Pixium Vision

PAR: PIX

Market Cap€7m

Last Close €0.1

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.

Investment summary

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)	(10.9)	(22.56)	N/A	N/A
2022E	1.8	(12.1)	(12.3)	(21.71)	N/A	N/A
2023E	0.8	(16.2)	(18.2)	(28.62)	N/A	N/A

Industry outlook

Pixium started the PRIMAvera European pivotal study in Q420 and reached its enrollment target in Q322, 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 €8.5m gross cash on 30 September 2022 and expects its current cash position to maintain operations to the middle of Q223.

Last updated on 25/11/2022