Pixium Vision


€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)
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
Share price graph
Balance sheet
Forecast net debt (€m) 6.4
Forecast gearing ratio (%) 171
Price performance
Actual (10.4) (15.0) (49.9)
Relative* (21.8) (7.1) (47.5)
52-week high/low €1.5/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Didier Laurens CFO

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