Pixium Vision announces the opening of safeguard proceedings
October 09 2023 - 1:00PM
Pixium Vision announces the opening
of safeguard proceedings
Paris, France, October 9,
2023 – 19:00
(CET) – Pixium Vision SA (Euronext Growth Paris -
FR001400JX97; Mnemo: ALPIX) (the “Company”), a
bioelectronics company developing innovative vision systems to
enable patients who have lost their sight to live more independent
lives, announces the opening today of safeguard proceedings by the
Commercial Court of Paris.
Indeed, despite all the efforts made in the
research of financing options, and as indicated several times by
the Company in its previous communications, the Company might not
be able to face its financial obligations after the end of November
2023 without the protection of such proceedings.
Considering such liquidity risk over a maximum
2-month horizon and the absence of new financing to date, Pixium
Vision therefore requested the opening of safeguard proceedings
with the Commercial Court of Paris.
In this context, the Commercial Court of Paris
has appointed SCP Abitbol & Rousselet, represented by Joanna
Rousselet and Selarl FHB, represented by Hélène Bourbouloux, as
co-administrators with supervisory responsibility for Pixium
Vision, and Selarl Asteren, represented by Julia Ruth as creditors’
representative.
The Court has opened an observation period of 6
months.
During this period, Pixium Vision and the
court-appointed administrators will work on all possible
restructuring solutions, including but not limited to the research
of potential candidates for the acquisition of the Company’s
business, in the framework of a sale of asset plan presenting
pursuant to articles L. 642-1 and seq. of the French
commercial code1.
In this context, Pixium Vision has applied to
Euronext Paris for the resumption of the listing of its shares as
of the opening of the markets on October 10, 2023.
The market will be regularly informed of the
progress of the procedure and, more generally, of Pixium Vision's
financial situation.
As at 9 October 2023:
- the cash position of the Company
amounts to €2.575 million, providing for an estimated cash runway
through the end of December 20232;
- the nominal debt position of the
Company amounts to €9.203 million.
As a consequence of the opening of such
safeguard proceedings, the Company is not in a position to publish
its H1 2023 condensed financial statements, which will therefore be
published at a later date.
About Pixium Vision
Pixium Vision is creating a
world of bionic vision for those who have lost their sight,
enabling them to regain visual perception and greater autonomy.
Pixium Vision’s bionic vision systems are associated with a
surgical intervention and a rehabilitation period. Prima System
sub-retinal miniature photovoltaic wireless implant is in clinical
testing for patients who have lost their sight due to outer retinal
degeneration, initially for atrophic dry age-related macular
degeneration (dry AMD). Pixium Vision collaborates 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, Institute of Ocular Microsurgery
(IMO) in Barcelona, University hospital in Bonn, and UPMC in
Pittsburgh, PA. The Company is EN ISO 13485 certified and qualifies
as “Entreprise Innovante” by Bpifrance.
Forward-Looking Statements. This press release
contains certain forward-looking statements. Although the Company
believes 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 risks and
uncertainties which 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 (“Facteurs de Risques”) section of the Company’s
2022 Annual Financial Report and other documents the Company files
with the AMF, which is available on the AMF website (www.amf-
france.org) or on the Company’s website.
For more information:
http://www.pixium-vision.com/fr
Follow us on @PixiumVision;
www.facebook.com/pixiumvision
www.linkedin.com/company/pixium-vision
Contacts
Investor
RelationsPixium VisionOffer NonhoffChief
Financial Officerinvestors@pixium-vision.com |
Media
Relations Rose Piquante ConsultingSophie
BaumontSophie.baumont@rosepiquante-consulting.com+33 6 27 74 74
49 |
1 In particular, the Company draws investors'
attention to the possibility that, in the event of a court-ordered
plan to sell off all or part of the Company's assets, the price
offered may not allow shareholders to be reimbursed in full or in
part.2 Considering the effects produced by the opening of safeguard
proceedings.
- PR - opening safeguard - 09.10.23 ENG - final
Pixium Vision (EU:ALPIX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pixium Vision (EU:ALPIX)
Historical Stock Chart
From Jul 2023 to Jul 2024