Context
Pixium Vision develops PRIMA, a retinal implant system to help visually impaired patients regain sight via neurostimulation. The first target indication is dry age-related macular degeneration (dry AMD), a disease that affects over 150 million people worldwide and for which there is currently no clinical treatment available.
Prior to the transaction, Pixium Vision reported positive 18-month data in a clinical feasibility study of PRIMA in France, showing significant improvement of visual acuity in patients.
Based on this successful study, Pixium Vision is preparing PRIMAvera, a pivotal study set to debut at the end of 2020, which will be the basis for a request for a CE Mark and 510(k).
The Rights Issue is intended to give Pixium Vision the resources to finance the first steps of PRIMAvera throughout 2021. It will also enable Pixium Vision to complete the US feasibility study that it is conducting in parallel. This is the study in which the first patients were successfully implanted.
About Pixium
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.
The 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).
Bryan, Garnier & Co acts as Sole Global Coordinator on a EUR 7.3 million Rights Issue for medtech company Pixium Vision
Bryan, Garnier & Co acted as Sole Global Coordinator on a EUR 7.3m Rights Issue for Pixium Vision.
Prior to the launch of the offering, Bryan, Garnier & Co conducted extensive confidential marketing across Europe and the United States, securing the necessary underwriting commitments from institutional investors to launch the transaction.
Following a 10-day offer period, the transaction attracted strong participation from existing shareholders including BPI France and Sofinnova, retail investors and new institutional investors brought in by Bryan, Garnier & Co after a subsequent public marketing phase to QIBs across Europe and the US. As a result, the underwriting commitments were not actioned.
The transaction was one of the first small-cap public offerings on Euronext following the Covid-19 lockdown. Despite challenging market conditions and high levels of volatility in the markets, especially in the small-cap space, the subscription rate was close to 100%. Pixium Vision’s share price closed above the theoretical ex-rights price at the end of the offer period.
This transaction is the third public capital raising in healthcare led by Bryan, Garnier & Co since the Covid-19 outbreak, illustrating our capacity to support our clients in a difficult market environment.
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