Pixium Vision announces its financial results for H1 2022
Pixium Vision announces its financial results for H1 2022 and provides a bbusiness update
- Cash at June 30, 2022: €7.2m
- Pivotal European PRIMAvera study underway and on track to report data towards end of 2023
- Post-period event: Establishment of a convertible bond financing agreement for a maximum nominal amount of €30 million with ESGO, potentially extending the cash trail until mid-2024, assuming that all the slices are drawn1
- Drawing of the first tranche of a nominal amount of €5.5 million on July 14, 2022, extending the cash trail until the first quarter of 2023
Paris, 22 July 2022 – 7:00 a.m. CET – Pixium Vision SA (Euronext Growth Paris – FR0011950641; Mnemo: ALPIX), a bioelectronics company that develops innovative bionic vision systems to enable patients who have lost their sight to live more independently, announces its financial results for first half of 2022. The 2022 half-year financial statements were approved by Pixium Vision’s Board of Directors at its meeting on July 20, 2022.
Lloyd DiamondVSEO by Pixium Vision, commented “The company continues its to preparein the transfersform Pixium Vision of a search to a commercial organization, with a number of important milestones achieved during the first half of 2022. Clinically, we are progressing well with the pivotal PRIMAvera trial of our Prima system for bionic vision and having closeded additional funding for ensure the success of our clinical programs.”
”Ee financial results are based on an improved financial situation, with €7.2 million in cash at the end of June 2022 plus onenot Additional €4,6 million2 thanks to the new agreement signed with ESGO ohnot July, 1st32022 giving access to a maximum of nominal Funding of 30 million euroswith improved terms compared to the previous agreement. Despite the reversal of the financial markets, wwe are continue to build successful interactions withh investors worldwide continue to provide financing of Pixium in the better possible way” added Offer Nonhoff, CFO of Pixium Vision
H1 2022 results – Extracts
|Summary of the income statement|
|In thousands of euros||H1 2022||H1 2021 *||To change|
|Operating revenue||1,043.8||1,801.0||(42.0) %|
|Current operating expenses||(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 %|
|Report loss for the period||(5,614.3)||(5,545.7)||+1.2 %|
|Net earnings per share||(0.12)||(0.12)|
*H1 2021 restated: impact of the change in IAS19 calculation (see note 3 IFRIC May 2021 – IAS19 Retirement Benefits of the 2022 half-year financial report)
|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||(7,283.6)||(434.5)|
|Of which net cash flow from operating activities||(7,064.1)||(6,115.4)|
|Of which net cash flow from investing activities||(26.8)||(32.0)|
|Of which net cash flow from financing activities||(196.4)||5,712.9|
|Cash and cash equivalents at closing||seven,221.2||10,131.4|
Update on Pixium Vision’s activity
Pixium Vision continued to make significant clinical and commercial progress in the first half of 2022, notably by continuing to implant patients in the pivotal European PRIMAvera trial evaluating the safety and efficacy of the Prima system in patients with age-related macular degeneration. age (AMD) dries up, targeting the last implantation at the end of 2022.
The US feasibility study continued to progress well and recently expanded its clinical centers to include Stanford Medicine. Implants for 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 benefits of the PRIMA System in patients with dry AMD.
Despite the decline in financial markets, Pixium Vision was able to secure funding as announced on July 14, 2022. The Company continues to build on the traction gained from global investors to secure its funding pipeline going forward.
Analyse of H1 2022 results
Operating revenue amounts to €1.0 million and consists of a Research Tax Credit (CIR) of €1.0 million.
Current Research and Development (R&D) expenses amounted to 4.1 million euros against 3.7 million euros the previous year. During the first half of 2022, Pixium Vision continued to strengthen 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 studies.
Current general and administrative (G&A) expenses totaled €3.1 million in H1 2022, compared to €2.9 million in H1 2021. General and administrative expenses increased by 4.0% in H1 2022, mainly due to costs incurred by 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.
In H1 2022, the Group did not recognize any marketing and sales costs.
Operating results presented a loss of €6.1 million, higher than that of H1 2021 (€4.8 million). Net profit a loss of €5.6 million (compared to a loss of €5.5 million in H1 2021). The loss per share is €0.12 for both periods.
Net cash outflow from operating activities increased in H1 2022 to €7.1 million, compared to €6.1 million in H1 2021. The increase in net cash outflow reflects the continuation of the PRIMAvera study, the American feasibility study , as well as expenses associated with the preparation of financing options.
Net cash flow from financing activities totaled (0.2) M€ which are mainly related to the repayment of lease liabilities under IFRS16 in H1 2022. In H1 2021, financing activities mainly reflected the drawdown of 5 tranches of ORNAN for a total of 6.25 M€ of gross proceeds under its agreement with ESGO.
Pixium Vision closes the first half of 2022 with net cash of 7.2 million euros, compared to 10.1 million euros a year earlier.
Post-period, on July 14, 2022, Pixium Vision announced the setting up of financing for a maximum nominal amount of 30 million euros, and the drawing of a first tranche for a nominal amount of 5, 5 million euros.
About Pixium Vision
Vision Pixium creates a world of bionic vision for those who have lost their sight, allowing them to regain visual perception and greater autonomy. Pixium Vision’s bionic vision systems are associated with surgery and a period of rehabilitation. The Prima System subretinal wireless miniature photovoltaic implant is in clinical trial for patients who have lost sight due to outer retinal degeneration, initially for dry age-related atrophic macular degeneration (dry AMD). Pixium Vision works closely with academic and research partners, including some of the most prestigious vision research institutions in the world, such as Stanford University in California, Institut de la Vision in Paris, Moorfields Eye Hospital in London, the Institute of Ocular Microsurgery (IMO) in Barcelona, the University Hospital of Bonn and UPMC in Pittsburgh, PA. The company is EN ISO 13485 certified and qualified as an “Innovative Company” 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, which could cause actual results to differ materially from those anticipated. For a discussion of the 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, please refer to the Risk Factors section (” Risk factors”) of the Company’s 2021 report. Half-year financial report and other documents filed by the Company with the AMF, available on the AMF’s website (www.amf-france.org) or on the Company’s website.
For more information: http://www.pixium-vision.com/en
follow us on @PixiumVision; www.facebook.com/pixiumvision
+33 1 76 21 47 68
Guillaume van Renterghem
+41 76 735 01 31
1 Subject to certain conditions as stipulated in the agreement signed with ESGO on July 13, 2022
2 Includes a drawdown of €500,000 on the first Tranche of the agreement signed on July 13, 2022, which relates to the previous agreement which expired on May 13, 2022.
Results H1 2022 ENG – final