Pixium Vision announces its financial results for H1 2022 and offers a bbusiness To update
- Cash position as of June 30, 2022: EUR 7.2 million
- Pivotal European trial PRIMAvera is ongoing and on track to publish data towards the end of 2023
- Post-Period Event: Execution of a convertible debenture financing agreement with a maximum nominal amount of €30 million with ESGO, potentially extending the cash maturity to mid-2024, subject to all tranches being drawn1
- Drawing of the first tranche with a nominal value of €5.5 million on July 14, 2022, cash runway extended until the first quarter of 2023
Paris, 22 July 2022 – 7.00 a.m. CET – Pixium Vision SA (Euronext Growth Paris – FR0011950641; Mnemonic: ALPIX), a bioelectronics company developing innovative bionic vision systems to help patients who have lost their sight to live more independently, announces its financial results for the first Half-year announced 2022. The 2022 half-year financial statements were approved by the Pixium Vision Board of Directors at its meeting on July 20, 2022.
Lloyd DiamondCEO by Pixium Vision, commented “The Company continues preparations for the transformation of Pixium Vision from a research to a commercial organization, having achieved a number of significant milestones during the first half of 2022. bionic vision and have closed additional financings to support the success of our ensure clinical programs.”
“The financial results are based on an improved financial position with €7.2 million in cash at the end of June 2022 plus an additional €4.6 million2 through the new agreement signed with ESGO on July 13, 2022 to provide access to maximum funding for a nominal EUR 30 million on improved terms compared to the previous agreement. Despite the downturn in financial markets, we continue to build successful interactions with investors worldwide to continue to secure the best possible funding for Pixium.” Offer added Nonhoff, CFO of Pixium Vision
H1 2022 Results – Excerpts
| Summary of the Profit and Loss Account | ||||
| In thousands of euros | H1 2022 | H1 2021 * | change | |
| operating income | 1,043.8 | 1,801.0 | (42.0) % | |
| Ongoing operating costs | (7,148.5) | (6,631.3) | +7.8 % | |
| Research and Development | (4,086.1) | (3,686.9) | +10.8% | |
| General and administrative expenses | (3,062.4) | (2,944.4) | +4.0% | |
| operating Loss | (6.104.7) | (4,830.4) | +26.4 % | |
| network Loss for the period | (5,614.3) | (5,545.7) | +1.2 % | |
| net earnings per share | (0.12) | (0.12) | ||
*H1 2021 adjusted: Effect of the change in the IAS19 calculation (see Note 3 IFRIC May 2021 – IAS19 Retirement Benefits of the Half-Yearly Financial Report 2022)
| Cash flow statement summary | |||
| In thousands of euros | H1 2022 | H1 2021 | |
| Opening cash and cash equivalents | 10.131.4 | 10,566.0 | |
| (Decrease)/increase in cash position | (7,283.6) | (434.5) | |
| O/W net cash flows from operating activities | (7,064.1) | (6,115.4) | |
| O/W net cash flows from investing activities | (26.8) | (32.0) | |
| O/W net cash flows from financing activities | (196.4) | 5,712.9 | |
| Closure of Cash and Cash Equivalents | 7,221.2 | 10.131.4 | |
Pixium Vision business update
Pixium Vision continued to make significant clinical and commercial progress in the first half of 2022, including continuing to implant patients in the pivotal European PRIMAvera study evaluating the safety and efficacy of the Prima system in patients with dry age-related macular degeneration (AMD) predisposed to the latter aims for implantation in late 2022.
The US proof of concept continued to make good progress and recently expanded its clinical centers to include Stanford Medicine. The implantations of all US patients in this study are expected to be completed by the end of 2022.
In January 2022, peer-reviewed data was published in Nature Communications demonstrating the clinical utility of the PRIMA System in patients with dry AMD.
Despite the downturn in the financial markets, Pixium Vision was able to secure the financing announced on July 14, 2022. The company continues to build on the traction it has gained with global investors to secure its funding pipeline for the future.
Analysis of H1 2022 Results
operating income amounted to €1.0 million and includes a research tax credit (CIR) of €1.0 million.
Current research and development (R&D) expenses. amounted to €4.1 million compared to €3.7 million in the previous year. In the first half of 2022, Pixium Vision further strengthened its clinical team and opened several centers in Europe as part of its PRIMAvera study. In addition, the group continued to develop and manufacture its Prima Bionic Vision System to ensure the progress of its ongoing clinical trials.
Ongoing general and administrative (G&A) expenses totaled €3.1 million in the first half of 2022, compared to €2.9 million in the first half of 2021. General and administrative expenses increased by 4.0% in the first half of 2022, mainly due to costs charged to the group for legal services in the preparation of various financing options such as convertible bonds, private placement with French or international investors on Euronext Growth or on a foreign stock exchange.
The Group did not record any in the first half of 2022 Marketing and Sales Expenses.
operating result a loss of 6.1 million euros, which is higher than in the first half of 2021 (4.8 million euros). net result was a loss of 5.6 million euros (compared to a loss of 5.5 million euros in the first half of 2021). The loss per share for both periods is €0.12.
Net cash outflow from operating activities increased to €7.1m in H1 2022 compared to €6.1m in H1 2021. The increase in net cash outflow reflects the progress of the PRIMAvera study, the US feasibility study, as well as expenses related to the preparation of financing options.
Net cash flows from financing activities amounted to a total of (0.2) million euros, mainly related to the repayment of lease liabilities under IFRS16 in the first half of 2022. In H1 2021, funding activity primarily reflected the drawing of 5 ORNAN tranches for a total of €6.25 million in gross proceeds under its agreement with ESGO.
Pixium Vision ended the first half of 2022 with a net cash position of EUR 7.2 million compared to EUR 10.1 million in the previous year.
Subsequent to the reporting period, on July 14, 2022, Pixium Vision announced the implementation of a financing with a maximum nominal amount of EUR 30 million and the drawing of a first tranche with a nominal value of EUR 5.5 million.
About PixiumVision
Pixium Vision creates a world of bionic vision for people who have lost their sight, allowing them to regain visual perception and more autonomy. Pixium Vision’s bionic vision systems involve a surgical procedure and a rehabilitation period. Prima System’s miniature subretinal photovoltaic wireless implant is in clinical trials for patients who have lost their sight due to external retinal degeneration, initially due to atrophic dry age-related macular degeneration (dry AMD). Pixium Vision works closely with academic and research partners, including some of the most prestigious vision research institutes in the world, such as Stanford University in California, Institut de la Vision in Paris, Moorfields Eye Hospital in London, Institute of Ocular Microsurgery (IMO) in Barcelona , University Hospital in Bonn and UPMC in Pittsburgh, PA. The company is EN ISO 13485 certified and qualified as “Entreprise Innovante” by Bpifrance.
Forward-Looking Statements. This press release contains certain forward-looking statements. Although the Company believes that its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from expectations. Please refer to the “Facteurs de Risques” section for a discussion of risks and uncertainties that could cause the Company’s actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements. the Corporate Report 2021 Half-Yearly Financial Report and other documents that the Company files with the AMF, which are available on the AMF website (www.amf-france.org) or on the Company’s website.
More information: http://www.pixium-vision.com/fr
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contacts
| Pixium Vision Offer Nonhoff CFO [email protected] +33 1 76 21 47 68 |
Media Relations
LifeSci Advisor |
Investor Relations LifeSci Advisor Guillaume van Rentergem [email protected] +41 76 735 01 31 |
1 Subject to certain conditions set out in the agreement signed with ESGO on July 13, 2022
2 Includes a deduction of €500,000 from the first tranche of the agreement signed on July 13, 2022, relating to the previous agreement that expired on May 13, 2022.
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H1 2022 Results ENG – Final
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