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Currency in EUR
Last close As at 27/03/2023
EUR0.05
▲ −0.01 (−16.67%)
Market capitalisation
EUR5m
Research: Healthcare
Pixium has announced the publication of data in three peer reviewed journals highlighting that its second-generation (2G) Prima sub-retinal implant chip has the potential to restore vision at an up to five times higher spatial resolution than the current-generation (1G) implant chip. While the 1G implant is being advanced for patients with severe vision loss due to dry age-related macular degeneration (dry AMD), we believe the 2G Prima, if successful, can significantly expand the addressable target market to patients with less severe forms of the disease. Pixium is developing the 2G Prima in collaboration with Stanford University and it holds a worldwide exclusive licence to the technology. The company plans to start clinical trials with the 2G Prima implant chip within the next two years.
Pixium Vision |
Next-generation implant chip highlighted |
Second-generation Prima |
Healthcare equipment and services |
17 January 2023 |
Share price performance
Business description
Analysts
Pixium Vision is a research client of Edison Investment Research Limited |
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Pixium has announced the publication of data in three peer reviewed journals highlighting that its second-generation (2G) Prima sub-retinal implant chip has the potential to restore vision at an up to five times higher spatial resolution than the current-generation (1G) implant chip. While the 1G implant is being advanced for patients with severe vision loss due to dry age-related macular degeneration (dry AMD), we believe the 2G Prima, if successful, can significantly expand the addressable target market to patients with less severe forms of the disease. Pixium is developing the 2G Prima in collaboration with Stanford University and it holds a worldwide exclusive licence to the technology. The company plans to start clinical trials with the 2G Prima implant chip within the next two years.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
2.1 |
(8.7) |
(0.26) |
0.0 |
N/A |
N/A |
12/21 |
2.7 |
(10.9) |
(0.23) |
0.0 |
N/A |
N/A |
12/22e |
1.8 |
(12.3) |
(0.21) |
0.0 |
N/A |
N/A |
12/23e |
0.8 |
(18.1) |
(0.24) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. FY23e EPS loss has been revised (from 0.26 previously) to reflect increase in shares outstanding. All other estimates are unchanged.
We already anticipate that the 1G Prima system can fulfil a significant unmet need in patients with geographic atrophy (GA) due to dry AMD (or GA-AMD). Data from the European feasibility study showed that 1G Prima may provide up to around seven lines of improvement on the Landolt visual acuity (VA) scale, which could mean the difference between being able to read a street sign or not, or to recognise shapes or symbols to complete certain tasks. We anticipate this level of VA improvement could potentially provide benefit in a GA market subset of around 110,000 patients across the US and Europe, representing our estimate of potentially eligible GA-AMD patients with sufficiently poor vision (<5% VA).
The Prima 1G photovoltaic array implant has 378 electrodes (or ‘pixels’) each measuring around 100 microns. Pixium’s collaborators at Stanford have successfully tested higher-density chip designs with pixels as little as c 20 microns, providing up to c 25x higher pixel density per unit area than the 1G chip. Pixium highlighted a publication in Nature Communications where the tested chip prototype exceeded the 28 micron natural vision resolution limit in rats, and technical publications in the Journal of Neural Engineering (cited here and here) describing approaches used to optimise pixel density without degrading performance. Altogether, the studies suggest that the 2G Prima chip could potentially deliver prosthetic VA better than 20/100 (20% of healthy vision) without any magnification, or up to five times greater than Prima 1G, and up to 20/20 (100%) with electronic magnification enabled. This level could enable treated patients to have facial recognition and greater independence.
The 1G Prima system and implant chip is being assessed in the PRIMAvera European pivotal study, where the implantation of 38 patients with GA-AMD was completed in Q422. Top-line data are expected in or around year-end 2023, which we believe could lead to a European regulatory submission in H124. We believe Pixium is seeking additional funding as it is currently funded to the middle of Q223.
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Research: TMT
The Pebble Group’s end-FY22 trading update discloses that both of its operations, Facilisgroup and Brand Addition, have traded well and that the group results will be ‘at least’ in line with market expectations. Facilisgroup is growing its Partner base and increasing spend per Partner, with its new Commercio all-in-one e-commerce solution ramping up to over 100 customers by the year-end. Brand Addition’s revenues were up 12%, on increased gross margin, despite supply chain disruption. Group year-end net cash of c £15.0m is a little ahead of our modelled £14.4m (excluding leases). This good performance and the opportunities for further progress are not, in our opinion, fully reflected in the share price.
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