€20m market cap
€0.74 last close
Pixium Vision develops retinal implants for patients with severe vision loss. PRIMA, a wireless sub-retinal implant, designed for Dry-AMD patients, is in a human clinical stage in Europe and is recruiting patients in its US feasibility study.
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. In Q120, positive 18-month data was reported from its EU feasibility study in patients with geographic atrophy associated with dry age-related macular degeneration (GA-AMD), showing continued safety and improvements of between three and seven lines on the Landolt C visual acuity (VA) scale versus baseline. Early in 2020, Pixium started a US feasibility study and we expect it to file for the PRIMAvera pivotal study by Q320.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 1.6 | (5.8) | (7.7) | (41.63) | N/A | N/A |
| 2019A | 1.8 | (8.4) | (9.8) | (43.90) | N/A | N/A |
| 2020E | 1.7 | (7.2) | (8.1) | (31.83) | N/A | N/A |
| 2021E | 1.6 | (9.4) | (13.1) | (51.10) | N/A | N/A |
Industry outlook
Pixium held €4.8m in gross cash at Q120 and given the COVID-19 pandemic, recently enacted cost-cutting initiatives and obtained a pre-agreement for a €2.5m French state-guaranteed loan. These should enable Pixium to maintain its operations into Q121. Prima is being evaluated in clinical studies as a potential treatment option for GA-AMD, a disease affecting ageing populations and a significant unmet medical need.
Last updated on 04/06/2020
Sector |
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| Healthcare |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (€m) | 6.4 |
| Forecast gearing ratio (%) | 171 |
Price performance
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1m |
3m |
12m |
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Key management |
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|---|---|
| Lloyd Diamond | CEO |
| Didier Laurens | CFO |
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