Pixium Vision


€29.8m market cap

€0.68 last close

Pixium Vision develops bionic vision systems for patients with severe vision loss. Lead product Prima is a wireless sub-retinal implant system designed for dry-AMD. Pixium completed five implantations in an EU feasibility study and recently started a 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 scale versus baseline. Pixium started a US feasibility study in Q120 and we expect it to file for the PRIMAvera pivotal study in H220 and start implantation in this trial in H121.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 1.6 (5.8) (7.7) (42.00) N/A N/A
2019A 1.8 (8.4) (9.8) (44.00) N/A N/A
2020E 1.7 (7.2) (8.1) (26.00) N/A N/A
2021E 1.6 (9.4) (11.0) (26.00) N/A N/A
Industry outlook

Pixium in July completed a €7.3m capital increase, which we estimate should enable it to maintain its operations into Q421. Prima is being evaluated in clinical trials as a potential treatment option for patients with decreased vision from GA-AMD, a disease affecting ageing populations and a significant unmet medical need.

Last updated on 21/10/2020
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Share price graph
Balance sheet
Forecast net cash (€m) 3.3
Forecast gearing ratio (%) N/A
Price performance
Actual 28.1 28.9 (1.3)
Relative* 26.2 34.5 14.2
52-week high/low €1.1/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Guillaume Renondin CFO

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