Pixium Vision Establishes an Equity Line Financing with Kepler Cheuvreux
October 23 2017 - 1:00AM
Business Wire
Financing to advance the development of PRIMA,
Pixium’s new generation retinal implant
Regulatory News:
Pixium Vision (Paris:PIX) (FR0011950641 - PIX), a company
developing innovative bionic vision systems to enable patients who
have lost their sight to lead more independent lives, today
announces the implementation of an equity line financing facility
with Kepler Cheuvreux.
Pixium Vision’s Chief Executive Officer, acting pursuant to the
powers delegated to him by the Board of Directors held on September
20, 2017 and in accordance with the 18th resolution of the General
Assembly Meeting of the shareholders held on June 27, 20171,
decided to enter into this equity line financing. As of June 30,
2017, cash and cash equivalent of Pixium Vision were at €14.9
million.
"Pixium Vision anticipates PRIMA, our next generation, wireless
sub-retinal micro implant, to start human clinical trials following
receipt of the regulatory authorizations,” said Khalid Ishaque,
Chief Executive Officer of Pixium Vision. “This financing
provides Pixium Vision additional possibilities for PRIMA’s
development roadmap for retinal dystrophies, and particularly
aiming to treat advanced dry form of Age-related macular
degeneration (AMD). The financing secures our medium-term financial
requirements under flexible conditions with utilisation adapted to
our needs."
Pursuant to the terms of the agreement, Kepler Cheuvreux gave a
full and firm commitment to subscribe for 2,000,000 shares
(representing, for information purposes, an issued capital of €6.2
M2), at its own initiative over a timeframe not exceeding 24
months, provided that the contractual conditions are fulfilled. The
shares will be issued based on the lowest of the daily
volume-weighted average price of the two trading days preceding
each issuance, minus a maximum discount of 7.5%. Pixium Vision
retains the option of suspending or terminating this agreement at
any time.
Assuming the equity line facility were to be used in full, a
shareholder owning 1.00% of Pixium Vision’ share capital prior to
the transaction would see a reduction in his/her shares to 0.87% on
a non-diluted basis3.
The number of shares issued pursuant to this agreement and
admitted to trading will be announced on Euronext notices as well
as on Pixium Vision’s website.
The announced equity line does not require issuing a prospectus
subject to the visa of AMF.
ABOUT PRIMA
PRIMA is a miniaturized new generation implant totally wireless.
The PRIMA implant is a micro photovoltaic chip of 2 millimeters and
30 microns thick, PRIMA is equipped with 378 electrodes. Implanted
under the retina via a less invasive surgical procedure, implant
converts pulsed near infra-red invisible light signal received from
the external glasses with an integrated mini-camera into electrical
signals transmitted to the brain via the optic nerve. PRIMA is
designed to treat retinal dystrophies, particularly aiming to treat
advanced atrophic dry-AMD, the most prevalent form of Age-related
Macular Degeneration, thanks to miniaturization and aimed to
preserve patient’s residual peripheral vision. Prima is also
intended to be evaluated at a later stage for treatment of vision
loss from Retinitis Pigmentosa. No clinical data is yet available
for PRIMA.
ABOUT PIXIUM VISION
Pixium Vision’s mission is to create a world of bionic vision
for those who have lost their sight, enabling them to regain
partial visual perception and greater autonomy. Pixium Vision’s
bionic vision systems are associated with a surgical intervention
as well as a rehabilitation period. Following the CE mark for its
first bionic retinal implant systems, IRIS®II, Pixium Vision has
been authorized to start clinical study in Human for PRIMA, a
sub-retinal miniaturized wireless implant system. Pixium Vision
collaborates closely with academic and research partners spanning
across the prestigious Vision research institutions including the
Institut de la Vision in Paris, the Hansen Experimental Physics
Laboratory at Stanford University, and Moorfields Eye Hospital in
London. The company is EN ISO 13485 certified.
Pixium Vision is qualified “Entreprise Innovante” par
Bpifrance
For more information, please visit: www.pixium-vision.com;And
follow us on: @PixiumVision;
www.facebook.com/pixiumvisionwww.linkedin.com/company/pixium-vision
Pixium Vision is listed on Euronext Paris (Compartment C).
Pixium Vision shares are eligible for the French tax incentivized
PEA-PME and FCPI investment vehicles.
Pixium Vision is included in the Euronext CAC All Shares
index
Euronext ticker: PIX - ISIN: FR0011950641 – Reuters: PIX.PA –
Bloomberg: PIX:FP
Disclaimer:This press release may expressly or implicitly
contain forward-looking statements relating to Pixium Vision and
its activity. Such statements are related to known or unknown
risks, uncertainties and other factors that could lead actual
results, financial conditions, performance or achievements to
differ materially from Vision Pixium results, financial conditions,
performance or achievements expressed or implied by such forward
looking statements.Pixium Vision provides this press release as of
the aforementioned date and does not commit to update forward
looking statements contained herein, whether as a result of new
information, future events or otherwise.For a description of risks
and uncertainties which could lead to discrepancies between actual
results, financial condition, performance or achievements and those
contained in the forward-looking statements, please refer to
Chapter 4 "Risk Factors" of the company’s Registration Document
filed with the AMF under number R16-033 on April 28, 2016 which can
be found on the websites of the AMF - AMF (www.amf-france.org) and
of Pixium Vision (www.pixium-vision.com).
IRIS® is a trademark of Pixium-Vision SA
1 Capital increase without preferred subscription right for the
benefit of a category of person firmly committed to subscribe for
shares of the company in the limit of 20% of the outstanding shared
capital per year in compliance with articles L. 225-129-2, L.
225-138 and L. 228-92 of the French commercial code.2 On the basis
of the average price of Pixium Vision share during the last 20 days
of trading as at October 19, 20173 On the basis of 13,364,712
shares composing the share capital of Pixium Vision as at September
30, 2017
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Pixium VisionDidier Laurens, CFO+33 1 76 21 47
68investors@pixium-vision.comorMedia Relations
FranceNewcap MediaAnnie-Florence Loyer, +33 1 44 71 00
12+33 6 88 20 35 59afloyer@newcap.frorLéa Jacquin, +33 1 44 71 94
94ljacquin@newcap.frorKepler CheuvreuxThierry du
Boislouveau, +33 6 01 06 60 20Thierry.du-boislouveau@keplercf.comorEdison
Investor RelationsTirth Patel, +1 646 653 70 35VP Investor
Relationstpatel@edisongroup.comorMedia Relations
InternationalImage Box PRNeil Hunter, Tel +44 (0)20 8943
4685neil@imageboxpr.co.uk