Second Sight to Accelerate Development of Orion® Visual Cortical Prosthesis System

Positive Results of Early Feasibility Study and Significant Market
Potential Drive Refined Strategy —

— Company to Provide Continued Support for Existing Argus®
II Users Worldwide —

LOS ANGELES–(BUSINESS WIRE)–Second Sight Medical Products, Inc. (NASDAQ: EYES) (“Second Sight” or
the “Company”), a developer, manufacturer and marketer of implantable
visual prosthetics that are intended to create an artificial form of
useful vision for blind individuals, today announced its plan to
accelerate the development and commercialization of its Orion Visual
Cortical Prosthesis System (“Orion”). Orion holds the potential to
provide useful artificial vision to individuals blind from many causes,
including glaucoma, eye injury, diabetic retinopathy, optic nerve
disease or injury, and retinitis pigmentosa (“RP”).

“Given the positive results of our Early Feasibility Study, we believe
that Orion offers the most effective and quickest path forward to treat
nearly all forms of blindness and address a significant unmet need,”
said Will McGuire, President and Chief Executive Officer of Second
Sight. “After an extensive strategic review, we view Orion as a more
attractive platform for continued investment and technological
improvement that will extend our leadership position in artificial
vision. We remain encouraged by our discussions with the U.S. Food and
Drug Administration (“FDA”) regarding Orion’s regulatory path and are
pleased by recent developments with the Centers for Medicare and
Medicaid Services (CMS) regarding reimbursement for products approved
via the FDA’s Breakthrough Devices program.”

“To support these initiatives, we intend to add more than 25 new
positions this year, including top research and development talent as we
pursue technological improvements of Orion. We are also taking steps to
further align our organizational capabilities and focus resources
primarily on advancing Orion as well as prepare for future sales volumes
that we expect to be orders of magnitude greater than Argus II.
Accordingly, we will suspend production of new Argus II systems in the
near future as well as reduce ongoing commercial activities,” added
McGuire.

“We remain committed to supporting existing Argus II users including
pursuing regulatory approvals for the Argus 2s next-generation
externals. Our commitment to artificial vision is further evidenced by
our continued investment in multiple research projects designed to
enhance the user experience, such as the integration of object or facial
recognition and thermal imaging, with our technology,” concluded McGuire.

Gregg Williams, Chairman of the Board, added, “Orion provides a
tremendous opportunity to further advance the field of artificial vision
while also addressing the needs of millions of blind individuals
globally. With encouraging early clinical results, we believe now is the
right time for the Company to transition to the Orion platform and focus
on accelerating our development and clinical programs. Second Sight will
continue providing support to existing Argus users worldwide while
repositioning our resources to accelerate the market introduction of
Orion.”

About the Orion Visual Cortical Prosthesis System

Leveraging Second Sight’s 20 years of experience in neuromodulation for
vision, the Orion® Visual Cortical Prosthesis System (Orion)
is an implanted cortical stimulation device intended to provide useful
artificial vision to individuals who are blind due to a wide range of
causes, including glaucoma, diabetic retinopathy, optic nerve injury or
disease, and eye injury. Orion is intended to convert images captured by
a miniature video camera mounted on glasses into a series of small
electrical pulses. The device is designed to bypass diseased or injured
eye anatomy and to transmit these electrical pulses wirelessly to an
array of electrodes implanted on the surface of the brain’s visual
cortex, where it is intended to provide the perception of patterns of
light. A six-subject early feasibility study of the Orion is currently
underway at the Ronald Reagan UCLA Medical Center in Los Angeles and the
Baylor College of Medicine in Houston. No peer-reviewed data is
available yet for the Orion system. The Company anticipates enrolling
additional feasibility subjects in 2019 while simultaneously negotiating
the clinical and regulatory pathway to commercialization with the FDA as
part of the Breakthrough Devices Program.

About Second Sight

Second Sight Medical Products, Inc. (NASDAQ: EYES) develops,
manufactures and markets implantable visual prosthetics that are
intended to deliver useful artificial vision to blind individuals. A
recognized global leader in neuromodulation devices for blindness, the
Company is committed to developing new technologies to treat the
broadest population of sight-impaired individuals. The Company’s U.S.
headquarters are in Los Angeles, California, and European headquarters
are in Lausanne, Switzerland. More information is available at www.secondsight.com.

Safe Harbor

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which
are intended to be covered by the “safe harbor” created by those
sections. All statements in this release that are not based on
historical fact are “forward looking statements.” These statements may
be identified by words such as “estimates,” “anticipates,” “projects,”
“plans,” “strategy,” “goal,” or “planned,” “seeks,” “may,” “will,”
“expects,” “intends,” “believes,” “should,” and similar expressions, or
the negative versions thereof, and which also may be identified by their
context. All statements that address operating performance or events or
developments that Second Sight expects or anticipates will occur in the
future, such as stated objectives or goals, our refinement of strategy,
or that are not otherwise historical facts, are forward-looking
statements. While management has based any forward-looking statements
included in this release on its current expectations, the information on
which such expectations were based may change. Forward-looking
statements involve inherent risks and uncertainties which could cause
actual results to differ materially from those in the forward-looking
statements as a result of various factors, including those risks and
uncertainties described in or implied by the Risk Factors and in
Management’s Discussion and Analysis of Financial Condition and Results
of Operations sections of our Annual Report on Form 10-K, filed on March
19, 2019, our Form 10-Q to be filed on May 15, 2019, and our other
reports filed from time to time with the Securities and Exchange
Commission. We urge you to consider those risks and uncertainties in
evaluating our forward-looking statements. We caution readers not to
place undue reliance upon any such forward-looking statements, which
speak only as of the date made. Except as otherwise required by the
federal securities laws, we disclaim any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in our
expectations with regard thereto, or any change in events, conditions,
or circumstances on which any such statement is based.

Contacts

Investor Relations:
Institutional Investors
In-Site
Communications, Inc.
Lisa Wilson, President
T: 212-452-2793
E:
lwilson@insitecony.com
or
Individual
Investors
MZ North America
Greg Falesnik, Managing Director
T:
949-385-6449
E: greg.falesnik@mzgroup.us

Media:
Nobles Global Communications
Laura Nobles or
Helen Shik
T: 617-510-4373
E: Laura@noblesgc.com
E:
Helen@noblesgc.com