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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.€36.9m
Last close€1.77
High / Low (52 weeks)€3.8 / €1.5
Stock market listingEU
Forecast net cash (€m)6.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(6.6)(4)(28.8)
Relative *(1.7)8.2(20.3)

* % 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 (11.4) (13.2) (99.55) N/A N/A
2018E 2.2 (5.8) (6.5) (36.29) N/A N/A
2019E 2.5 (9.8) (12.5) (58.69) N/A N/A

Last updated on 17/12/2018

Investment summary

Pixium has been reporting encouraging signs of visual response and safety in the EU feasibility study for its Prima implant in recent conferences. The firm plans to report full interim data by early Q119, which, if positive, can support a regulatory filing towards an EU pivotal study, with the first implantations potentially occurring in Q319. Using a risk-adjusted NPV model, we obtain a pipeline rNPV of €88.7m, vs €90.6m previously.

Last updated on 17/12/2018

Industry outlook

In May 2018, Pixium raised €10.6m through the issuance of 5.68m new shares. Pixium held €16.7m in gross cash at 30 June 2018, which we estimate will fund operations through Q419. 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 29/11/2018

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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