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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.€35.7m
Last close€1.72
High / Low (52 weeks)€3.8 / €1.6
Stock market listingEU
Forecast net cash (€m)6.1
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(7)(5.2)(41)
Relative *(1.9)1.2(38)

* % 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 (6.4) (7.1) (40.45) N/A N/A
2019E 2.5 (14.4) (17.1) (83.34) N/A N/A

Last updated on 17/09/2018

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 announced in July 2018 the fifth and final human Prima implantation, as per the protocol of its European feasibility study, designed to assess Prima in patients with advanced atrophic Dry Age-related macular degeneration (ARMD). All five implantations were followed by successful activations (resulting in reported light perception). Pixium plans to start implantations as part of a five-patient US Prima feasibility study in Q318.

Last updated on 28/09/2018

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 28/09/2018

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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