Pixium Vision announces its cash flow
until September 30, 2020
Paris, October 22, 2020 – 6:00 p.m. CEST – Pixium Vision (Euronext Growth Paris – FR0011950641 – ALPIX), a bioelectronics company that develops innovative bionic vision systems to enable patients who have lost their sight to live more independently, announces cash flow of 13.3 million € as of September 30, 2020 and reports on its main developments.
|Summary cash flow table|
|In thousands of €||09/30/2020||09/30/2019|
|Cash and cash equivalents at January 1||6,791.5||15 629.4|
|(Decrease) / Increase in cash flow||6 515.3||(8 609.3)|
|Of which net cash flow from operating activities||(4,213.2)||(7668.7)|
|Of which net cash flow from investing activities||222.5||(26.7)|
|Of which net cash flow from financing activities||10 506.0||(913.8)|
|Closing cash and cash equivalents||13,306.8||7,020.1|
Net cash outflow from operating activities over the first nine months of 2020 amounts to 4.2 million euros, compared to 7.7 million euros a year earlier. In the second quarter of 2020, the Group was forced to postpone its clinical activities and therefore had to temporarily suspend orders from its main suppliers for the production of devices intended for ongoing clinical development. As a result, cash outflows decreased by almost 45% compared to the previous year. Since then, the Group has resumed its clinical trials pending authorization, before the end of the year, to launch the pivotal study.
As of September 30, 2020, investments were small and consisted mainly of purchases of industrial and laboratory equipment. It should be noted that the Group was reimbursed the sum of € 0.3 million corresponding to the financing deposits paid within the framework of the bond issue with Kreos Capital. This bond issue was fully redeemed at the start of September 2020.
At the end of the third quarter of 2020, net cash flow from financing activities amounts to 10.5 million euros. In the third quarter of 2020, the Group carried out a capital increase for a gross amount of 7.3 million euros. In addition, as part of its contribution to the fundamental R&D project of the “Sight Again” competitiveness cluster, Bpifrance Financement granted Pixium Vision aid of € 2.7 million for key stages 3 and 4. This aid was provided in the form of subsidies of € 0.5 million and repayable advances of € 2.3 million. In addition, the Group has taken out a loan guaranteed by the State for 2.5 million euros.
In total, as of September 30, 2020, Pixium Vision had a cash flow € 13.3 million, compared to € 6.8 million on January 1, 2020. The cash flow with ESGO financing enables the Group to be financed until the end of 2021.
+33 1 76 21 47 68
Guillaume de Renterghem
gvanrenterghem @ lifesciadvisors.com
+33 6 69 99 37 83
Pixium Vision creates a world of bionic vision for those who have lost their sight, allowing them to regain visual awareness and greater autonomy. Pixium Vision’s bionic vision systems are associated with surgery and a period of rehabilitation. The Prima System miniature wireless subretinal photovoltaic implant is undergoing clinical testing for patients who have lost their sight due to external retinal degeneration, initially to age-related atrophic dry macular degeneration (dry AMD ). Pixium Vision works 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, Bonn University Hospital and UPMC in Pittsburgh, PA. The company is EN ISO 13485 certified and qualified as an “Innovative Company” by Bpifrance.
For more information: http://www.pixium-vision.com/fr