Pixium Vision

EU: PIX

€16.2m market cap

€0.71 last close

Pixium Vision develops retinal implants for patients with severe vision loss. PRIMA, a wireless sub-retinal implant, designed for Dry-ARMD patients, is in a human clinical stage in Europe and is recruiting patients in its US feasibility study.

Investment summary

Pixium Vision announced on 6 November a financing agreement with a US-based investor, European Select Growth Opportunities Fund (ESGO) for the issue of up to €10m in 12-month bonds repayable in cash and/or new shares, over a period of up to 30 months. The first bond tranche (€1.25m) was issued on 6 November and Pixium expects this, along with cash on hand (€7.0m at Q319), to fund the firm’s operations through H120. We anticipate that a full €10m bond exercise could fund Pixium’s operations into 2021, well after the expected start of a pivotal Prima trial.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 2.5 (11.7) (13.5) (102.07) N/A N/A
2018A 1.6 (6.1) (8.1) (43.67) N/A N/A
2019E 1.9 (9.2) (11.0) (49.05) N/A N/A
2020E 1.6 (9.9) (14.4) (63.63) N/A N/A
Industry outlook

Pixium held €10.2m in gross cash at 30 June 2019, which we estimate will fund operations into Q220. Prima has been designed and being evaluated in clinical studies as a potential treatment option for dry AMD, a common disease in aging population and a significant unmet medical need.

Last updated on 14/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 3.5
Forecast gearing ratio (%) 261
Price performance
%
1m
3m
12m
Actual (13.4) (42.6) (63.8)
Relative* (16.9) (48.7) (68.4)
52-week high/low €2.0/€0.6
*% relative to local index
Key management
Lloyd Diamond CEO
Didier Laurens CFO

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