorporate by reference is considered to be part of this
reoffer prospectus, and information that we file later with the SEC will automatically update and supersede this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents filed by us with the SEC pursuant to
Section 13 of the Exchange Act and any future filings under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act made before
the termination of the offering are incorporated by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
</FONT>The Company's prospectus filed with the Commission on November 20, 2014 pursuant to Rule 424(b) under the 1933 Act relating
to the Registrant&rsquo;s Registration Statement on Form S-1, as amended (Registration No. 333-<FONT STYLE="font-family: Times New Roman, Times, Serif">198073</FONT>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) The Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, filed with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the &quot;Exchange
Act&quot;), on March 17, 2015, and the exhibits therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) The description of the shares of common stock, no par value
per share, contained in the Company's registration statement on Form 8-A filed with the Commission on November 14, 2014 as amended
(File Number 333-198073) pursuant to Section 12(b) of the Exchange Act, which incorporates by reference the description of the
shares of common stock, no par value , contained in the registration statement on Form S-1 (File Number 333-198073) initially
filed by the Company on August 12, 2014 and declared effective by the Commission on November 18, 2014, and any amendment or report
filed with the Commission for purposes of updating such description;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4) The Company's Quarterly Report on Form 10Q for the quarter
ended March 31, 2015, filed with the Commission on May 15, 2015, and the exhibits therein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5) The Company&rsquo;s Definitive Proxy Statement on
Schedule 14A filed with the Commission on April 16, 2015. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All documents that we have filed with the SEC pursuant to Section
13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this reoffer prospectus and prior to the completion of
the offering shall be deemed to be incorporated by reference into this reoffer prospectus and to be part of this reoffer prospectus
from the date of filing of these documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will provide without charge to each person, including
any beneficial owner, to whom a copy of this reoffer prospectus is delivered a copy of any or all documents incorporated by reference
into this reoffer prospectus except the exhibits to such documents, unless such exhibits are specifically incorporated by reference
in such documents. You may request copies by writing or telephoning Thomas B. Miller, our Chief Financial Officer, Second Sight
Medical Products, Inc., 12744 San Fernando Road, Building 3, Sylmar, California 91342; telephone number (818) 833-5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEMNIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Restated Articles of Incorporation provides for us to indemnify
our directors and officers to the fullest extent authorized by California law. This indemnification would cover all expenses and
liabilities reasonably incurred in connection with their services for or on behalf of us. In addition, our Restated Articles of
Incorporation provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary
duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally
violated the law, authorized illegal dividends or redemptions or derived an improper personal benefit from their action as directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions,
the Company has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_005"></A>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents, which have been filed by the Company
with the Commission, are incorporated in the Registration Statement by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) The prospectus filed by the Registrant with the Commission
on November 20, 2014 which contains audited financial statements for the year ended December 31, 2013;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) The description of the shares of common stock, no par value,
contained in the Company's registration statement on Form 8-A filed with the Commission on November 14, 2014, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) The Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, filed with the Commission on March 17, 2015, and the exhibits therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4) The Company&rsquo;s Current Reports on Form 8-K as filed
with the Commission on January 13, 2015, February 6, 2015, March 12, 2015,  May 6, 2015, May 13, 2015 and May 14, 2015;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5) The Company&rsquo;s Quarterly Report on Form 10-Q for the
quarter ended March 31, 2015, filed with the Commission on May 15, 2015 and the exhibits therein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6) The Company&rsquo;s Definitive Proxy Statement on
Schedule 14A filed with the Commission on April 16, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All documents filed by the Company with the Commission pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act including those filed subsequent to the date of this Registration Statement
and prior to the filing of a post-effective amendment indicating that all securities offered hereby have been sold or deregistering
all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to
be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein and to be a part hereof shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. Under no circumstances
will any information filed under current items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless such
Form 8-K expressly provides to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_006"></A>ITEM 4. DESCRIPTION OF SECURITIES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_007"></A>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Law Offices of Aaron A. Grunfeld have rendered an opinion relating
to the issuance of the common stock being registered Law Offices of Aaron A. Grunfeld have accepted shares of the Company&rsquo;s
common stock in exchange for services rendered to the Company in the past. As of
the date of this registration statement, Law Offices of Aaron A. Grunfeld collectively own 38,400 shares of the Company&rsquo;s
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_008"></A>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;317
of the California Corporations Code, or the California Code, authorizes a corporation to indemnify, subject to certain exceptions,
any person who was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right
of the corporation to procure a judgment in its favor) by reason of the fact that such person is or was an agent of the corporation,
as the term &ldquo;agent&rdquo; is defined in section&nbsp;317(a) of the California Code, against expenses, judgments, fines,
settlements and other amounts actually and reasonably incurred in connection with such proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in the best interests of the corporation and, in the case of a criminal
proceeding, had no reasonable cause to believe the conduct of such person was unlawful. A corporation is further authorized to
indemnify, subject to certain exceptions, any person who was or is a party or is threatened to be made a party to any threatened,
pending, or completed action by or in the right of the corporation to procure a judgment in its favor by reason of the fact that
the person is or was an agent of the corporation, against expenses actually and reasonably incurred by that person in connection
with the defense or settlement of the action if the person acted in good faith, in a manner the person believed to be in the best
interests of the corporation and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;204
of the California Code provides that a corporation&rsquo;s articles of incorporation may not limit the liability of directors
(i)&nbsp;for acts or omissions that involve intentional misconduct or a knowing and culpable violation of law, (ii)&nbsp;for acts
or omissions that a director believes to be contrary to the best interests of the corporation or its shareholders or that involve
the absence of good faith on the part of the director, (iii)&nbsp;for any transaction from which a director derived an improper
personal benefit, (iv)&nbsp;for acts or omissions that show a reckless disregard for the director&rsquo;s duty to the corporation
or its shareholders in circumstances in which the director was aware, or should have been aware, in the ordinary course of performing
a director&rsquo;s duties, of a risk of a serious injury to the corporation or its shareholders, (v)&nbsp;for acts or omissions
that constitute an unexcused pattern of inattention that amounts to an abdication of the director&rsquo;s duty to the corporation
or its shareholders, (vi)&nbsp;under Section&nbsp;310 of the California Code (concerning transactions between corporations and
directors or corporations having interrelated directors) or (vii)&nbsp;under Section&nbsp;316 of the California Code (concerning
directors&rsquo; liability for distributions, loans, and guarantees).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;204 further provides that
a corporation&rsquo;s articles of incorporation may not limit the liability of directors for any act or omission occurring prior
to the date when the provision became effective or any act or omission as an officer, notwithstanding that the officer is also
a director or that his or her actions, if negligent or improper, have been ratified by the directors. Further, Section&nbsp;317
has no effect on claims arising under federal or state securities laws and does not affect the availability of injunctions and
other equitable remedies available to a corporation&rsquo;s shareholders for any violation of a director&rsquo;s fiduciary duty
to the corporation or its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company&rsquo;s
Restated Articles of Incorporation provide for the elimination of liability for its directors to the fullest extent permissible
under California law and authorize it to provide indemnification to directors, officers, employees or other agents through bylaw
provisions, agreements with agents, vote of shareholders or disinterested directors or otherwise, in excess of the indemnification
otherwise permitted by Section&nbsp;317 of the California Code, subject only to the applicable limits with respect to actions
for breach of duty to the Company and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company&rsquo;s
Amended and Restated Bylaws provide that it shall indemnify its directors and officers, employees and agents against expenses,
judgments, fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding, arising by
reason of the fact that such person is or was its agent. As included in the Company&rsquo;s Amended and Restated Bylaws, a &ldquo;director&rdquo;
or &ldquo;officer&rdquo; includes any person (a)&nbsp;who is or was a director or officer of the Company, (b)&nbsp;who is or was
serving at the request of the Company as a director or officer of another corporation, partnership, joint venture, trust or other
enterprise, or (c)&nbsp;who was a director or officer of a corporation which was a predecessor corporation of the Company or of
another enterprise at the request of such predecessor corporation. The Company&rsquo;s Amended and Restated Bylaws also contain
provisions expressing the intent that these bylaws provide indemnity in excess of that expressly permitted by Section 317 of the
California Code to indemnify each of its employees and agents (other than directors and officers) against expenses, judgments,
fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding, arising by reason of
the fact that such person is or was its agent. As included in the Company&rsquo;s Amended and Restated Bylaws, an &ldquo;employee&rdquo;
or &ldquo;agent&rdquo; (other than a director or officer), includes any person who (a)&nbsp;is or was an employee or agent of
the Company, (b)&nbsp;is or was serving at the Company&rsquo;s request as an employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, or (c)&nbsp;was an employee or agent of a corporation which was a predecessor corporation
of the Company or of another enterprise at the request of such predecessor corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company&rsquo;s
Amended and Restated Bylaws further provide that it may advance expenses incurred in defending any proceeding for which indemnification
is required or permitted, following authorization thereof by the board of directors, prior to the final disposition of the proceeding
upon receipt of an undertaking by or on behalf of the indemnified party to repay that amount if it shall be determined ultimately
that the indemnified person is not entitled to be indemnified as authorized by its Amended and Restated Bylaws. The indemnification
provided for in the Company&rsquo;s Amended and Restated Bylaws for acts, omissions or transactions while acting in the capacity
of, or while serving as, a director or officer of the Company but not involving a breach of duty to the Company and its shareholders
will not be deemed exclusive of any other rights those seeking indemnification may be entitled under any bylaw, agreement, vote
of shareholders or disinterested directors, or otherwise, to the extent the additional rights to indemnification are authorized
in its Restated Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the
Company has entered into indemnification agreements with each of its directors and officers, and maintains directors&rsquo; and
officers&rsquo; liability insurance under which its directors and officers are insured against loss (as defined in the policy)
as a result of certain claims brought against them in such capacities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_009"></A>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shares of Company&rsquo;s Common Stock to be offered and
sold under the reoffer prospectus were initially issued by the Company in  transactions deemed exempt from registration under
the Securities Act in reliance on the exemption from the registration requirements of the Securities Act contained in Section
4(a)(2) thereof covering transactions by an issuer not involving any public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_010"></A>ITEM 8. EXHIBITS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restated Articles of Incorporation of the Registrant(1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Bylaws of the Registrant, as currently in
    effect.(1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Aaron A. Grunfeld*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2003 Equity Incentive Plan.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2003 Form of Employee Option Agreement.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2011 Equity Incentive Plan.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2011 Form of Employee Option Agreement.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014 Option Issued to Robert Greenberg &ndash; Terms and Conditions.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014 Executive Officer Option Agreement.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015 Employee Stock Purchase Plan. (2)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Gumbiner Savett Inc, Independent Registered Public Accounting
    Firm.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Aaron A. Grunfeld (included in Exhibit 5).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>Included herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">+</TD><TD>Indicates management contract or compensatory plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Incorporated by reference to the registrant&rsquo;s registration
statement on Form S-1, file no. 333-198073, originally filed with the Securities and Exchange Commission on August 12, 2014, as
amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Incorporated by reference to the registrant&rsquo;s definitive
proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 16, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_011"></A>ITEM 9. UNDERTAKINGS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned Company hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A. To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement to&nbsp;include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement; (2) that for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and (3) to remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">B. The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C. Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by a controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Sylmar, State of California, on May 18, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Sight Medical Products, INC.</B><BR>
(Company)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Robert Greenberg</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert J. Greenberg</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose
signature appears below hereby, severally and individually constitutes and appoints each of Robert J. Greenberg and Thomas B.
Miller and each of them severally, the true and lawful attorneys and agents of each of us to execute in the name, place and stead
of each of us (individually and in any capacity stated below) any and all amendments (including post-effective amendments) to
this Registration Statement, and all instruments necessary or advisable in connection therewith and to file the same with the
Commission, each of said attorneys and agents to have the power to act with or without the others and to have full power and authority
to do and perform in the name and on behalf of each of the undersigned every act whatsoever necessary or advisable to be done
in the premises as fully and to all intents and purposes as any of the undersigned might or could do in person, and we hereby
ratify and confirm our signatures as they may be signed by our said attorneys and agents or each of them to any and all such amendments
and instruments. This Power of Attorney has been signed effective as of May 15, 2008 by the following persons in the respective
capacities indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="width: 32%; text-decoration: none; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 38%; text-decoration: none; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 26%; text-align: center; border-bottom: Black 1pt solid; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Robert
    j. Greenberg</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer and Director </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 18, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert J. Greenberg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Thomas
    B. Miller</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 18, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thomas B. Miller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Financial and Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Alfred
    E. mann</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman of the Board</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 18, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alfred E. Mann</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">William
    J. Link</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 18, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">William J. Link</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Aaron
    Mendelsohn</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 18, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aaron Mendelsohn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Gregg
    Williams</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 18,  2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gregg Williams</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restated Articles of Incorporation of the Registrant(1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Bylaws of the Registrant, as currently in
    effect.(1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Aaron A. Grunfeld*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2003 Equity Incentive Plan.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2003 Form of Employee Option Agreement.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2011 Equity Incentive Plan.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2011 Form of Employee Option Agreement.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014 Option Issued to Robert Greenberg &ndash; Terms and Conditions.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014 Executive Officer Option Agreement.(1)+</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015 Employee Stock Purchase Plan. (2)+ </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Gumbiner Savett Inc, Independent Registered Public Accounting
    Firm.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Aaron A. Grunfeld (included in Exhibit 5).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Power of Attorney (included on signature page)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>Included herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">+</TD><TD>Indicates management contract or compensatory plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Incorporated by reference to the registrant&rsquo;s registration
statement on Form S-1, file no. 333-198073, originally filed with the Securities and Exchange Commission on August 12, 2014, as
amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Incorporated by reference to the registrant&rsquo;s definitive
proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 16, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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[{"type": "S-8", "sequence": "1", "filename": "s101109_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 291306}]
{"company-data": {"conformed-name": "SECOND SIGHT MEDICAL PRODUCTS INC", "cik": "0001266806", "assigned-sic": "3845", "irs-number": "000000000", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-204241", "film-number": "15872077"}, "business-address": {"street1": "12744 SAN FERNANDO ROAD, BLDG. 3", "city": "SYLMAR", "state": "CA", "zip": "91342", "phone": "818-833-5000"}, "mail-address": {"street1": "12744 SAN FERNANDO ROAD, BLDG. 3", "city": "SYLMAR", "state": "CA", "zip": "91342"}}
As filed with the Securities and Exchange
Commission on May 18, 2015
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Second Sight Medical Products, Inc.
(Exact name of registrant as specified
in its charter)
California
02-0692322
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
12744 San Fernando Road, Building 3
Sylmar, California 91342
(818) 833-5000
(Address of Principal Executive Offices,
including Zip Code)
Second Sight Medical Products 2011 Equity
Incentive Plan
2015 Employee
Stock Purchase Plan
2014 Executive Officer Option
Agreement
(Full title of the plans)
Robert J. Greenberg M.D., Ph.D.
Chief Executive Officer
Second Sight Medical Products, Inc.
12744 San Fernando Road, Building 3
Sylmar, California 91342
(Name and address of agent for service)
(818) 833-5000
(Telephone number, including area code,
of agent for service)
Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting
company. See the definitions of "large accelerated filer," "accelerated
filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
(do
    not check if a
small reporting company)
Smaller reporting company
¨
CALCULATION OF REGISTRATION FEE
Title of securities to be registered
Amount
to be
registered (1)
Proposed
maximum
offering price
per
    share
Proposed
maximum
aggregate
offering
    price
Amount of
registration fee
Common stock, no par value per share:
—Options outstanding under the 2011
    Equity Incentive Plan, as amended
3,022,377
(2)
$
6.44
(6)
$
19,464,108
(6)
$
2,262
—To be issued under the 2011
    Equity Incentive Plan, as amended
2,268,562
(3)
$
11.70
(7)
$
26,542,175
(7)
$
3,084
—Shares issued under the 2011 Equity Incentive
    Plan registered for re-sale
121,088
$
11.70
(7)
$
1,416,730
(7)
$
165
—Shares available for issuance under the 2015 Employee
    Stock Purchase Plan
250,000
(4)
$
11.70
(7)
$
2,925,000
(7)
$
340
—Shares to be issued
    for options granted, under 2014 Executive Officer Option Agreement
125,000
(5)
$
4.25
$
531,250
$
62
Total
5,787,027
$
50,879,263
$
5,913
(1)   
Pursuant to Rule 416(a) of the Securities Act of 1933, as amended, this Registration Statement shall also cover
any additional shares of Second Sight Medical Products, Inc. (the "Company") common stock that become issuable
under the Company's 2011 Equity Incentive Plan, as amended ("2011 Plan") the 2014 Executive Officer
Option Agreement ("January 2014 Plan"), and the 2015 Employee Stock Purchase Plan ("ESPP") by reason of
any stock dividend, stock split, recapitalization or other similar transactions effected without the Company's receipt
of consideration that increases the number of the Company's outstanding shares of common stock.
(2)    Represents
shares subject to outstanding granted option awards.
(3)    Represents
shares reserved for issuance pursuant to future awards under the 2011 Plan.
(4)    Represents
250,000 shares of common stock reserved for issuance pursuant to future awards under the  ESPP.
(5)    Represents
125,000 shares reserved for issuance to Robert J. Greenberg under the January 2014 Plan.
(6)    Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under
the Securities Act of 1933, as amended (the "1933 Act"), and based upon the weighted average exercise price per share
for outstanding stock option awards under the 2011 Plan.
(7)   Estimated in
accordance with paragraphs (c) and (h) of Rule 457 under the 1933 Act solely for the purpose of calculating the registration fee
on the basis of $11.70, which represents the average of the high and low price per share of the Company's common stock on
May 13, 2015 as reported on the NASDAQ Capital Market.
PART I
INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS
Item 1. Plan Information
We will send or make available the documents containing
the information specified in Part I of this Form S-8 to individuals who participate in our 2011 Equity Incentive Plan, the
January 2014 Plan and our 2015 Employee Stock Purchase Plan.
This registration statement relates to a maximum of
5,787,027 shares of common stock of our company issuable upon the exercise of options to acquire up to (i) 5,290,939 shares
of common stock, that may granted under our 2011 Equity Incentive Plan, (ii) 121,088 shares issued under the 2011 Plan, (iii)
125,000 shares issuable upon exercise of options granted under the January 2014 Plan and up to (iv) 250,000 shares of
common stock, subject to periodic increase, that may be acquired pursuant to our 2015 Employee Stock Purchase Plan.
Item 2. Company Information and Employee Plan Annual
Information
We will provide, without charge, to each person to whom a copy
of the Section 10(a) prospectus is delivered, upon oral or written request, a copy of any or all documents incorporated by reference
in Item 3 of Part II of this registration statement (which documents are incorporated by reference in the Section 10(a) prospectus).
Requests should be directed to the Corporate Secretary, Second Sight Medical Products, Inc., 12744 San Fernando Road, Building
3, Sylmar, California 91342, or at (818) 833-5000.
2
REOFFER PROSPECTUS
Second Sight Medical Products, Inc.
12744 San Fernando Road, Building 3
Sylmar, California 91342
(818) 833-5000
5,787,027 Shares of Common Stock
Up to an aggregate of 5,787,027 shares of common stock, no
par value per share (the "Common Stock"), of Second Sight Medical Products, Inc., a California corporation (the "Company", "we", "us" or "Second Sight Medical Products"), may be offered and sold from time to
time by the selling stockholders of the Company identified in this reoffer prospectus. See "Selling Stockholders" beginning
on page 23. The Company's common stock is traded on the Nasdaq Capital Market under the symbol "EYES." We will receive
no part of the proceeds from sales made under this reoffer prospectus. The Selling Stockholders will bear all sales commissions
and similar expenses. Any other expenses incurred by us in connection with this registration statement and offering and not borne
by the Selling Stockholders will be borne by us.
The shares of Common Stock are "restricted securities"
under the Securities Act of 1933, as amended (the "Securities Act"), before their sale under this reoffer prospectus.
This reoffer prospectus has been prepared for the purpose of registering the Common Stock under the Securities Act to allow future
sales by the Selling Stockholders. To the knowledge of the Company, no Selling Stockholders have any arrangement with any brokerage
firm for the sale of the Common Stock. The Selling Stockholders and participating brokers and dealers may be deemed to be "underwriters"
within the meaning of the Securities Act, in which event any profit on the sale of the Common Stock by the Selling Stockholders
and any commissions or discounts received by brokers or dealers in connection with the sale of the Common Stock may be deemed
to be underwriting compensation under the Securities Act.
YOU SHOULD CONSIDER CAREFULLY THE RISK FACTORS BEGINNING
ON PAGE 6
BEFORE PURCHASING ANY OF THE COMMON STOCK OFFERED.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE
SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS REOFFER PROSPECTUS IS TRUTHFUL OR
COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
You should only rely on the information incorporated by reference
or provided in this reoffer prospectus or any supplement. We have not authorized anyone else to provide you with different information.
This reoffer prospectus may only be used where it is legal to sell these securities. You should not assume that the information
in this reoffer prospectus or any supplement is accurate as of any date other than the date on the front of those documents.
The date of this reoffer prospectus is May 15, 2015.
3
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
2
Item 1.
Plan Information
2
Item 2.
Registrant Information and Employee Plan Annual Information
2
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
28
Item 3.
Incorporation of Documents by Reference
28
Item 4.
Description of Securities
28
Item 5.
Interests of Named Experts and Counsel
28
Item 6.
Indemnification of Directors and Officers
28
Item 7.
Exemption from Registration Claimed
30
Item 8.
Exhibits
30
Item 9.
Undertakings
31
SIGNATURES
32
FORWARD-LOOKING STATEMENTS
Our disclosure in this reoffer prospectus contains "forward-looking
statements." Forward-looking statements are our current expectations or forecasts of future events. You can identify these
statements by the fact that they do not relate strictly to historic or current facts. They use words such as "anticipate,"
"estimate," "expect," "project," "intend," "plan," "believe," "could,"
"should" and other words and terms of similar meaning. These statements may be found under the sections entitled "Risk
Factors" as well as in this prospectus generally. These include statements, among others, relating to our planned future
actions, our research and development plans, our prospective products or product approvals, future performance or results of anticipated
products, applications, customers, technologies our beliefs with respect to the sufficiency of our cash and cash equivalents,
plans with respect to funding operations, projected expense levels and the outcome of contingencies, such as future financial
results. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ
materially from our historical experience and our present expectations or projections.  Factors that could cause actual
results to differ from those discussed in the forward-looking statements include, but are not limited to:
·
our
                                         limited cash and a history of losses,
·
our
                                         future financial and operating results and our ability to achieve profitability,
·
our
                                         limited experience in marketing our product at a sustainable commercial level and need
                                         to expand our domestic and international marketing programs,
·
emerging
                                         competition and rapidly advancing technology or alternative therapies and treatments
                                         for persons suffering from blindness,
·
customer
                                         demand for the products we develop, effective pricing and obtaining reimbursement under
                                         government and private insurance programs,
4
·
our
                                         ability to secure additional FDA and CE Mark or other government approvals and certifications
                                         for treating AMD or other indications,
·
our
                                         need to conduct and pay for additional clinical trials to determine efficacy of the Argus
                                         II System in treating patients with AMD and for new products that we are planning on
                                         developing especially the Orion I product,
·
our
                                         ability to obtain adequate government and private party insurance reimbursements for
                                         our products domestically and in foreign markets,
·
the
                                         impact of competitive or alternative products, technologies and pricing,
·
general
                                         economic conditions and events and the impact they may have on us and our potential customers,
·
the
                                         adequacy of protections afforded to us by the patents that we own and license and the
                                         cost to us of maintaining,
enforcing and defending those
                                         patents and licenses,
·
our
                                         ability to obtain, expand and maintain patent protection in the future, and to protect
                                         our non-patented intellectual property,
·
our
                                         exposure to and ability to defend third-party claims and challenges to our patents, licenses
                                         and other intellectual property rights,
·
our
                                         ability to obtain adequate financing in the future,
·
our
                                         ability to continue as a going concern,
·
our
                                         intentions, expectations and beliefs regarding anticipated growth, market penetration
                                         and trends in our business,
·
the
                                         timing and success of our plan of commercialization,
·
the
                                         effects of market conditions on our stock price and operating results,
·
our
                                         ability to timely and effectively adapt our existing technology and have our technology
                                         solutions gain market acceptance,
·
our
                                         ability to comply with evolving legal standards and regulations, particularly concerning
                                         requirements for being a public company and United States export regulations,
·
our exposure to foreign currency fluctuations with regard to our European and other
                                                                                                                                      international operations
·
the
                                         attraction and retention of qualified employees and key personnel, and
·
other
                                         factors discussed in the "Risk Factors" section of this prospectus.
Forward-looking statements are based
upon management's beliefs and assumptions and are made as of the date of this prospectus. Any or all of our
forward-looking statements in this report may turn out to be wrong. They can be affected by inaccurate assumptions we might
make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. Actual
future results may vary materially as a result of these and other various factors, including, without limitation, the risks
outlined under the section entitled "Risk Factors" and matters described in this prospectus
generally.  In light of these risks and uncertainties, we cannot assure you that the forward-looking statements
contained in this prospectus will in fact occur.
You should not rely upon forward-looking statements as predictions
of future events. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot
guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking
statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness
of the forward-looking statements.
We undertake no obligation to update publicly any forward-looking
statements for any reason after the date of this prospectus to conform these statements to actual results or to changes in our
expectations, except as required by federal securities laws.. You are advised to consult any further disclosures we make in our
reports to the Securities and Exchange Commission including our reports on forms 10-Q, 8-K and 10-K. Our filings list various
important factors that could cause actual results to differ materially from expected results. We note these factors for investors
as permitted by the Private Securities Litigation Reform Act of 1995. You should understand that it is not possible to predict
or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks
or uncertainties.
5
THE COMPANY
We are a medical device company that develops, manufactures
and markets implantable visual prosthetics to restore some functional vision to blind patients. Our current product, the Argus®
II System, treats outer retinal degenerations, such as retinitis pigmentosa, which we refer to as RP in this prospectus. RP is
a hereditary disease, affecting an estimated 1.5 million people worldwide including about 100,000 people in the United States,
that causes a progressive degeneration of the light-sensitive cells of the retina, leading to significant visual impairment and
ultimately blindness. The Argus II System is the only retinal prosthesis approved in the United States by the Food and Drug Administration,
or FDA, and the first approved retinal prosthesis in the world. By restoring some functional vision in patients who otherwise
have total sight loss, the Argus II System can provide benefits which include,
·
improving
patients' orientation and mobility, such as locating doors and windows, avoiding obstacles, and seeing the lines of a crosswalk,
·
allowing
patients to feel more connected with people in their surroundings, such as seeing when someone is approaching or moving away,
·
providing
patients with enjoyment from being "visual" again, such as locating the moon, tracking groups of players as they move
around a field, and watching the moving streams of lights from fireworks, and
·
improving
patients' well-being and ability to perform activities of daily living.
The Argus II System provides an artificial form of vision
that differs from the vision that normally sighted people have. It does not restore normal vision and it does not slow or reverse
the progression of the disease. Results vary among patients. While the majority of patients receive a benefit from the Argus II,
some patients report receiving little or no benefit.
As with substantially all implantable medical devices, there
are risks for Argus II patients associated with the surgery necessary to implant the device and with the long-term implantation
and use of the device. Most side effects, such as eye pain, inflammation and eye redness, are minor in that they resolve on their
own or with medication. Since patients with Argus II implants have relatively little to no residual vision, the risk of adverse
events in terms of loss of remaining vision is minimal. However, some events, such as low eye pressure or thinning of the tissue
over the implant, can require surgery to treat. Adverse events are typically treatable with standard ophthalmic practices and
have not prevented continued use of the system.
Our Argus II System employs electrical stimulation to bypass
defunct photoreceptor cells and to stimulate remaining viable retinal cells, inducing light and visual perception in blind individuals.
The Argus II System works by converting video images captured by a miniature camera housed in a patient's glasses into a
series of small electrical pulses that are transmitted wirelessly to an array of electrodes that are implanted on the surface
of the retina. These pulses are intended to stimulate the retina's remaining cells, resulting in a corresponding perception
of patterns of light in the brain. Following the implant surgery patients learn to interpret these visual patterns thereby regaining
some functional vision, allowing them to detect shapes of people and objects in their surroundings.
RISK FACTORS
We are subject to various risks that may materially harm
our business, prospects, financial condition and results of operations. An investment in our common stock is speculative and involves
a high degree of risk. In evaluating an investment in shares of our common stock, you should carefully consider the risks described
below and the other risk factors set forth in our periodic and other filings with the SEC, including those set forth in our Annual
Report on Form 10-K for the year ended December 31, 2014, together with the other information included in this prospectus.
If any of the events described in the following risk factors
actually occurs, or if additional risks and uncertainties that are not presently known to us or that we currently deem immaterial
later materialize, then our business, prospects, results of operations and financial condition could be materially and adversely
affected. In that event, the trading price of our common stock could decline, and you may lose all or part of your investment
in our shares. The risks discussed below include forward-looking statements, and our actual results may differ substantially from
those discussed in these forward-looking statements.
6
Risks Related to Our Dependence on the ARGUS II System
We depend on the success of our first commercial product,
the Argus II System, which received European market clearance (CE Mark) in February 2011 and FDA approval in February 2013, in
the United States for RP; and on the regulatory approval of our current product and a new device under development, the Orion
I visual prosthesis (a modified version of the Argus II System), to treat other diseases causing blindness, in the US and other
countries, which may never occur.
Our future success depends upon building a commercial operation
in the US and expanding growth in Europe as well as entering additional markets to commercialize our Argus II System for both
RP and AMD. We believe our expanded growth will depend on the further development, regulatory approval and commercialization of
the Orion I product, which we anticipate can be used by nearly all profoundly blind individuals. If we fail to expand the use
of the Argus II System in a timely manner for other forms of retinal degeneration in addition to RP, or to develop the Orion I
product and penetrate the available markets which those applications are intended to serve, we may not be able to expand our markets
or to grow our revenue, our stock values could decline and investors may lose money.
Our revenue from sales of Argus II System is dependent
upon the pricing and reimbursement guidelines adopted in each country and if pricing and reimbursement levels are inadequate to
achieve profitability our operations will suffer.
Our financial success is dependent on our ability to price
our products in a manner acceptable to government and private payers while still maintaining our profit margins. Numerous factors
that may be beyond our control may ultimately impact our pricing of Argus II System and determine whether we are able to obtain
reimbursement or reimbursement at adequate levels from governmental programs and private insurance. If we are unable to obtain
reimbursement or our product is not adequately reimbursed, we will experience reduced sales, our revenues likely will be adversely
affected, and we may not become profitable.
Obtaining reimbursement approvals is time consuming, requires
substantial management attention, and is expensive. Our business will be materially adversely affected if we do not receive approval
for reimbursement of the Argus II System under government programs and from private insurers on a timely or satisfactory basis.
Limitations on coverage could also be imposed at the local Medicare Administrative Contractor level or by fiscal intermediaries
in the US and by regional, or national funding agencies in Europe. Our business could be materially adversely affected if the
Medicare program, local Medicare Administrative Contractors or fiscal intermediaries were to make such a determination and deny,
restrict or limit the reimbursement of Argus II System. Similarly in Europe these governmental and other agencies could deny,
restrict or limit the reimbursement of Argus II System at the hospital, regional or national level. Our business also could be
adversely affected if retinal specialists and the facilities within which they operate are not adequately reimbursed by Medicare
and other funding agencies for the cost of the procedure in which they implant the Argus II System on a basis satisfactory to
the administering retinal specialists and their facilities. If the local contractors that administer the Medicare program and
other funding agencies are slow to reimburse retinal specialists or provider facilities for the Argus II System, the retinal specialists
may delay their payments to us, which would adversely affect our working capital requirements. Also if the funding agencies delay
reimbursement payments to the hospitals, any increase to their working capital requirements could reduce their willingness to
treat blind patients who wish to have our devices implanted. If reimbursement for our products is unavailable, limited in scope
or amount, or if pricing is set at unsatisfactory levels, our business will be materially harmed.
Our commercial and financial success depends on the Argus
II System being accepted in the market, and if not achieved will result in our not being able to generate revenues to support
our operations.
Even if we are able to obtain favorable reimbursement within
the markets that we serve, commercial success of our products will depend, among other things, on their acceptance by retinal
specialists, ophthalmologists, general practitioners, low vision therapists and mobility experts, hospital purchasing and controlling
departments, patients, and other members of the medical community. The degree of market acceptance of any of our product candidates
will depend on factors that include:
7
·
cost
                                         of treatment,
·
pricing
                                         and availability of future alternative products,
·
the
                                         extent of available third-party coverage or reimbursement,
·
perceived
                                         efficacy of Argus II System relative to other future products and medical solutions,
                                         and
·
prevalence
                                         and severity of adverse side effects associated with treatment.
The activities of competitive medical device companies,
or others, may limit Argus II System's revenue.
Our commercial opportunities for Argus II System may be reduced
if our competitors develop or market products that are more effective, are better tolerated, receive better reimbursement terms,
are more accepted by physicians, have better distribution channels, or are less costly.
Currently, to our knowledge, no other medical
devices comparable to the Argus II System have been approved by regulatory agencies, both in the US and Europe, to restore
some functional vision in persons who have become blind due to RP. Other visual prosthesis companies such as Retina Implant
AG and Pixium Vision, both based in Europe, are developing retinal implant technologies to partially restore some vision in
blind patients. Retina Implant has obtained a CE mark for its Alpha IMS product but has not yet placed  its product into
general commercial sales to our knowledge, and to our knowledge neither Retina Implant nor Pixium has filed for
market approval with the FDA, nor to our knowledge has either company obtained an Investigational Device Exemption to begin
the required clinical trials in the US. These competitive therapies if or when developed or brought to market may result in
pricing and market access pressure even if Argus II System is otherwise viewed as a preferable therapy.
Many privately and publicly funded universities and other organizations
are engaged in research and development of potentially competitive products and therapies, such as stem cell and gene therapies,
some of which may target RP and other indications as our product candidates. These organizations include pharmaceutical companies,
biotechnology companies, public and private universities, hospital centers, government agencies and research organizations. Our
competitors include large and small medical device and biotechnology companies that may have significant access to capital resources,
competitive product pipelines, substantial research and development staffs and facilities, and substantial experience in medical
device development.
We may face substantial competition in the future and
may not be able to keep pace with the rapid technological changes which may result from others discovering, developing or commercializing
products before or more successfully than we do.
In general the development and commercialization of new medical
devices is highly competitive and is characterized by extensive research and development and rapid technological change. Our customers
consider many factors including product reliability, clinical outcomes, product availability, inventory consignment, and price
and product services provided by the manufacturer. Market share can shift as a result of technological innovation and other business
factors. We believe these risk factors are partially mitigated by the Argus II System being the sole product that is currently
available for commercial implantation in the US and Europe. Major shifts in industry market share have occurred in connection
with product problems, physician advisories and safety alerts, reflecting the importance of product quality in the medical device
industry, and any quality problems with our processes, goods and services could harm our reputation for producing high-quality
products and would erode our competitive advantage, sales and market share. Our competitors may develop products or other novel
technologies that are more effective, safer or less costly than any that we are developing and if those products gain market acceptance
our revenue and financial results could be adversely affected.
If we fail to develop new products or enhance existing products,
our leadership in the markets we serve could erode, and our business, financial condition and results of operations may be adversely
affected.
Risks Related to Our Business and Industry
We have incurred operating losses since inception and
expect to continue to incur losses for the foreseeable future.
8
We have had a history of operating losses and we expect that
operating losses will continue into the near term. Although we have had sales of the Argus II product, these limited sales have
not been sufficient to cover our operating expenses. Our ability to generate positive cash flow will also hinge on our ability
to correctly price our product to our markets, expand the use of the Argus II System, develop the Orion I visual prosthesis and
obtain government and private insurance reimbursement. As of March 31, 2015 we have total stockholders' equity of $30,459,135
and an accumulated deficit of $(157,620,305). We cannot assure you that we will be profitable even if we successfully commercialize
our products. Failure to become and remain profitable may adversely affect the market price of our common stock and our ability
to raise capital and continue operations.
We may be unable to continue as a going concern if we
do not successfully raise additional capital or if we fail to generate sufficient revenue from operations.
Primarily as a result of our limited revenue, history of losses
to date and our lack of liquidity, there is uncertainty as to our ability to continue as a going concern. If we are unable to
raise additional capital or if we are unable to generate sufficient revenue from our operations, we may not stay in business.
We have no committed sources of capital and there is no assurance that additional financing will be available when needed on terms
that are acceptable, if at all. These circumstances may discourage some investors from purchasing our stock, lending us money,
or from providing alternative forms of financing. The failure to satisfy our capital requirements would adversely affect our business,
financial condition, results of operations and prospects. Unless we raise additional funds, either through the sale of equity
securities or one or more collaborative arrangements, we will not have sufficient funds to continue operations. Even if we take
these actions, they may be insufficient, particularly if our costs are higher than projected or unforeseen expenses arise.
Our business is subject to international economic, political
and other risks that could negatively affect our results of operations or financial position.
We derive a significant portion of our revenues from Europe,
and we anticipate that revenue from Europe and other countries outside the US will increase. Accordingly, our operations are subject
to risks associated with doing business internationally, including:
·
currency
                                         exchange variations,
·
extended
                                         collection timelines for accounts receivable,
·
greater
                                         working capital requirements,
·
multiple
                                         legal systems and unexpected changes in legal and regulatory requirements,
·
the
                                         need to ensure compliance with the numerous regulatory and legal requirements applicable
                                         to our business in each of these jurisdictions and to maintain an effective compliance
                                         program to ensure compliance with these requirements,
·
political
                                         changes in the foreign governments impacting health policy and trade,
·
tariffs,
                                         export restrictions, trade barriers and other regulatory or contractual limitations that
                                         could impact our ability to sell or develop our products in certain foreign markets,
·
trade
                                         laws and business practices favoring local competition, and
·
adverse
                                         economic conditions, including the stability and solvency of business financial markets,
                                         financial institutions and sovereign nations and the healthcare expenditure of domestic
                                         or foreign nations.
The realization of any of these or other risks associated with
operating in Europe or other non-U.S. countries could have a material adverse effect on our business, results of operations or
financial condition.
We are subject to stringent domestic and foreign medical
device regulation and any unfavorable regulatory action may materially and adversely affect our financial condition and business
operations.
Our products, development activities and manufacturing processes
are subject to extensive and rigorous regulation by numerous government agencies, including the FDA and comparable foreign agencies.
To varying degrees, each of these agencies monitors and enforces our compliance with laws and regulations governing the development,
testing, manufacturing, labeling, marketing, distribution, and the safety and effectiveness of our medical devices. The process
of obtaining marketing approval or clearance from the FDA and comparable foreign bodies for new products, or for enhancements,
expansion of the indications or modifications to existing products, could:
9
·
take
                                         a significant, indeterminate amount of time,
·
require
                                         the expenditure of substantial resources,
·
involve
                                         rigorous pre-clinical and clinical testing, and possibly post-market surveillance,
·
involve
                                         modifications, repairs or replacements of our products,
·
require
                                         design changes of our products,
·
result
                                         in limitations on the indicated uses of our products, and
·
result
                                         in our never being granted the regulatory approval we seek.
Any of these occurrences that we might experience will cause
our operations to suffer, harm our competitive standing and result in further losses that adversely affect our financial condition.
We have ongoing responsibilities under FDA and international
regulations, both before and after a product is commercially released. For example, we are required to comply with the FDA's
Quality System Regulation (QSR), which mandates that manufacturers of medical devices adhere to certain quality assurance requirements
pertaining among other things to validation of manufacturing processes, controls for purchasing product components, and documentation
practices. As another example, the Medical Device Reporting regulation requires us to provide information to the FDA whenever
there is evidence that reasonably suggests that a device may have caused or contributed to a death or serious injury or, that
a malfunction occurred which would be likely to cause or contribute to a death or serious injury upon recurrence. Compliance with
applicable regulatory requirements is subject to continual review and is monitored rigorously through periodic inspections by
the FDA. If the FDA were to conclude that we are not in compliance with applicable laws or regulations, or that any of our medical
devices are ineffective or pose an unreasonable health risk, the FDA could ban such medical devices, detain or seize such medical
devices, order a recall, repair, replacement, or refund of such devices, or require us to notify health professionals and others
that the devices present unreasonable risks of substantial harm to the public health. The FDA has been increasing its scrutiny
of the medical device industry and the government is expected to continue to scrutinize the industry closely with inspections
and possibly enforcement actions by the FDA or other agencies. Additionally, the FDA may restrict manufacturing and impose other
operating restrictions, enjoin and restrain certain violations of applicable law pertaining to medical devices and assess civil
or criminal penalties against our officers, employees, or us. Any adverse regulatory action, depending on its magnitude, may restrict
us from effectively manufacturing, marketing and selling our products. In addition, negative publicity and product liability claims
resulting from any adverse regulatory action could have a material adverse effect on our financial condition and results of operations.
The number of preclinical and clinical tests that will be required
for regulatory approval varies depending on the disease or condition to be treated, the jurisdiction in which we are seeking approval
and the regulations applicable to that particular medical device. Regulatory agencies, including those in the US, Canada, Europe
and other countries where medical devices are regulated, can delay, limit or deny approval of a product for many reasons. For
example,
·
a
                                         medical device may not be safe or effective,
·
regulatory
                                         agencies may interpret data from preclinical and clinical testing differently than we
                                         do,
·
regulatory
                                         agencies may not approve our manufacturing processes,
·
regulatory
                                         agencies may conclude that our device does not meet quality standards for durability,
                                         long-term reliability, biocompatibility, electromagnetic compatibility, electrical safety,
                                         and
·
regulatory
                                         agencies may change their approval policies or adopt new regulations.
The FDA may make requests or suggestions regarding conduct
of our clinical trials, resulting in an increased risk of difficulties or delays in obtaining regulatory approval in the US. Any
of these occurrences could prove materially harmful to our operations and business.
10
We are also subject to stringent government regulation
in European and other foreign countries, which could delay or prevent our ability to sell our products in those jurisdictions.
We intend to pursue market authorizations for the Argus II
System and other product candidates in additional jurisdictions. For us to market our products in Europe and some other international
jurisdictions, we and our distributors and agents must obtain required regulatory registrations or approvals. The approval procedure
varies among countries and jurisdictions and can involve additional testing and the time and costs required to obtain approval
may differ from that required to obtain an approval by the FDA. Approval by the FDA does not ensure approval by regulatory authorities
in other countries or jurisdictions, and approval by one foreign regulatory authority does not ensure approval by regulatory authorities
in other foreign countries or jurisdictions or by the FDA. Violations of foreign laws governing use of medical devices may lead
to actions against us by the FDA as well as by foreign authorities. We must also comply with extensive regulations regarding safety,
efficacy and quality in those jurisdictions. We may not be able to obtain all the required regulatory registrations or approvals,
or we may be required to incur significant costs in obtaining or maintaining any regulatory registrations or approvals we receive.
Delays in obtaining any registrations or approvals required for marketing our products, failure to receive these registrations
or approvals, or future loss of previously obtained registrations or approvals would limit our ability to sell our products internationally.
For example, international regulatory bodies have adopted various regulations governing product standards, packaging requirements,
labeling requirements, import restrictions, tariff regulations, duties and tax requirements. These regulations vary from country
to country. In order to sell our products in Europe, we must maintain our ISO 13485:2003 certification and CE mark certification,
which is an international symbol of quality and compliance with applicable European medical device directives. Failure to maintain
the ISO 13485:2003 certification or CE mark certification or other international regulatory approvals would prevent us from selling
in some countries in Europe and elsewhere. The failure to obtain these approvals could harm our business materially.
Even if we obtain clearance or approval to sell our products,
we are subject to ongoing requirements and inspections that could lead to the restriction, suspension or revocation of our clearance.
We, as well as any potential collaborative partners such as
distributors, will be required to adhere to applicable FDA regulations regarding good manufacturing practice, which include testing,
control, and documentation requirements. We are subject to similar regulations in foreign countries. Even if regulatory approval
of a product is granted, the approval may be subject to limitations on the indicated uses for which the product may be marketed
or to the conditions of approval, or contain requirements for costly post-marketing testing and surveillance to monitor the safety
or efficacy of the product. Ongoing compliance with good manufacturing practice and other applicable regulatory requirements is
strictly enforced in the United States through periodic inspections by state and federal agencies, including the FDA, and in international
jurisdictions by comparable agencies. Failure to comply with these regulatory requirements could result in, among other things,
warning letters, fines, injunctions, civil penalties, recall or seizure of products, total or partial suspension of production,
failure to obtain premarket clearance or premarket approval for devices, withdrawal of approvals previously obtained, and criminal
prosecution. The restriction, suspension or revocation of regulatory approvals or any other failure to comply with regulatory
requirements would limit our ability to operate and could increase our costs.
The CE marking regulations are subject to a significant
effort to strengthen the regulatory regime for medical devices which, if adopted, will make clearance process more time consuming
and costly for us to obtain access to and continue to market within the European markets.
We are subject to an annual audit of compliance with the rules
necessary to support our CE Mark. In 2012 the European Commission proposed a new regulatory scheme which is likely to come into
effect in 2015 or 2016. It is anticipated that that the proposals which are currently being discussed by the Council of the European
Union, will impose significant additional obligations on medical device companies. The Council of the European Union expects that
these proposals will be adopted by the end of 2014 or early 2015, and if so the new regulations on medical devices would likely
become effective by 2016. Devices with a current CE marking may have to comply with additional, more challenging regulatory obligations,
the details of which are not yet clarified. We expect that changes being made to regulations will include stricter requirements
for clinical evidence and pre-market assessment of safety and performance, new classifications to indicate risk levels, requirements
for third party testing by government accredited groups for some types of medical devices, and tightened and streamlined quality
management system assessment procedures. Additionally we anticipate that the new regulations will require clinical evidence as
well as analytical performance levels, the details of which are yet to be provided. If the additional provisions proposed by the
European Parliament are adopted, this could lead to the involvement of the European Medicines Agency (EMA) in regulation of some
types of medical devices, in the qualification and monitoring of notified bodies (NBs), and enhancing the roles of other bodies,
including a new Medical Devices Coordination Group (MDCG). The European Parliament's proposed revisions would impose enhanced
competence requirements for NBs and "special notified bodies" (SNBs) for specific categories of devices, such as implantable
devices. This could result in stricter conformity assessment procedures. Although the extent of the new regulations is currently
uncertain the medical device industry anticipates that there will be significant changes under these initiatives to the regulation
of medical devices which will increase the time and costs for obtaining CE marking.
11
We have no large scale manufacturing experience, which
could limit our growth.
Our limited manufacturing experience may not enable us to make
products in the volumes that would be necessary for us to achieve a significant amount of commercial sales. Our product involves
new and technologically complex materials and processes and we currently experience low yields on our manufacturing process. As
we move from making small quantities of our product for clinical trials to larger quantities for commercial distribution, we must
develop new manufacturing techniques and processes that allow us to scale production. We may not be able to establish and maintain
reliable, efficient, full scale manufacturing at commercially reasonable costs in a timely fashion. Difficulties we encounter
in manufacturing scale-up, or our failure to implement and maintain our manufacturing facilities in accordance with good manufacturing
practice regulations, international quality standards or other regulatory requirements, could result in a delay or termination
of production. To date, our manufacturing activities have largely been to provide units for clinical testing and limited initial
sales of the Argus II System. We may face substantial difficulties in establishing and maintaining manufacturing for our products
at a larger commercial scale and those difficulties may impact the quality of our products and adversely affect our ability to
increase sales.
Materials necessary to manufacture Argus II may not be
available on commercially reasonable terms, or at all, which may delay development, manufacturing and commercialization of our
products.
We rely on numerous suppliers to provide materials, components
and services necessary to produce the Argus II System and next generation product candidates. Certain suppliers are currently
sole source because of our low manufacturing volumes and our need for specialty technical or other engineering expertise. Our
suppliers may be unable or unwilling to deliver these materials and services to us timely as needed or on commercially reasonable
terms. Should this occur, we would seek to qualify alternative suppliers or develop in-house manufacturing capability, but may
be unable to do so. Substantial design or manufacturing process modifications and regulatory approval might be required to facilitate
or qualify an alternate supplier. Even where we could qualify alternative suppliers the substitution of suppliers may be at a
higher cost and cause time delays including delays associated with additional possible FDA review, that impede the commercial
production of the Argus II System, reduce gross profit margins and impact our abilities to deliver our products as may be timely
required to meet demand.
Any failure or delay in completing clinical trials or
studies for new product candidates or next generation of the Argus II System and the expense of those trials could adversely affect
our business.
Preclinical studies and clinical trials required to demonstrate
the safety and efficacy of incremental changes and obtain indication expansion for the next generation of the Argus II System
and for new product candidates are time consuming and expensive. If we are required to conduct additional clinical trials or other
studies with respect to any of our product candidates beyond those that we have contemplated, or if we are unable to successfully
complete our clinical trials or other studies or if the results of these trials or studies are not positive or are only modestly
positive, we may be delayed in obtaining marketing approval for those product candidates, we may not be able to obtain marketing
approval or we may obtain approval for indications that are not as broad as intended. Our product development costs also will
increase if we experience delays in testing or approvals.
The completion of clinical trials for our product candidates
could be delayed because of our inability to manufacture or obtain from third-parties materials sufficient for use in preclinical
studies and clinical trials; delays in patient enrollment and variability in the number and types of patients available for clinical
trials; difficulty in maintaining contact with patients after treatment, resulting in incomplete data; poor effectiveness of product
candidates during clinical trials; unforeseen safety issues or side effects; and governmental or regulatory delays and changes
in regulatory requirements and guidelines.
If we incur significant delays in our clinical trials, our
competitors may be able to bring their products to market before we do which could result in harming our ability to commercialize
our products or potential products. If we experience any of these occurrences our business will be materially harmed.
12
To establish our sales and marketing infrastructure,
we will need to grow the size of our organization, and we may experience delays or other difficulties in managing this growth.
As our development and commercialization plans and strategies
evolve, we will need to expand the size of our employee base for managerial, operational, sales, marketing, financial and other
resources. Future growth would impose significant added responsibilities on members of management, including the need to identify,
recruit, maintain, motivate and integrate additional employees. Our management team may have to use a substantial amount of time
to managing these growth activities. Our future financial performance and our ability to commercialize the Argus II System and
our other product candidates and compete effectively will depend, in part, on our ability timely and effectively to manage any
future growth and related costs. We may not be able to effectively manage a rapid pace of growth and timely implement improvements
to our management infrastructure and control systems.
We may acquire additional businesses or form strategic
alliances in the future, and we may not realize the benefits of such acquisitions or alliances.
We may acquire additional businesses or products, form strategic
alliances or create joint ventures with third-parties that we believe will complement or augment our existing business. If we
acquire businesses with promising markets or technologies, we may not be able to realize the benefit of acquiring such businesses
if we are unable to successfully integrate them with our existing operations and company culture. We may have difficulty in developing,
manufacturing and marketing the products of a newly acquired company that enhances the performance of our combined businesses
or product lines to realize value from expected synergies. We cannot assure that, following an acquisition, we will achieve the
revenues or specific net income that justifies the acquisition.
If we lose key management personnel, or if we fail to
recruit additional highly skilled personnel, our ability to identify, develop and commercialize new or next generation product
candidates will be impaired, could result in loss of markets or market share and could make us less competitive.
We are highly dependent upon Robert J. Greenberg M.D., Ph.D.,
our President and Chief Executive Officer, and are also dependent on other members of our senior management team including Thomas
B Miller our Chief Financial Officer. Our executives have significant ophthalmic, regulatory industry, sales and marketing, operational,
and/or corporate finance experience. The loss of any management executive or any other principal member of our management team
could impair our ability to identify, develop and market new products or effectively deal with regulatory and reimbursement matters.
Our ability to utilize and benefit from our net operating
loss carryforwards and certain other tax attributes may be limited.
As of December 31, 2014, we had federal and state of California
income tax net operating loss carryforwards, which may be applied to future taxable income, of approximately $107,346,000 and
$101,807,000, respectively. To the extent that we continue to generate taxable losses, unused losses will carry forward to offset
future taxable income, if any, until these unused losses expire. However, we may be unable to use these losses to offset taxable
income before our unused losses expire at various dates that range from 2023 through 2034 for federal net operating losses and
from 2015 through 2034 for state net operating losses. Under Section 382 of the Internal Revenue Code of 1986, as amended, or
the Code, if a corporation undergoes an "ownership change," generally defined as a greater than 50 percentage point
change (by value) in its equity ownership over a three-year period, the corporation's ability to use its pre-change net
operating loss, or NOL, carryforwards to offset its post-change taxable income may be limited. Limitations may also apply to the
utilization of other pre-change tax attributes as a result of an ownership change. We have experienced ownership changes in the
past. We may experience additional ownership changes in connection with our recent IPO and in the future as a result of shifts
in our stock ownership, including shifts in our stock ownership that are outside of our control. As a result, our ability to use
our pre-change NOL carryforwards to offset taxable income may be subject to limitations. In addition, there may be periods during
which the use of NOL carryforwards is suspended or otherwise limited under state tax law. For these reasons, we may not be able
to utilize and benefit from a material portion of our NOL carryforwards and other tax attributes.
13
We could be adversely affected by violations of the U.S.
Foreign Corrupt Practices Act and similar worldwide anti-bribery laws.
The U.S. Foreign Corrupt Practices Act and similar worldwide
anti-bribery laws generally prohibit companies and their intermediaries from making improper payments to non-U.S. officials for
the purpose of obtaining or retaining business. We intend to adopt policies for compliance with these anti-bribery laws, which
often carry substantial penalties. We cannot assure you that our internal control policies and procedures always will protect
us from reckless or other inappropriate acts committed by our affiliates, employees or agents. Violations of these laws, or allegations
of such violations, could have a material adverse effect on our business, financial position and results of operations and could
cause the market value of our common stock to decline.
Risks Related to Intellectual Property and Other Legal
Matters
If we or our licensors are unable to protect our/their
intellectual property, then our financial condition, results of operations and the value of our technology and products could
be adversely affected.
Patents and other proprietary rights are essential to our business
and our ability to compete effectively with other companies is dependent upon the proprietary nature of our technologies. We also
rely upon trade secrets, know-how, continuing technological innovations and licensing opportunities to develop, maintain and strengthen
our competitive position. We seek to protect these, in part, through confidentiality agreements with certain employees, consultants
and other parties. Our success will depend in part on the ability of our licensors to obtain, maintain (including making periodic
filings and payments) and enforce patent protection for their intellectual property, in particular, those patents to which we
have secured exclusive rights. Our licensors may not successfully prosecute or continue to prosecute the patent applications which
we have licensed. Even if patents are issued in respect of these patent applications, we or our licensors may fail to maintain
these patents, may determine not to pursue litigation against entities that are infringing upon these patents, or may pursue such
enforcement less aggressively than we ordinarily would. Without adequate protection for the intellectual property that we own
or license, other companies might be able to offer substantially identical products for sale, which could unfavorably affect our
competitive business position and harm our business prospects.
Even if issued, patents may be challenged, invalidated, or
circumvented, which could limit our ability to stop competitors from marketing similar products or limit the length of term of
patent protection that we may have for our products.
Litigation or third-party claims of intellectual property
infringement or challenges to the validity of our patents would require us to use resources to protect our technology and may
prevent or delay our development, regulatory approval or commercialization of improvements in the Argus II System or new product
candidates. Further, the validity of some of our patents has been challenged.
Pixium Vision (Pixium) has filed oppositions in the
European Patent Office (EPO) challenging the validity of ten European patents owned or exclusively licensed by Second Sight.
Two of the patents are owned by Johns Hopkins University (JHU) and exclusively licensed to Second Sight. Eight of the patents
are owned by Second Sight. Second Sight was successful in the opposition division in the two JHU cases. However, at the
appeal level one of the JHU patents was preserved and one of JHU patents was invalidated. In the third proceeding Pixium was
successful in the opposition division, and we have appealed. In the fourth case we were successful in the opposition
division. In the fifth proceeding Pixium was successful in the opposition division, and we will appeal. Three of these
opposition cases have not reached a hearing in the opposition division. We have successfully opposed one Pixium patent and
Pixium has appealed this outcome. The seventh through tenth cases await initial action. These challenges to our patent
portfolio, if successful, may affect our ability to block competitors from utilizing this particular intellectual property in
Europe, but in our view have no material effect on our ability to make and sell the Argus II System or otherwise have any
material effect upon us. Of the six patents contested, two have reached final resolution with no further appeal
available within in the EPO. Of the  eight remaining patents, none apply to our current product. To our current knowledge,
none apply to any competitive product. These patents represent possible improvements that we, or a competitor, may wish to
use in the future. Remaining at issue are six out of nearly 300 patents we have to protect our technology. These EPO
proceedings involving us and Pixium include:
14
·
EP
1061874 Visual Prosthesis — upheld by the opposition and appellate divisions. No further appeal is available in the EPO.
·
EP
1061996 Apparatus for Preferential Outer Retinal Stimulation — upheld by the opposition division, lost in the appellate
division. No further appeal is available in the EPO.
·
EP
1171188 Retinal Color Prosthesis for Color Sight Restoration — successfully opposed in the opposition division, pending
before the Appellate Division.
·
EP2219728
Electrode Array for Even Neural Pressure Having Multiple Attachment Points — successfully upheld in the Opposition Division.
·
EP1937352
Sub-threshold Stimulation to Precondition Neurons for Supra-threshold Stimulation — successfully opposed in the Opposition
Division, pending before the Appellate Division.
·
EP2192949
— Return Electrode for a Flexible Circuit Electrode Array - Return Electrode for a Flexible Circuit Electrode Array - successfully
opposed in the Opposition Division, pending appeal
·
EP1949437
— Implantable Microelectronic Device and Method of Manufacture — opposition filed.
·
EP1945835
— Platinum Electrode Surface Coating and Method for Manufacturing the Same — opposition filed.
·
EP2061549
— Package for an Implantable Neural Stimulation Device — opposition filed.
·
EP2155327
– System for Providing Stimulation Inputs to a Visual Prosthesis Implant – opposition filed.
·
EP1986733
(Pixium) — Device with Flexible Multilayer System for Contacting or Electro-stimulation of Living Tissue Cells or Nerves
— successfully opposed and significantly narrowed.
If we are the target of claims by third parties asserting that
our products or intellectual property infringe upon the rights of others we may be forced to incur substantial expenses or divert
substantial employee resources from our business and, if successful, those claims could result in our having to pay substantial
damages or prevent us from developing one or more product candidates. Further, if a patent infringement suit were brought against
us or our collaborators, we or they could be forced to stop or delay research, development, manufacturing or sales of the product
or product candidate that is the subject of the suit.
If we experience patent infringement claims, or if we elect
to avoid potential claims others may be able to assert, we or our collaborators may choose to seek, or be required to seek, a
license from the third-party and would most likely be required to pay license fees or royalties or both. These licenses may not
be available on acceptable terms, or at all. Even if we or our collaborators were able to obtain a license, the rights may be
nonexclusive, which would give our competitors access to the same intellectual property. Ultimately, we could be prevented from
commercializing a product, or be forced to cease some aspect of our business operations if, as a result of actual or threatened
patent infringement claims, we or our collaborators are unable to enter into licenses on acceptable terms. This could harm our
business significantly. The cost to us of any litigation or other proceeding, regardless of its merit, even if resolved in our
favor, could be substantial. Some of our competitors may be able to bear the costs of such litigation or proceedings more effectively
than we can because of their having greater financial resources. Uncertainties resulting from the initiation and continuation
of patent litigation or other proceedings could have a material adverse effect on our ability to compete in the marketplace. Intellectual
property litigation and other proceedings may, regardless of their merit, also absorb significant management time and employee
resources.
If we fail to comply with our obligations in the agreements
under which we license development or commercialization rights to products or technology from third-parties, we could lose license
rights that are important to our business.
We hold exclusive licenses from Johns Hopkins University, Duke
University, and the Doheny Eye Institute to intellectual property relating to the Argus II visual prosthesis. These licenses impose
various commercialization, milestone payment, profit sharing, insurance and other obligations on us. If we fail to comply with
any material obligations, the licensor will have the right to terminate the applicable license, which covers part of the system
of the eye implant and thus will be a barrier to manufacture the Argus II System and impair our ability to sell the Argus II.
The existing or future patents to which we have rights based on our agreements with Johns Hopkins University, Duke University
and the Doheny Eye Institute may be too narrow to prevent third-parties from developing or designing around these patents. Additionally,
we may lose our rights to the patents and patent applications we license in the event of a breach or termination of the license
agreement. Each license expires with the expiration of the last of the licensed patents. In the case of JHU, the license will
expire March 13, 2018. While the JHU agreement includes a patent which is a significant obstacle to our competitors, it is one
of many other patents which in our view present material obstacles to our competitors. The DEI license includes ongoing research,
making the expiration date indeterminate, but in any event the expiration date is no earlier than August 8, 2033. The total aggregate
royalty on both agreements does not exceed 3.25% of Argus II System net sales. All of the patents in the DEI agreement are co-owned
with the Doheny Eye Institute. We license the Doheny Eye Institute's interest in the patents to maintain our exclusive use
on that intellectual property. Should the license terminate we retain the right to utilize the intellectual property, but may
not be able to prevent others from doing so, in which case we may lose a competitive advantage.
15
If we are unable to protect the confidentiality of our
proprietary information and know-how, the value of our technology and products could be adversely affected.
In addition to patented technology, we rely upon, among other
things, unpatented proprietary technology, processes, trade secrets and know-how. Any involuntary disclosure to or misappropriation
by third-parties of our confidential or proprietary information could enable competitors to duplicate or surpass our technological
achievements, potentially eroding our competitive position in our market. We seek to protect confidential or proprietary information
in part by confidentiality agreements with our employees, consultants and third-parties. While we require all of our employees,
consultants, advisors and any third-parties who have access to our proprietary know-how, information and technology to enter into
confidentiality agreements, we cannot be certain that this know-how, information and technology will not be disclosed or that
competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information
and techniques. These agreements may be terminated or breached, and we may not have adequate remedies for any such termination
or breach. Furthermore, these agreements may not provide meaningful protection for our trade secrets and know-how in the event
of unauthorized use or disclosure. To the extent that any of our staff were previously employed by other pharmaceutical, medical
technology or biotechnology companies, those employers may allege violations of trade secrets and other similar claims in relation
to their medical device development activities for us.
If we are unable to protect the intellectual property
used in our products, others may be able to copy our innovations which may impair our ability to compete effectively in our markets.
The strength of our patents involves complex legal and scientific
questions and can be uncertain. As of March 1, 2015 we have 308 issued patents and 172 pending patent applications on a worldwide
basis. Our patent applications may be challenged or fail to result in issued patents and our existing or future patents may be
too narrow to prevent third-parties from developing or designing around our intellectual property and in that event we may lose
competitive advantage and our business may suffer.
Further, the patent applications that we license or have filed
may fail to result in issued patents. The claims may need to be amended. Even after amendment, a patent may not issue and in that
event we may not obtain the exclusive use of the intellectual property that we seek and may lose competitive advantage which could
result in harm to our business.
Third-party claims of intellectual property infringement
may prevent or delay our commercialization efforts for Argus II and our development and commercialization activities for other
product candidates.
Although we are not currently aware of any litigation or other
proceedings or third-party claims of intellectual property infringement related to the Argus II System, the medical device industry
is characterized by many litigation cases regarding patents and other intellectual property rights. Other parties may in the future
allege that our activities infringe their patents or that we are employing their proprietary technology without authorization.
We may not have identified all the patents, patent applications or published literature that affect our business either by blocking
our ability to commercialize our product, by preventing the patentability of one or more aspects of our products or those of our
licensors or by covering the same or similar technologies that may affect our ability to market our product.
In addition, even in the absence of litigation, we may need
to obtain licenses from third-parties to advance our research or allow commercialization of our product candidates, and we have
done so from time to time. We may fail to obtain future licenses at a reasonable cost or on reasonable terms, if at all. In that
event, we may be unable to further develop and commercialize one or more of our product candidates, which could harm our business
significantly.
16
We may become involved in future lawsuits to protect
or enforce our patents or the patents of our licensors, which could be expensive, time consuming and unsuccessful.
Competitors may infringe our patents or the patents of our
licensors. To counter infringement or unauthorized use, we may file infringement claims, which can be expensive and time consuming.
In addition, in an infringement proceeding, a court may decide that a patent of ours or of our licensors is not valid or is unenforceable,
or may refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover the technology
in question. An adverse result in any litigation or defense proceedings could put one or more of our patents at risk of being
invalidated or interpreted narrowly and could put our patent applications at risk of not issuing.
The US Patent and Trademark Office may initiate interference
proceedings to determine the priority of inventions described in or otherwise affecting our patents and patent applications or
those of our collaborators or licensors. An unfavorable outcome could require us to cease using the technology or to attempt to
license rights to it from the prevailing party. Our business could be harmed if a prevailing party does not offer us a license
on terms that are acceptable to us. Litigation or interference proceedings may fail and, even if successful, may result in substantial
costs and distraction of our management and other employees. We may not be able to prevent, alone or with our licensors, misappropriation
of our proprietary rights, particularly in countries where the laws may not protect those rights as fully as in the US.
Product liability lawsuits could divert our resources,
result in substantial liabilities and reduce the commercial potential of our products.
We face a risk of product liability claims arising from the
prosthesis being inserted into the eye, and it is possible that we may be held liable for eye injuries of patients who receive
our product. These lawsuits may divert our management from pursuing our business strategy and may be costly to defend. In addition,
if we are held liable in any of these lawsuits, we may incur substantial liabilities and may be forced to limit or forego further
commercialization of one or more of our products. We maintain product liability insurance that covers our clinical trials and
commercial sales, our aggregate coverage limit under these insurance policies for an amount of $5,000,000, and while we believe
this amount of insurance currently is sufficient to cover our product liability exposure, these limits may not prove adequate
to fully cover potential liabilities. In addition, we may not be able to obtain or maintain sufficient insurance coverage at an
acceptable cost or otherwise to protect against potential product liability claims, which could prevent or inhibit the commercial
production and sale of our products. If the use of our products harm or are alleged to harm people, we may be subject to costly
and damaging product liability claims that exceed our policy limits and cause us significant losses that could seriously harm
our financial condition or reputation.
CE Marking does not absolve us from strict conformity
with all applicable European Union legislation and member state regulation where the product is offered and if we do not adhere
to these directives and regulations we may incur fines and other penalties that will prevent or delay market penetration of our
products.
The CE (European Conformity) marking is a symbol that manufacturers
affix to products to indicate that a product conforms to all relevant EU rules and regulations and that the manufacturer has performed
all necessary evaluation procedures. Although the CE mark allows manufacturers to place products on the market and permits free
movement of goods, it is not a mark of approval by the EU. The manufacturer and its authorized representative in EU are responsible
for all aspects of the product assessment, testing, documentation, declaration of conformity and CE marking, even where a formal
processing agent, the notified body, is required, as in the case of non-European based manufacturers. In all cases the manufacturer
and representative assume the full responsibility and liability even when using the services of a consultant or test laboratory.
Liability is not transferrable to third parties, including the notified body which is required for processing the certification.
Generally, there is strict liability applied to medical devices subject to the CE marking by directive 85/374/EEC, and testing
and reporting does not change or reduce this liability.
Legislative or regulatory reform of the health care system
in the US and foreign jurisdictions may adversely impact our business, operations or financial results.
Our industry is highly regulated and changes in law may adversely
impact our business, operations or financial results. In March 2010, the Patient Protection and Affordable Care Act, or PPACA,
and a related reconciliation bill were signed into law. This legislation changes the current system of healthcare insurance and
benefits intended to broaden coverage and control costs. The law also contains provisions that will affect companies in the medical
device industry and other healthcare related industries by imposing additional costs and changes to business practices.
17
Moreover, in some foreign countries, including countries in
Europe and Canada, the pricing of approved medical devices is subject to governmental control. In these countries, pricing negotiations
with governmental authorities can take 12 months or longer after the receipt of regulatory approval and product launch. To obtain
reimbursement or pricing approval in some countries, we may be required to conduct a clinical trial that compares the cost-effectiveness
of our product candidate to other available therapies. Our business could be materially harmed if reimbursement of our products
is unavailable or limited in scope or amount or if pricing is set at unsatisfactory levels.
We cannot predict what healthcare reform initiatives may be
adopted in the future. Further federal and state legislative and regulatory developments are likely, and we expect ongoing initiatives
in the U.S and Europe. These reforms could have an adverse effect on our ability to obtain timely regulatory approval for new
products and on anticipated revenues from the Argus II System and other product candidates, both of which may affect our overall
financial condition.
We may incur significant increased costs as a result
of operating as a public company, and our management will be required to devote substantial time to compliance requirements.
As a public company, we will incur significant legal, accounting
and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented
by the SEC and NASDAQ, have imposed various requirements on public companies, including requiring establishment and maintenance
of effective disclosure and financial controls and changes in corporate governance practices. Our management and other personnel
will be required to devote a substantial amount of time to these new compliance requirements. Moreover, these rules and regulations
will substantially increase our legal and financial compliance costs and will make some activities more time consuming and costly.
These rules and regulations will make it more difficult and more expensive for us to maintain our existing director and officer
liability insurance or to obtain similar coverage from an alternative provider.
We are an "emerging growth company," and
we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock
less attractive to investors.
For so long as we remain an "emerging growth company"
as defined in the JOBS Act, we may take advantage of certain exemptions from various requirements that are applicable to public
companies that are not "emerging growth companies," including not being required to comply with the independent auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and stockholder approval of any golden parachute payments not previously approved. We may take advantage of these
exemptions for so long as we are an "emerging growth company," which could be as long as five years following the
completion of this offering. Investors may find our common stock less attractive because we rely on these exemptions. If some
investors find our common stock less attractive as a result, there may be a less active trading market for our common stock, and
our stock price may be more volatile or may decline.
In addition, Section 107 of the JOBS Act also provides that
an "emerging growth company" can take advantage of an extended transition period for complying with new or revised
accounting standards. However, we chose to "opt out" of this extended transition period, and as a result, we intend
to comply with new or revised accounting standards on the relevant dates that adoption of those standards may be required for
non-emerging growth companies. Our decision to opt out of the extended transition period for complying with new or revised accounting
standards is irrevocable.
We will be required to evaluate our internal control
over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002, and any adverse results from such evaluation could
result in a loss of investor confidence in our financial reports and have an adverse effect on our stock price.
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002,
we will be required to furnish a report by our management on our internal control over financial reporting the year following
our first annual report required to be filed with the SEC. The report will contain, among other matters, an assessment of the
effectiveness of our internal control over financial reporting as of the end of our fiscal year, including a statement as to whether
or not our internal control over financial reporting is effective. This assessment must include disclosure of any material weaknesses
in our internal control over financial reporting identified by management. If we are unable to assert that our internal control
over financial reporting is effective, we could lose investor confidence in the accuracy and completeness of our financial reports,
which could have an adverse effect on our stock price.
18
Risks Relating to Our Financial Results and Need for
Financing
Fluctuations in our quarterly operating results and cash
flows could adversely affect the price of our common stock.
The revenues we generate and our operating results will be
affected by numerous factors such as:
·
the
                                         commercial success of the Argus II System,
·
our
                                         ability to obtain regulatory approval of the Argus II System in additional jurisdictions,
·
our
                                         ability to obtain regulatory approval of the Argus II System for treatment of AMD,
·
the
                                         emergence of products that compete with our product candidates,
·
the
                                         status of our preclinical and clinical development programs,
·
variations
                                         in the level of expenses related to our existing product candidates or preclinical and
                                         clinical development programs,
·
execution
                                         of collaborative, licensing or other arrangements, and the timing of payments received
                                         or made under those arrangements,
·
any
                                         intellectual property infringement lawsuits to which we may become a party,
·
regulatory
                                         developments affecting our product candidates or those of our competitors, and
·
our
                                         ability to obtain reimbursement from government or private payers.
If our quarterly operating results fall below the expectations
of investors or securities analysts, the price of our common stock could decline substantially. Any quarterly fluctuations in
our operating results and cash flows may cause the price of our stock to fluctuate substantially. We believe that, in the near
term, quarterly comparisons of our financial results are not necessarily meaningful and should not be relied upon as an indication
of our future performance.
We will need additional capital to support our growth.
Additional capital may be difficult to obtain, restricting our operations and resulting in additional dilution to our stockholders.
We raised net proceeds of approximately $34.2 million from
the IPO we completed in November 2014. Our business will require additional capital for implementation of our long term business
plan. We believe our cash, cash equivalents and other investments will be sufficient to fund our operations over approximately
18 to 24 months following the IPO. However, the actual amount of funds that we will need for our business development will be
determined by many factors, some of which are beyond our control, and we may need funds sooner than currently anticipated. These
factors include:
·
the
                                         amount of our future operating losses,
·
third
                                         party expenses relating to the commercialization of the Argus II System,
·
the
                                         need and cost of conducting additional clinical trials of the Argus II System for other
                                         applications,
·
the
                                         amount of our research and development, including research and development for Orion
                                         I visual prosthesis, marketing and general and administrative expenses, and
·
regulatory
                                         changes and technological developments in our markets.
As we require additional funds, we may seek to fund our operations
through the sale of equity securities, additional debt financing and strategic collaboration agreements. We cannot be sure that
additional financing from any of these sources will be available when needed or that, if available, the additional financing will
be obtained on terms favorable to us or our stockholders. If we raise additional funds by selling shares of our capital stock,
the ownership interest of our current stockholders will be diluted. If we are unable to obtain additional funds on a timely basis
or on terms favorable to us, we may be required to cease or reduce further commercialization of the Argus II System, to cease
or reduce certain research and development projects, to sell some or all of our technology or assets or business units or to merge
all or a portion of our business with another entity.
19
Risks Related to the Securities Market and Ownership
of Our Common Stock
The price of our common stock may be volatile and the
value of your investment could decline.
Medical technology stocks have historically experienced high
levels of volatility. The trading price of our common stock may fluctuate substantially. The market price of our common stock
may be higher or lower than the price you pay in the offering, depending on many factors, some of which are beyond our control
and may not be related to our operating performance. These fluctuations could cause you to lose substantially all or part of your
investment in our common stock. Factors that could cause fluctuations in the trading price of our common stock include:
·
announcements
                                         of new offerings, products, services, therapies, treatments or technologies, commercial
                                         relationships, acquisitions or other events by us or our competitors,
·
challenges
                                         to our patents and the patents underlying the patents and intellectual property that
                                         we license,
·
United
                                         States and European approvals or denials of our products,
·
price
                                         and volume fluctuations in the overall stock market from time to time,
·
significant
                                         volatility in the market price and trading volume of technology companies in general,
·
fluctuations
                                         in the trading volume of our shares or the size of our public float,
·
actual
                                         or anticipated changes or fluctuations in our results of operations,
·
whether
                                         our results of operations meet the expectations of securities analysts or investors,
·
actual
                                         or anticipated changes in the expectations of investors or securities analysts,
·
litigation
                                         involving us, our industry, or both,
·
regulatory
                                         developments in the United States, foreign countries, or both,
·
general
                                         economic conditions and trends,
·
major
                                         catastrophic events,
·
lockup
                                         releases, sales of large blocks of our common stock,
·
departures
                                         of key employees, or
·
an
                                         adverse impact on the company from any of the other risks cited herein.
In addition, if the market for medical technology stocks or
the stock market, in general, experiences a loss of investor confidence, the trading price of our common stock could decline for
reasons unrelated to our business, results of operations or financial condition. The trading price of our common stock might also
decline in reaction to events that affect other companies in our industry even if these events do not directly affect us. In the
past, following periods of volatility in the market price of a company's securities, securities class action litigation
has often been brought against that company. If our stock price is volatile, we may become the target of securities litigation.
Securities litigation could result in substantial costs and divert our management's attention and resources from our business.
This could have a material adverse effect on our business, results of operations and financial condition.
Sales of substantial amounts of our common stock in the
public markets, including sales after the "lock-up" period, or the perception that sales might occur, could reduce
the price of our common stock and may dilute your voting power and ownership interest in us.
Sales of a substantial number of shares of our common stock
in the public market from persons previously subject to lock-up pursuant to our IPO, or the perception that these sales could
occur, could adversely affect the market price of our common stock and may make it more difficult for you to sell your common
stock at a time and price that you deem appropriate.
Subject to certain exceptions, our directors, officers
and our stockholders beneficially owning 10% or more of our common stock and certain of our consultants have agreed not to
offer, sell or agree to sell, directly or indirectly, any shares of common stock without the permission of MDB Capital Group,
our IPO underwriter, for a period of 12 months ending November 18, 2015. Certain of our executives, other employees and
consultants have agreed to similar lock-up agreements for a period of six months from the date of the IPO, ending after May
17, 2015. When these lockup periods expire, the locked-up security holders will be able to sell shares in the public market.
In addition, the underwriter may, in its sole discretion, release all or some portion of the shares subject to lock-up
agreements prior to the expiration of the applicable lock-up period. We disclosed in our prospectus dated November 18, 2014,
that Dr. Greenberg, our chief executive officer, may sell up to 100,000 shares of Common Stock between February 15 and April
15, 2015. Dr. Greenberg sold 100,000 shares of Common Stock in the aggregate on March 20 and March 23, 2015. We also disclosed
in that prospectus that three of our executives, who have options to purchase 210,000 shares of common stock that expire in
September 2015, are subject to the six month lock-up ending May 17, 2015. Dr. Greenberg, who has options to purchase 150,000
shares that were granted under the 2011 Plan, is one of those three executives. Sales of a substantial number of such shares
by directors, officers or employees, or the perception that such sales may occur, or early release of lock-ups, could cause
our share price to fall or make it more difficult for you to sell your common stock at a time and price that you deem
appropriate.
20
Holders of up to approximately 22,898,690 shares of our common
stock, and holders of up to 805,000 shares of common stock underlying the underwriter's warrant, will have rights, subject
to some conditions, to require us to file a registration statement covering the sale of their shares or to include their shares
in registration statements that we may file for ourselves or other stockholders.
Certain of our stockholders have the ability to control
the outcome of matters submitted for stockholder approval and may have interests that differ from those of our other stockholders.
As of April 7, 2015 our executive officers, key employees,
directors and their affiliates beneficially own in the aggregate approximately 65.3% of the outstanding shares of our common stock.
As a result, these stockholders, if acting together, may be able to exercise significant influence over all matters requiring
stockholder approval, including the election of directors and the approval of significant corporate transactions. They may also
have interests that differ from yours and may vote in a manner that is adverse to your interests. This concentration of voting
power may have the effect of deterring, delaying or impeding actions that could be beneficial to you, including actions that may
be supported by our board of directors, and deprive our shareholders of an opportunity to receive a premium for their common stock
as part of sale of our company and might ultimately affect the market price of our common stock.
If the Long Term Investor Right is triggered we
will become obligated to deliver additional shares to holders of common stock who (i) purchased shares in the IPO and (ii)
subsequently perfected their rights to LTIR interests according to a formula limited to no more than one share for each
share acquired in the IPO.
If the Long Term Investor Right is triggered our
other stockholders will incur dilution and may experience a decline in the value of their shares.
21
We do not intend to pay dividends for the foreseeable
future and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our
common stock.
We have never declared or paid any dividends on our common
stock. We intend to retain any earnings to finance the operation and expansion of our business, and we do not anticipate paying
any cash dividends in the future. As a result, you may only receive a return on your investment in our common stock if the market
price of our common stock increases.
Future sales and issuances of our equity securities or
rights to purchase our equity securities, including pursuant to our equity incentive plans, would result in dilution of the percentage
ownership of our stockholders and could cause our stock price to fall.
To the extent we raise additional capital by issuing equity
securities; our stockholders may experience substantial dilution. We may sell common stock, convertible securities or other equity
securities in one or more transactions at prices and in a manner we determine from time to time. If we sell common stock, convertible
securities or other equity securities in more than one transaction or if our employees and consultants exercise their options
to purchase shares of our Common Stock, investors may be diluted by subsequent sales. Such sales may also result in material dilution
to our existing stockholders, and new investors could gain rights superior to existing stockholders.
The public market for our common stock has been volatile
since completion of our initial public offering in November 2014. This volatility may affect the ability of our investors to sell
their shares as well as the price at which they sell their shares.
We completed our initial public offering in November 2014.
Since that time, our shares have traded from $8.05 per share to $24.02 per share and day-to-day trading often has been volatile.
This volatility may continue or increase in the future. The market price for the shares may be significantly affected by factors
such as progress in the development of our technology, progress in our pre-clinical and clinical trials, agreements with research
facilities or co-development partners, commercialization of our technology, coverage by third party payers, variations in quarterly
and yearly operating results, general trends in the medical device industry, and changes in FDA and foreign regulations affecting
us and our industry. Furthermore, in recent years the stock market has experienced extreme price and volume fluctuations that
are unrelated or disproportionate to the operating performance of the affected companies. Those broad market fluctuations may
materially and adversely affect the market price of our common stock.
Substantial future sales of shares of common stock in
the public market could cause our stock price to fall.
If our common stockholders (including those persons who may
become common stockholders upon exercise of our options or warrants) sell substantial amounts of our common stock, or the public
market perceives that stockholders might sell substantial amounts of our common stock, the market price of our common stock could
decline significantly. Such sales also might make it more difficult for us to sell equity or equity-related securities in the
future at a time and price that our management deems appropriate.
We have the right to issue shares of preferred stock.
If we were to issue preferred stock, it is likely to have rights, preferences and privileges that may adversely affect the common
stock.
We are authorized to issue 10,000,000 shares of "blank
check" preferred stock, with such rights, preferences and privileges as may be determined from time-to-time by our board
of directors. Our board of directors is empowered, without stockholder approval, to issue preferred stock in one or more series,
and to fix for any series the dividend rights, dissolution or liquidation preferences, redemption prices, conversion rights, voting
rights, and other rights, preferences and privileges for the preferred stock. No shares of preferred stock are presently issued
and outstanding and we have no immediate plans to issue shares of preferred stock. The issuance of shares of preferred stock,
depending on the rights, preferences and privileges attributable to the preferred stock, could adversely reduce the voting rights
and powers of the common stock and the portion of our assets allocated for distribution to common stockholders in a liquidation
event, and could also result in dilution in the book value per share of the common stock we are offering. The preferred stock
could also be utilized, under certain circumstances, as a method for raising additional capital or discouraging, delaying or preventing
a change in control of our company, to the detriment of the investors in the common stock offered hereby. We cannot assure you
that we will not, under certain circumstances, issue shares of our preferred stock.
22
USE OF PROCEEDS
The Company will not receive any proceeds from the sale of
the Common Stock by the Selling Stockholders to others. All sales proceeds will be received by the Selling Stockholders.
We will bear all costs, expenses and fees in connection with
the registration of the Common Stock. Brokerage commissions and similar selling expenses, if any, attributable to the offer or
sale of the shares will be borne by the Selling Stockholders.
SELLING STOCKHOLDERS
The common stock
being registered by this prospectus consists of (i) 5,412,027 shares that will be or are held by persons who acquired or will
acquire those shares upon exercise of options granted under the 2011 Plan or, (ii) the 125,000 shares issuable under
the January 2014 Plan, or (iii) 250,000 shares from and pursuant to the terms of the ESPP. This
prospectus also covers possible resales by certain Company officers, employees and non-employees.
We are registering
these shares to permit the selling stockholders to resell their shares when they deem appropriate.  The selling stockholders
may resell all, a portion, or none of their shares, at any time and from time to time.  The selling stockholders may
also sell, transfer or otherwise dispose of some or all of their shares in transactions exempt from the registration requirements
of the Securities Act.  We do not know when or in what amounts the selling stockholders may offer their common stock
for sale under this prospectus. We will provide the names of any selling stockholders and the number of shares of common stock
sold by such selling stockholders by means of a prospectus supplement.
The table below sets forth with respect to the Selling Stockholders,
based upon information available to the Company as of May 13, 2015, the number of shares of Company's common stock owned
(including, where applicable, the Common Stock covered by this reoffer prospectus, the common stock not covered by this reoffer
prospectus and options to purchase the Common Stock), the number of shares of common stock registered by this reoffer prospectus
and the number and percent of outstanding shares of Company's common stock that will be owned after the sale of the registered
common stock assuming the sale of all of the registered common stock.
Selling Stockholder
Number of Shares of
Company Common
Stock Owned Before
Sale
Number of Shares of
Company Stock
Registered by this
Reoffer Prospectus
Number of Shares of
Company Stock
Owned After Sale
Percentage of Shares
of Company Stock
Owned After Sale
Mark Humayun, M.D., Ph.D.
179,040
50,866
128,174
*
Eugene De Juan, M.D.
27,792
25,000
2,792
*
Neil Talbot, Ph.D. (1)
58,405
9,017
49,388
*
David Zhou, Ph.D. (2)
54,136
14,725
39,411
*
Rongqing Dai (3)
36,259
5,000
31,259
*
Victoria Wilinski (4)
24,213
2,000
22,213
*
Jordan Neysmith (5)
13,388
5,000
8,388
*
Karl-Heinz Ihrig (6)
4,905
3,000
1,905
*
Amy Hines
3,000
3,000
-
*
Donald Webber (7)
2,155
750
1,405
*
Tomasita Rodriguez
1,249
1,249
-
*
Charles Byers (8)
1,203
1,081
122
*
Inna Bergal (9)
600
400
200
*
23
*
Represents beneficial ownership of less than
    one percent.
1.
Includes 10,017 shares of common stock held by Neil Talbot and
    currently exercisable options to purchase 48,388 shares of common stock.
2.
Includes 14,725 shares of common stock held by David Zhou and currently
    exercisable options to purchase 39,411 shares of common stock.
3.
Includes 5,000 shares of common stock held by Rongqing Dai and
    currently exercisable options to purchase 31,259 shares of common stock.
4.
Includes 2,000 shares of common stock held by Victoria Wilinski
    and currently exercisable options to purchase 22,213 shares of common stock.
5.
Includes 5,000 shares of common stock held by Jordan Neysmith and
    currently exercisable options to purchase 8,388 shares of common stock.
6.
Includes 3,000 shares of common stock held by Karl-Heinz Ihrig
    and currently exercisable options to purchase 1,905 shares of common stock.
7.
Includes 750 shares of common stock held by Don Weber and currently
    exercisable options to purchase 1,405 shares of common stock.
8.
Includes 1,081 shares of common stock held by Charles Byers and
    currently exercisable options to purchase 122 shares of common stock.
9.
Includes 400 shares of common stock held by Inna Bergal and currently
    exercisable options to purchase 200 shares of common stock.
24
Under the Securities Exchange Act of 1934, any person engaged
in a distribution of the shares offered by this reoffer prospectus may not simultaneously engage in market making activities with
respect to our common shares during the applicable "cooling off" periods prior to the commencement of such distribution.
In addition, and without limiting the foregoing, the Selling
Stockholders will be subject to applicable provisions of the Securities Exchange Act of 1934 and the rules and regulations thereunder,
which provisions may limit the timing of purchases and sales of the shares by the Selling Stockholders.
PLAN OF DISTRIBUTION
The Selling Stockholders and any of their pledgees, donees,
assignees, transferees, may sell any or all of the shares of Common Stock from time to time under this reoffer prospectus in one
or more transactions on the Nasdaq Capital Market or any stock exchange, market or trading facility on which the Common Stock
is traded, in a negotiated transaction or in a combination of such methods of sale, at market prices prevailing at the time of
sale, at prices related to such prevailing market prices or at prices otherwise negotiated. The Selling Stockholders will act
independently of the Company in making decisions with respect to the timing, manner and size of each sale. The Selling Stockholders
may use any one or more of the following methods when selling shares:
·
ordinary
                                         brokerage transactions and transactions in which the broker-dealer solicits purchasers;
·
block
                                         trades in which the broker-dealer will attempt to sell the shares as agent but may position
                                         and resell a portion of the block as principal to facilitate the transaction;
·
purchases
                                         by a broker-dealer as principal and resale by the broker-dealer for its account;
·
an
                                         exchange distribution in accordance with the rules of the applicable exchange;
·
privately
                                         negotiated transactions;
·
underwritten
                                         offerings;
·
short
                                         sales;
·
agreements
                                         by the broker-dealer and the Selling Stockholders to sell a specified number of such
                                         shares at a stipulated price per share;
·
a
                                         combination of any such methods of sale; and
·
any
                                         other method permitted by applicable law.
The Selling Stockholders may also sell shares under Rule 144
under the Securities Act, if available, under Section 4(a)(1) of the Securities Act or directly to the Company in certain circumstances
rather than under this reoffer prospectus.
Unless otherwise prohibited, the Selling Stockholders may
enter into hedging transactions with broker-dealers or other financial institutions in connection with distributions of the
shares or otherwise. In such transactions, broker-dealers or financial institutions may engage in short sales of the shares
in the course of hedging the position they assume with the Selling Stockholders. The Selling Stockholders may also engage in
short sales, puts and calls, forward-exchange contracts, collars and other transactions in our securities or derivatives of
our securities and may sell or deliver shares in connection with these trades. If the Selling Stockholders sell shares short,
they may redeliver the shares to close out such short positions. The Selling Stockholders may also enter into option or other
transactions with broker-dealers or financial institutions which require the delivery to the broker-dealer or the financial
institution of the shares. The broker-dealer or financial institution may then resell or otherwise transfer such shares
pursuant to this reoffer prospectus. In addition, the Selling Stockholders may loan their shares to broker-dealers or
financial institutions who are counterparties to hedging transactions and the broker-dealers, financial institutions or
counterparties may sell the borrowed shares into the public market. The Selling Stockholders may also pledge their shares to
brokers or financial institutions and under margin loans the broker or financial institution may, from time to time, offer and
sell the pledged shares. The Selling Stockholders have advised us that they have not entered into any agreements,
understandings or arrangements with any underwriters, broker-dealers or financial institutions regarding the sale of their
shares other than ordinary course brokerage arrangements, nor is there an underwriter or coordinating broker acting in
connection with the proposed sale of shares by the Selling Stockholders.
25
The Selling Stockholders and any broker-dealers that participate
in the distribution of the Common Stock may be deemed to be "underwriters" within the meaning of Section 2(11) of the
Securities Act, and any commissions received by them and any profit on the resale of the Common Stock sold by them may be deemed
to be underwriting discounts and commissions under the Securities Act. All selling and other expenses incurred by the Selling
Stockholders will be borne by the Selling Stockholders.
There is no assurance that the Selling Stockholders will sell
all or any portion of the shares of Common Stock offered.
All expenses of the registration statement including, but not
limited to, legal accounting, printing and mailing fees are and will be borne by us. Any commissions, discounts or other fees
payable to brokers or dealers in connection with any sale of the shares of common stock will be borne by the Selling Stockholders,
the purchasers participating in such transaction, or both.
EXPERTS
Our financial statements for the years ended December 31, 2014
and 2013 incorporated by reference in the Annual Report on Form 10-K for the year ended December 31, 2014 have been audited by
Gumbiner Savett Inc., an independent registered public accounting firm as set forth in their report. Such financial statements
have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.
LEGAL MATTERS
The validity of the shares of Common Stock offered hereby will
be passed upon for the Company by the Law Offices of Aaron A. Grunfeld, 11111 Santa Monica Boulevard, Suite 1840, Los Angeles,
California 90025. As of the date of this registration statement, Law Offices of Aaron A. Grunfeld collectively own 38,400 shares
of the Company's common stock.
WHERE YOU CAN FIND MORE INFORMATION
We file
annual and quarterly reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), with the Securities and Exchange Commission (the "SEC"). You may read and copy any document
the Company files at the SEC's public reference rooms located at 450 Fifth Street, N.W., Washington, D.C. 20549. Please call the
SEC at 1-800-SEC-0330 for further information on the public reference rooms. The Company's SEC filings are also available to the
public from the SEC's web site at http://www.sec.gov. Additional information about the Company may also be obtained at the Investor
Relations section of our web site at http://investors.secondsight.com
/
.
The Company has filed with the SEC a registration statement
on Form S-8 (the "Registration Statement") under the Securities Act with respect to the Common Stock. This reoffer prospectus,
which constitutes a part of that Registration Statement, does not contain all the information contained in that Registration Statement
and its exhibits. For further information with respect to the Company and the common stock, you should consult the Registration
Statement and its exhibits. Statements contained in this reoffer prospectus concerning the provisions of any documents are necessarily
summaries of those documents, and each statement is qualified in its entirety by reference to the copy of the document filed with
the SEC. The Registration Statement and any of its amendments, including exhibits filed as a part of the Registration Statement
or an amendment to the Registration Statement are available for inspection and copying through the entities listed above.
INCORPORATED DOCUMENTS BY REFERENCE
The SEC allows the Company to "incorporate by reference"
the information that we file with them, which means that we can disclose important information to you by referring you to the
other information we have filed with the SEC. The information that we incorporate by reference is considered to be part of this
reoffer prospectus, and information that we file later with the SEC will automatically update and supersede this information.
26
The following documents filed by us with the SEC pursuant to
Section 13 of the Exchange Act and any future filings under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act made before
the termination of the offering are incorporated by reference:
(1)
The Company's prospectus filed with the Commission on November 20, 2014 pursuant to Rule 424(b) under the 1933 Act relating
to the Registrant's Registration Statement on Form S-1, as amended (Registration No. 333-
198073
);
(2) The Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, filed with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), on March 17, 2015, and the exhibits therein;
(3) The description of the shares of common stock, no par value
per share, contained in the Company's registration statement on Form 8-A filed with the Commission on November 14, 2014 as amended
(File Number 333-198073) pursuant to Section 12(b) of the Exchange Act, which incorporates by reference the description of the
shares of common stock, no par value , contained in the registration statement on Form S-1 (File Number 333-198073) initially
filed by the Company on August 12, 2014 and declared effective by the Commission on November 18, 2014, and any amendment or report
filed with the Commission for purposes of updating such description;
(4) The Company's Quarterly Report on Form 10Q for the quarter
ended March 31, 2015, filed with the Commission on May 15, 2015, and the exhibits therein; and
(5) The Company's Definitive Proxy Statement on
Schedule 14A filed with the Commission on April 16, 2015.
All documents that we have filed with the SEC pursuant to Section
13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this reoffer prospectus and prior to the completion of
the offering shall be deemed to be incorporated by reference into this reoffer prospectus and to be part of this reoffer prospectus
from the date of filing of these documents.
The Company will provide without charge to each person, including
any beneficial owner, to whom a copy of this reoffer prospectus is delivered a copy of any or all documents incorporated by reference
into this reoffer prospectus except the exhibits to such documents, unless such exhibits are specifically incorporated by reference
in such documents. You may request copies by writing or telephoning Thomas B. Miller, our Chief Financial Officer, Second Sight
Medical Products, Inc., 12744 San Fernando Road, Building 3, Sylmar, California 91342; telephone number (818) 833-5000.
INDEMNIFICATION
Our Restated Articles of Incorporation provides for us to indemnify
our directors and officers to the fullest extent authorized by California law. This indemnification would cover all expenses and
liabilities reasonably incurred in connection with their services for or on behalf of us. In addition, our Restated Articles of
Incorporation provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary
duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally
violated the law, authorized illegal dividends or redemptions or derived an improper personal benefit from their action as directors.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions,
the Company has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is therefore unenforceable.
27
PART II
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents, which have been filed by the Company
with the Commission, are incorporated in the Registration Statement by reference:
(1) The prospectus filed by the Registrant with the Commission
on November 20, 2014 which contains audited financial statements for the year ended December 31, 2013;
(2) The description of the shares of common stock, no par value,
contained in the Company's registration statement on Form 8-A filed with the Commission on November 14, 2014, as amended;
(3) The Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, filed with the Commission on March 17, 2015, and the exhibits therein;
(4) The Company's Current Reports on Form 8-K as filed
with the Commission on January 13, 2015, February 6, 2015, March 12, 2015,  May 6, 2015, May 13, 2015 and May 14, 2015;
(5) The Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2015, filed with the Commission on May 15, 2015 and the exhibits therein; and
(6) The Company's Definitive Proxy Statement on
Schedule 14A filed with the Commission on April 16, 2015.
All documents filed by the Company with the Commission pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act including those filed subsequent to the date of this Registration Statement
and prior to the filing of a post-effective amendment indicating that all securities offered hereby have been sold or deregistering
all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to
be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein and to be a part hereof shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. Under no circumstances
will any information filed under current items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless such
Form 8-K expressly provides to the contrary.
ITEM 4. DESCRIPTION OF SECURITIES.
Not applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Law Offices of Aaron A. Grunfeld have rendered an opinion relating
to the issuance of the common stock being registered Law Offices of Aaron A. Grunfeld have accepted shares of the Company's
common stock in exchange for services rendered to the Company in the past. As of
the date of this registration statement, Law Offices of Aaron A. Grunfeld collectively own 38,400 shares of the Company's
common stock.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Section 317
of the California Corporations Code, or the California Code, authorizes a corporation to indemnify, subject to certain exceptions,
any person who was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right
of the corporation to procure a judgment in its favor) by reason of the fact that such person is or was an agent of the corporation,
as the term "agent" is defined in section 317(a) of the California Code, against expenses, judgments, fines,
settlements and other amounts actually and reasonably incurred in connection with such proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in the best interests of the corporation and, in the case of a criminal
proceeding, had no reasonable cause to believe the conduct of such person was unlawful. A corporation is further authorized to
indemnify, subject to certain exceptions, any person who was or is a party or is threatened to be made a party to any threatened,
pending, or completed action by or in the right of the corporation to procure a judgment in its favor by reason of the fact that
the person is or was an agent of the corporation, against expenses actually and reasonably incurred by that person in connection
with the defense or settlement of the action if the person acted in good faith, in a manner the person believed to be in the best
interests of the corporation and its shareholders.
28
Section 204
of the California Code provides that a corporation's articles of incorporation may not limit the liability of directors
(i) for acts or omissions that involve intentional misconduct or a knowing and culpable violation of law, (ii) for acts
or omissions that a director believes to be contrary to the best interests of the corporation or its shareholders or that involve
the absence of good faith on the part of the director, (iii) for any transaction from which a director derived an improper
personal benefit, (iv) for acts or omissions that show a reckless disregard for the director's duty to the corporation
or its shareholders in circumstances in which the director was aware, or should have been aware, in the ordinary course of performing
a director's duties, of a risk of a serious injury to the corporation or its shareholders, (v) for acts or omissions
that constitute an unexcused pattern of inattention that amounts to an abdication of the director's duty to the corporation
or its shareholders, (vi) under Section 310 of the California Code (concerning transactions between corporations and
directors or corporations having interrelated directors) or (vii) under Section 316 of the California Code (concerning
directors' liability for distributions, loans, and guarantees).
Section 204 further provides that
a corporation's articles of incorporation may not limit the liability of directors for any act or omission occurring prior
to the date when the provision became effective or any act or omission as an officer, notwithstanding that the officer is also
a director or that his or her actions, if negligent or improper, have been ratified by the directors. Further, Section 317
has no effect on claims arising under federal or state securities laws and does not affect the availability of injunctions and
other equitable remedies available to a corporation's shareholders for any violation of a director's fiduciary duty
to the corporation or its shareholders.
The Company's
Restated Articles of Incorporation provide for the elimination of liability for its directors to the fullest extent permissible
under California law and authorize it to provide indemnification to directors, officers, employees or other agents through bylaw
provisions, agreements with agents, vote of shareholders or disinterested directors or otherwise, in excess of the indemnification
otherwise permitted by Section 317 of the California Code, subject only to the applicable limits with respect to actions
for breach of duty to the Company and its shareholders.
The Company's
Amended and Restated Bylaws provide that it shall indemnify its directors and officers, employees and agents against expenses,
judgments, fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding, arising by
reason of the fact that such person is or was its agent. As included in the Company's Amended and Restated Bylaws, a "director"
or "officer" includes any person (a) who is or was a director or officer of the Company, (b) who is or was
serving at the request of the Company as a director or officer of another corporation, partnership, joint venture, trust or other
enterprise, or (c) who was a director or officer of a corporation which was a predecessor corporation of the Company or of
another enterprise at the request of such predecessor corporation. The Company's Amended and Restated Bylaws also contain
provisions expressing the intent that these bylaws provide indemnity in excess of that expressly permitted by Section 317 of the
California Code to indemnify each of its employees and agents (other than directors and officers) against expenses, judgments,
fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding, arising by reason of
the fact that such person is or was its agent. As included in the Company's Amended and Restated Bylaws, an "employee"
or "agent" (other than a director or officer), includes any person who (a) is or was an employee or agent of
the Company, (b) is or was serving at the Company's request as an employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, or (c) was an employee or agent of a corporation which was a predecessor corporation
of the Company or of another enterprise at the request of such predecessor corporation.
The Company's
Amended and Restated Bylaws further provide that it may advance expenses incurred in defending any proceeding for which indemnification
is required or permitted, following authorization thereof by the board of directors, prior to the final disposition of the proceeding
upon receipt of an undertaking by or on behalf of the indemnified party to repay that amount if it shall be determined ultimately
that the indemnified person is not entitled to be indemnified as authorized by its Amended and Restated Bylaws. The indemnification
provided for in the Company's Amended and Restated Bylaws for acts, omissions or transactions while acting in the capacity
of, or while serving as, a director or officer of the Company but not involving a breach of duty to the Company and its shareholders
will not be deemed exclusive of any other rights those seeking indemnification may be entitled under any bylaw, agreement, vote
of shareholders or disinterested directors, or otherwise, to the extent the additional rights to indemnification are authorized
in its Restated Articles of Incorporation.
29
In addition, the
Company has entered into indemnification agreements with each of its directors and officers, and maintains directors' and
officers' liability insurance under which its directors and officers are insured against loss (as defined in the policy)
as a result of certain claims brought against them in such capacities.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
The shares of Company's Common Stock to be offered and
sold under the reoffer prospectus were initially issued by the Company in  transactions deemed exempt from registration under
the Securities Act in reliance on the exemption from the registration requirements of the Securities Act contained in Section
4(a)(2) thereof covering transactions by an issuer not involving any public offering.
ITEM 8. EXHIBITS.
Exhibit
No.
Exhibit Description
3.1
Restated Articles of Incorporation of the Registrant(1)
3.2
Amended and Restated Bylaws of the Registrant, as currently in
    effect.(1)
5.
Opinion of Aaron A. Grunfeld*
10.2
2003 Equity Incentive Plan.(1)+
10.3
2003 Form of Employee Option Agreement.(1)+
10.4
2011 Equity Incentive Plan.(1)+
10.5
2011 Form of Employee Option Agreement.(1)+
10.6
2014 Option Issued to Robert Greenberg – Terms and Conditions.(1)+
10.7
2014 Executive Officer Option Agreement.(1)+
10.17
2015 Employee Stock Purchase Plan. (2)+
23.1*
Consent of Gumbiner Savett Inc, Independent Registered Public Accounting
    Firm.
23.2*
Consent of Aaron A. Grunfeld (included in Exhibit 5).
*
Included herein.
+
Indicates management contract or compensatory plan
(1) Incorporated by reference to the registrant's registration
statement on Form S-1, file no. 333-198073, originally filed with the Securities and Exchange Commission on August 12, 2014, as
amended.
(2) Incorporated by reference to the registrant's definitive
proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 16, 2015.
30
ITEM 9. UNDERTAKINGS.
The undersigned Company hereby undertakes:
A. To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement to include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement; (2) that for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and (3) to remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
B. The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by a controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.
31
SIGNATURES
Pursuant to the requirements of the Securities
Act, the Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Sylmar, State of California, on May 18, 2015.
Second Sight Medical Products, INC.
(Company)
By:
/s/ Robert Greenberg
Robert J. Greenberg
President and Chief Executive Officer
POWER OF ATTORNEY
Each person whose
signature appears below hereby, severally and individually constitutes and appoints each of Robert J. Greenberg and Thomas B.
Miller and each of them severally, the true and lawful attorneys and agents of each of us to execute in the name, place and stead
of each of us (individually and in any capacity stated below) any and all amendments (including post-effective amendments) to
this Registration Statement, and all instruments necessary or advisable in connection therewith and to file the same with the
Commission, each of said attorneys and agents to have the power to act with or without the others and to have full power and authority
to do and perform in the name and on behalf of each of the undersigned every act whatsoever necessary or advisable to be done
in the premises as fully and to all intents and purposes as any of the undersigned might or could do in person, and we hereby
ratify and confirm our signatures as they may be signed by our said attorneys and agents or each of them to any and all such amendments
and instruments. This Power of Attorney has been signed effective as of May 15, 2008 by the following persons in the respective
capacities indicated below.
Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Name
Title
Date
/s/
Robert
    j. Greenberg
Chief Executive Officer and Director
May 18, 2015
Robert J. Greenberg
(Principal Executive Officer)
/s/
Thomas
    B. Miller
Chief Financial Officer
May 18, 2015
Thomas B. Miller
(Principal Financial and Accounting Officer)
/s/
Alfred
    E. mann
Chairman of the Board
May 18, 2015
Alfred E. Mann
/s/
William
    J. Link
Director
May 18, 2015
William J. Link
/s/
Aaron
    Mendelsohn
Director
May 18, 2015
Aaron Mendelsohn
/s/
Gregg
    Williams
Director
May 18,  2015
Gregg Williams
32
EXHIBIT INDEX
Exhibit
No.
Exhibit Description
3.1
Restated Articles of Incorporation of the Registrant(1)
3.2
Amended and Restated Bylaws of the Registrant, as currently in
    effect.(1)
5.
Opinion of Aaron A. Grunfeld*
10.2
2003 Equity Incentive Plan.(1)+
10.3
2003 Form of Employee Option Agreement.(1)+
10.4
2011 Equity Incentive Plan.(1)+
10.5
2011 Form of Employee Option Agreement.(1)+
10.6
2014 Option Issued to Robert Greenberg – Terms and Conditions.(1)+
10.7
2014 Executive Officer Option Agreement.(1)+
10.17
2015 Employee Stock Purchase Plan. (2)+
23.1*
Consent of Gumbiner Savett Inc, Independent Registered Public Accounting
    Firm.
23.2*
Consent of Aaron A. Grunfeld (included in Exhibit 5).
24.1*
Power of Attorney (included on signature page)
*
Included herein.
+
Indicates management contract or compensatory plan
(1) Incorporated by reference to the registrant's registration
statement on Form S-1, file no. 333-198073, originally filed with the Securities and Exchange Commission on August 12, 2014, as
amended.
(2) Incorporated by reference to the registrant's definitive
proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 16, 2015.
33