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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.€38.3m
Last close€1.84
High / Low (52 weeks)€5.4 / €1.8
Stock market listingEU
Forecast net debt (€m)4.2
Forecast gearing ratio (%)90
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(9)(24.5)(65.9)
Relative *(9.3)(24.8)(67.2)

* % 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 18/06/2018

Investment summary

Pixium Vision is developing the Prima wireless photovoltaic sub-retinal implant, which transforms images into electrical signals to elicit a form of central visual perception in patients with severe retinal disease. It recently announced the first three human Prima implantations, followed by successful activations (resulting in reported light perception). These events occurred as per the protocol of the five-patient European Prima feasibility study, designed to assess the device in patients with advanced atrophic Dry Age-related macular degeneration (ARMD). The firm also plans to start a US Prima feasiiblity study in Q218. Pixium held €9.8m in gross cash at 31 March 2018 and in May 2018 raised €10.6m through the issuance of 5.68m new shares.

Last updated on 29/06/2018

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 29/06/2018

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
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