Pixium Vision - Moving ahead as expected
Pixium’s FY21 results were mostly in line with our forecasts, as the company continues to advance its wireless Prima bionic vision system (BVS) through the PRIMAvera pivotal study. The company finished 2021 with €14.5m gross cash, which we believe should fund operations into 2023. After rolling forward our estimates and adjusting forex and net cash, we obtain an equity valuation of €135.1m or €2.31 per basic share.Pixium Vision SA is a company that specializes in sensorial neuromodulation. Co. is also collaborating with scientific groups and clinicians at research institutes and clinical centers around the world, including Stanford University (USA). Co. is developing and aims to commercialize Bionic Vision Systems (BVS) – namely active implantable medical devices to treat blindness caused by degeneration of photoreceptor cells in the retina.
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