Pixium Vision (PIX)

Business description

Pixium Vision develops bionic retinal implants for patients with severe vision loss. A wireless sub-retinal implant (Prima), designed for Dry-ARMD patients, is in a human feasibility study in Europe and is expected to start a US feasibility study in Q218.

Stock data

Market cap.€49.5m
Last close€2.38
High / Low (52 weeks)€6.4 / €2.3
Stock market listingEU
Forecast net debt (€m)4.2
Forecast gearing ratio (%)90
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(9.9)(12.6)(52.6)
Relative *(15.1)(10.9)(56.1)

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 2.5 (11.4) (12.4) (97.60) N/A N/A
2017A 2.5 (11.7) (13.5) (102.07) N/A N/A
2018E 2.5 (8.2) (10.1) (71.05) N/A N/A
2019E 2.5 (16.1) (20.9) (144.08) N/A N/A

Last updated on 08/03/2018

Investment summary

Pixium Vision is developing Prima, a potentially breakthrough wireless sub-retinal implant that generates electrical impulses at the retinal bipolar cell level to restore a form of central visual perception in patients with advanced retinal disease. While competing retinal implants generally target rare conditions involving near-total blindness, Prima seeks to address initially a larger unmet market indication, dry age-related macular degeneration (Dry-ARMD). Prima started human feasibility studies in late 2017 and could start EU pivotal trials in H119. Using a risk-adjusted NPV model, we obtain a pipeline rNPV of €77.4m, down from €82.6m previously.

Last updated on 08/03/2018

Industry outlook

Second Sight (EYES) is commercialising an epiretinal implant (Argus II) in the US and EU approved for Retinitis Pigmentosa. Prima has been designed and being evaluated in clinical studies as a potential treatment option for Dry-ARMD, a common disease in aging population and a significant unmet medical need.

Last updated on 02/03/2018

Key management

Khalid Ishaque, CEO
Didier Laurens , CFO

Company address

74 rue du Faubourg Saint-Antoine
Paris
75012
United Kingdom
+33 1 76 21 47 30
View website