Pixium Vision


Market Cap€57m

Last Close €0.97

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 a European pivotal study in Q420.

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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. Positive 18-month data from its EU feasibility study in patients with geographic atrophy associated with dry age-related macular degeneration (GA-AMD) showed improvements of between three and seven lines on the Landolt C visual acuity (VA) scale versus baseline. Studies show VA improvements from Prima were maintained at 24–30 months follow-up post-implantation, suggesting continued implant safety and stability.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 1.8 (8.4) (9.8) (43.90) N/A N/A
2020A 2.1 (7.6) (8.7) (25.63) N/A N/A
2021E 2.4 (9.8) (10.7) (21.53) N/A N/A
2022E 1.6 (12.3) (13.9) (24.09) N/A N/A
Industry outlook

Pixium started the PRIMAvera European pivotal study in Q420 and plans to complete enrolment by year end 2021, which we believe could lead to top-line data being reported in early 2023. 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 raised €8m in July, which we believe should fund operations through the end of 2022.

Last updated on 21/09/2021
Content on Pixium Vision
Pixium Vision – executive interview
Healthcare | Edison TV | 27 August 2021
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Share price graph
Balance sheet
Forecast net cash (€m) 1.5
Forecast gearing ratio (%) N/A
Price performance
Actual 42.8 0.0 81.6
Relative* 44.2 0.5 34.2
52-week high/low €2.1/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Offer Nonhoff CFO