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Research: Healthcare
Pixium Vision announced that safeguard proceedings have been opened by the Commercial Court of Paris. Despite the company’s best efforts in seeking financing options to extend its funding runway, it has determined that it may not be able to satisfy its financial obligations after the end of November 2023 without the protection of such proceedings. Given its liquidity risk and the absence of new financing to date, Pixium requested that the Commercial Court of Paris open safeguard proceedings. As the Court has now appointed other parties (SCP Abitbol & Rousselet and Selarl FHB) as co-administrators with supervisory responsibility for Pixium, we estimate the likelihood of any material residual value remaining attributable to the common equity holders of Pixium Vision following the court proceedings as highly speculative. As such, we are withdrawing our estimates and forecasts.
Pixium Vision |
Safeguard proceedings underway |
Safeguard proceedings |
Healthcare equipment |
10 October 2023 |
Share price performance
Business description
Analysts
Pixium Vision is a research client of Edison Investment Research Limited |
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Pixium Vision announced that safeguard proceedings have been opened by the Commercial Court of Paris. Despite the company’s best efforts in seeking financing options to extend its funding runway, it has determined that it may not be able to satisfy its financial obligations after the end of November 2023 without the protection of such proceedings. Given its liquidity risk and the absence of new financing to date, Pixium requested that the Commercial Court of Paris open safeguard proceedings. As the Court has now appointed other parties (SCP Abitbol & Rousselet and Selarl FHB) as co-administrators with supervisory responsibility for Pixium, we estimate the likelihood of any material residual value remaining attributable to the common equity holders of Pixium Vision following the court proceedings as highly speculative. As such, we are withdrawing our estimates and forecasts.
Year end |
Revenue (€m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
2.7 |
(10.9) |
(0.23) |
0.0 |
N/A |
N/A |
12/22 |
2.0 |
(10.3) |
(0.21) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The Commercial Court of Paris has opened an observation period of six months. During this period, Pixium Vision and the court-appointed administrators will work on all possible restructuring options, including the research of potential candidates for the acquisition of the company’s business, in the framework of a sale of asset plan presenting pursuant to articles L. 642-1 et seq of the French commercial code. We assume that sales of the company’s assets, including relevant intellectual property for the Prima Bionic Vision System (BVS), are likely to be considered. We expect that its PRIMAvera European pivotal study assessing Prima BVS (in patients with geographic atrophy due to age-related macular degeneration) remains ongoing, with results expected in late 2023 or early 2024.
As of 9 October 2023, Pixium had a gross cash position of €2.575m, which it estimates will provide an operating runway through the end of December 2023. Its nominal debt position was reported at €9.2m, which we believe includes more than €5m in repayable advances and over €2m in a French state-guaranteed loan.
The Court has appointed SCP Abitbol & Rousselet, represented by Joanna Rousselet, and Selarl FHB, represented by Hélène Bourbouloux, as co-administrators with supervisory responsibility for Pixium Vision, and Selarl Asteren, represented by Julia Ruth, as the creditors’ representative.
We note that in the event of a court-ordered plan to sell off all or part of the company's assets, it is possible that the price offered may not allow shareholders to receive any residual value, given our expectation that the creditors will be given priority over any such proceeds. Hence we are withdrawing our forecasts and estimates and consider the common shares as highly speculative.
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Research: Healthcare
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