Pixium Vision develops bionic vision systems for patients with severe vision loss. Its lead product, Prima, is a wireless sub-retinal implant system designed for dry-AMD. The company started implantations as part of a European pivotal study in early 2021.
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Pixium Vision is developing the Prima System, a wireless photovoltaic sub-retinal implant combined with proprietary smart glasses. Prima is designed to apply proprietary algorithms and artificial intelligence to generate a form of bionic vision for patients who have lost their sight due to severe retinal diseases. Positive 36-month data from its EU feasibility study in patients with geographic atrophy associated with dry age-related macular degeneration (GA-AMD) showed sustained improvements on the Landolt C visual acuity scale versus baseline, the ability to restore reading capabilities and continued implant safety and stability.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 2.1 | (7.6) | (8.7) | (25.58) | N/A | N/A |
| 2021A | 2.7 | (9.7) | (11.1) | (22.94) | N/A | N/A |
| 2022E | 1.6 | (10.0) | (11.5) | (19.46) | N/A | N/A |
| 2023E | 0.8 | (13.8) | (16.2) | (27.12) | N/A | N/A |
Industry outlook
Pixium started the PRIMAvera European pivotal study in Q420 and plans to complete enrolment by year end 2022, which we believe could lead to top-line data being reported in late 2023 or early 2024. GA-AMD is a leading cause of blindness in older adults, affecting over 2.5 million persons in the United States and Europe, and there is no approved treatment. Pixium reported €10.4m gross cash on 31 March 2022, which we believe should fund operations into 2023.
Last updated on 28/06/2022Content on Pixium Vision
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Healthcare
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| Forecast net debt (€m) | 3.2 |
| Forecast gearing ratio (%) | 96 |
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Key management |
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| Lloyd Diamond | CEO |
| Offer Nonhoff | CFO |