Pixium Vision announces its unaudited financial results for 2021 and provides a business update
Pixium Vision announces its financial results for 2021 and provides a business update. The 2021 financial statements were approved by Pixium Vision’s Board of Directors at its meeting on 17 February 2022.
- Cash position on 31 December 2021: €14.5 million
- Cash runway to end of Q4 2022
- Clinical development, activating multiple clinical sites and successfully implanting patients enrolled in our PRIMAvera pivotal study
Lloyd Diamond, CEO of Pixium Vision commented “In 2021, we continued to deliver on our promises, and we progressed significantly on our journey to create a world of bionic vision for those who have lost their sight. In spite of the Covid-19 pandemic, we continued to make strong progress on many fronts throughout 2021, progressing through our PRIMAvera pivotal study, the last step of clinical development in Europe and continuing to strengthen our presence in the US in anticipation of increasing clinical development in this key market. We are well positioned drive the Prima System through these important stages, having successfully extended our cash runway to end of 2022.”
Publication in Nature Communications of peer-reviewed clinical data demonstrating the clinical benefit of the Prima System in Dry AMD patients
Pixium Vision announces the publication of a paper in Nature Communications, outlining further data with its Prima System, a photovoltaic substitute of photoreceptors providing simultaneous use of the central prosthetic and peripheral natural vision in atrophic dry age-related macular degeneration (AMD).
“The peer-reviewed publication of these data in the prestigious journal of Nature Communications demonstrates the validation by our peers of the highly innovative and promising nature of our Prima System for the treatment of dry AMD,” said Lloyd Diamond, CEO of Pixium Vision. “The data highlighted in this publication not only support that patients can combine their remaining peripheral vision with our bionic vision, that the resolution of perception is close to the resolution of the implant, and also very importantly exhibit that the natural peripheral vision is not reduced over time following the implantation. The pivotal PRIMAvera study is ongoing in Europe and we look forward to demonstrating these great benefits in a larger pool of patients, targeting to bring the Prima System to the European market in 2024”.
Lisa Olmos de Koo
Chief Medical Advisor
Lisa C. Olmos de Koo, MD, MBA is an Associate Professor of Ophthalmology at the University of Washington in Seattle, WA, where she is Chief of the Retina Division. Previously, she served as Assistant Professor of Ophthalmology at the Doheny Eye Institute and at the Roski Eye Institute of the University of Southern California’s Keck School of Medicine in Los Angeles, CA. She received her bachelor’s degree in chemistry from Harvard University. She then earned her medical degree from Baylor College of Medicine in Houston, TX, along with an MBA from Rice University. She completed her internship at Georgetown University, with rotations at the Walter Reed Armed Forces Institute of Pathology (AFIP) as well as at the LV Prasad Eye Hospital in Hyderabad, India. Following the completion of her ophthalmology residency and vitreoretinal fellowship at the world-renowned Bascom Palmer Eye Institute of the University of Miami, in Miami, FL, she was selected to serve a one-year term as Chief Resident and Co-Director of Ocular Trauma at BPEI. She has a special interest in ophthalmic and surgical education, currently serving as the Vitreoretinal Fellowship Program Director at the UW, a position she previously held at USC. She sits on the Board of Directors of the American Society of Retina Specialists (ASRS).
Pixium Vision CEO Letter to Shareholders
Dear Shareholders,
I am writing to you at the start of what will be a very exciting and busy year for Pixium Vision. In 2021, we continued to deliver on our promises, and we progressed significantly on our journey to create a world of bionic vision for those who have lost their sight.
In spite of the Covid-19 pandemic, we continued to make strong progress on many fronts throughout 2021.
We accelerated the clinical development of our highly innovative Prima System*, activating multiple clinical sites and successfully implanting patients enrolled in our PRIMAvera pivotal study in France, Germany, and the UK, including at the prestigious Moorfields Eye Hospital in London. The pivotal PRIMAvera trial in atrophic dry age-related macular degeneration (dry AMD) is evaluating the safety and efficacy of the Prima System and is expected to be the last clinical step before seeking market approval in Europe sometime in 2024.
Our first feasibility study, that started in 2017, continues to generate extremely positive and promising data from our Prima System. Indeed, Pixium announced positive long-term follow-up data that showed the state-of-the-art PRIMA chips were readily implanted and well tolerated and worked reliably in patients for over 36 months post-implantation. Based on this, we believe the PRIMA implants and the whole Prima System are a realistic solution to help, over the long term, patients suffering from dry AMD, a large patient population with no treatments currently on the market.
Alongside our clinical developments, we have been advancing technologically, beginning work on the second generation of implants for the Prima System and expanding our collaboration agreement with our long-term academic partner Stanford University. This follows the original agreement we signed with Stanford University in 2014, which laid the foundation for the creation of the current PRIMA design.
We have also strengthened our leadership team with the appointment of Offer Nonhoff as Pixium’s Chief Financial Officer. Offer is a seasoned financial executive with more than 20 years of experience in healthcare and other industries and a proven track record in funding and growing companies. He has raised more than $180 million in capital, led a successful initial public offering, and is a considerable asset for Pixium as we prepare for our commercialization and value driving events.
We continue to engage with investors and increase Pixium’s visibility through our participation in investor-related events, such as last year’s Investir Day in Paris. We remain very active within the broader scientific community, regularly attending and presenting at industry conferences as well as hosting our own KOL events to present the progress made with the Prima System. Additionally, in 2021, Pixium’s groundbreaking work was recognized at the MedTech Forum in April when we received the HealthTech Award in the category of Best Product/Deal for the Prima System. The awards highlight the most promising game-changers developing emerging technologies for healthcare in Europe. It was an honor to receive the award, and I thank the entire Pixium team and our collaborators for their dedication in developing the Prima System and, indeed, for all their hard work throughout the year.
Our capital increase of around €8 million in July last year through a private placement came primarily from US investors, which has helped expand our shareholder base. The company is currently considering its options to provide it with the opportunity to accelerate its clinical development, as we prepare for the potential commercial launch of our Prima System in Europe in 2024.
These developments have reinforced our belief in the potential of our Prima System to compensate for profound vision loss and improve the quality of life for patients suffering from retinal degenerative diseases. They have also brought us significantly closer to delivering the technology as a commercial offering. 2022 promises to be another important year in this journey, and we look forward to pushing on with our ambitious plans for our company.
The key areas we are focusing on for 2022 are:
- Completing enrollment for the pivotal PRIMAvera study: expansion to additional clinical sites in Italy, Spain and the Netherlands throughout H1 2022 is ongoing. Pending any unforeseen effects from the Covid-19 pandemic, we are confident that recruitment to the study will be completed by the end of this year, leading to an expected read-out around the end of 2023 and a submission in Europe shortly after;
- Completing enrollment in our US feasibility study;
- Continuing our French feasibility study and communicating top line data at 48 months;
- Progressing in developing methods and tasks during the rehabilitation process to improve patients’ ability to undertake tasks of daily living;
- Advancing our technology: the new generation of implants for the Prima System will be based on the existing PRIMA design and components but with a significantly greater amount of targeted neural stimulation through an exponential increase in the number of pixels, which should help drastically increase the level of detail patients can perceive;
- Ensure appropriate funding for our clinical activities and upcoming commercial structure to help us to continue our progression from a research organization to a commercial business in the next couple of years.
I would like to thank all our shareholders for their support and belief in Pixium Vision. I look forward to providing further updates as the new year progresses. Most importantly, I wish each and every one of you a Happy and Healthy 2022.
Yours sincerely,
Lloyd Diamond
CEO, Pixium Vision
* CAUTION – Investigational device. Limited by United States law to investigational use.
Pixium Vision to attend BIOMED EVENT® by Invest Securities on January 26, 2022
Pixium Vision announces that Lloyd Diamond, Chief Executive Officer of Pixium Vision, will attend the BIOMED EVENT® by Invest Securities, being held on Wednesday, January 26, 2022.
The BIOMED EVENT by Invest Securities will host a number of European listed biotech and healthcare companies and institutional investors. It will feature one-on-one meetings, group presentations and workshops. The event will take place at Salons Hoche, 9 Avenue Hoche, Paris, France. Those wishing to attend can register here.
Investir Day Replay – Lloyd Diamond interviewed by Anne Barloutaud (Les Échos investir)
On Friday, November 19, 2021, Lloyd Diamond was interviewed by Anne Barloutaud (Les Echos Investir) during the 3rd Investir Day, which was held at the Palais Brongniart in Paris.
Program is in French