Edison Investment Research Limited
Edison issues outlook on Pixium Vision (PIX)
Friday, April 12, 2019 4:55 AM
LONDON, UK / ACCESSWIRE / April 12, 2019 / Pixium Vision (PARIS: PIX) is developing Prima, a potentially breakthrough wireless sub-retinal implant that generates electrical impulses at the retinal bipolar cell level to restore a form of central visual perception. Pixium is on track to start an EU pivotal study for its Prima bionic vision system (BVS) in H219 for the treatment of advanced dry age-related macular degeneration (Dry-AMD) involving geographic atrophy (GA). This follows the release of positive six-month data in January 2019 for its five-patient EU feasibility study. Using a risk-adjusted NPV model, we obtain a pipeline rNPV (including net cash) of €99.5m, vs €99.0m previously.
We believe Pixium's cash on hand should be sufficient for it to maintain its operations into Q220. We continue to estimate that Pixium will raise €75m through 2021 to fund Prima development. As per Edison policy, we model these as debt financing. We continue to value Pixium using an rNPV approach, employing a 12.5% cost of capital and applying a 15% probability of success estimate for Prima. Following minor changes to our market size, forex and EU pricing assumptions, we now obtain a pipeline rNPV (enterprise value) of €91.7m, up from €91.2m, previously. After including €7.8m net cash at 31 December 2018, we obtain an equity valuation of €99.5m, or €4.49 per share (compared to €4.50 previously).
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SOURCE: Edison Investment Research Limited