LONDON, UK / ACCESSWIRE / June 22, 2020 / Pixium Vision is developing Prima 2, a potentially breakthrough wireless bionic vision system (BVS) that generates electrical impulses at the retinal bipolar cell level to restore a form of central visual perception. It is on track to file to start a pivotal study in H220 for the treatment of advanced dry age-related macular degeneration (dry-AMD) involving geographic atrophy (GA). We obtain an enterprise value valuation of €105.9m, vs €98.0m previously. A rights offering is underway, expiring in July, which could raise €7.8m and increase the number of shares outstanding by 57.7%.
After rolling forward our estimates and adjusting FX, we determine a risk-adjusted NPV of €105.9m, up from €98m previously. We believe Pixium's cash on hand prior to the rights offering (€8.2m gross H120e cash) should be sufficient for it to maintain its operations into Q221. We model that Pixium will raise €45m in debt between H220 through FY23 to fund Prima development. The current rights offering (75% committed), if fully subscribed, would raise €7.8m (and increase shares outstanding by 57.7%), fulfil part of our projected funding need and extend the cash runway into Q421.
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