Earnings Release • Apr 28, 2015
Earnings Release
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Paris, France. April 28th, 2015 – Pixium Vision (FR0011950641 - PIX), a company developing innovative bionic vision systems to allow patients who have lost their sight to lead more independent lives, announces the release of its sales for the first quarter of 2015 and the strengthening of its intellectual property in Europe.
Khalid Ishaque, CEO of Pixium Vision, said: "Pixium Vision is the only bionic vision company developing two distinct retinal stimulation approaches with our IRIS® and PRIMA systems, on and below the retina respectively. With IRIS® , we have several patients ready to be implanted over the summer period as part of our ongoing clinical study. With PRIMA, we recently announced compelling preclinical results, published yesterday by the prestigious Nature Medicine journal. Finally our intellectual property position has been further strengthened by the recent successive favorable decisions of both the European and US Patent Offices."
| First quarter | ||
|---|---|---|
| in thousand euros | 2015 | 2014 |
| Operating income / other income | 971.9 | 625.9 |
| First quarter | ||
|---|---|---|
| in thousand euros | 2015 | 2014 |
| Opening cash and cash equivalents | 42 131.7 | 9 420.2 |
| (Decrease) / Increase in cash position | (5 493.4) | (3 196.1) |
| O/W net cash flows from operating activities | (4 790.6) | (3 157.6) |
| Closing cash and cash equivalents | 36 638.3 | 6 224.1 |
In the first quarter of 2015, other operating income amounted to 972 000 euros, up 55% year-on-year. This is explained, in part, by the increase of eligible expenditure to research tax credit with the continuous development of the company's R&D effort. During the first quarter 2015, Pixium Vision also recognized 210 597 euros in other operating income in relation with the Bpifrance grant related to the SIGHT AGAIN project. This grant, received in December 2014, amounted to 1.26 million euros, with a total of 632,148 euros already recognized in other operating income; the balance is shown in deferred revenues.
Use of cash flow from operating activities at 31 March 2015 amounted to 4.8 million euros against 3.2 million euros over the same period in 2014. This increase is the combined result of the Company's growing commitment to its R&D running 3 programmes in parallel: IRIS50 ® , IRIS150 ® and PRIMA
At March 31, 2015, Pixium Vision's cash position amounted to 36.6 million euros, compared to 6.2 million euros a year earlier reflecting net proceeds of 37.5 million euros raised in the Company's IPO on Euronext during the summer of 2014 and the exercising of BSA Tranche 2 (share subscription warrants) from the second round of financing in November 2013.
On April 13, 2015 Pixium Vision announced the strengthening of its patent protection on IRIS® , its first Vision Restoration System (VRS), following recent decisions of the European and US patent Offices.
Pixium Vision today announced a new decision of the European Patent Office resulting from oppositions filed by the company against 4 European patent of Second Sight. On April 23, 2015, the European Patent Office revoked Second Sight's EP 2192949 patent on return electrode in a flexible circuit electrode array.
Pixium Vision Pierre Kemula, CFO [email protected] +33 1 76 21 47 30 @PixiumVision
Investor Relations Citigate Dewe Rogerson Lucie Larguier – Laurence Bault [email protected] +33 1 53 32 84 78
Relations Presse Newcap Media Annie-Florence Loyer – Nadège Le Lezec [email protected] [email protected]
Pixium Vision is developing innovative Vision Restoration Systems (VRS) that aim to significantly improve the independence, mobility and quality of life of patients who have lost their sight. The Company harnesses the rapid advances in visual processing, microelectronics / nanoelectronics, optoelectronics, neurobiology and intelligent software algorithms. Pixium Vision's VRS are associated with a surgical intervention as well as a rehabilitation period.
Clinical trials are currently underway with the VRS IRIS® in several centers in Europe. Patients have tolerated their implants well so far and improvements in visual perception have been observed. The results of these studies will be used to apply for CE mark. The approval of IRIS® is expected in 2015.
Pixium Vision is also developing PRIMA, a sub retinal implant currently in preclinical trial. The Company plans to begin clinical trials of PRIMA in Europe in 2016.
Pixium Vision is listed on Euronext (Compartment C) in Paris. ISIN: FR0011950641; Mnemo: PIX IRIS® is a trademark of Pixium-Vision SA
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 forwardlooking 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 Documents de Base filed with the AMF under number I. 14-030 on May 12, 2014 and Chapter 2 "Risk Factors related to the Offer" in the prospectus, which can be found on the websites of the AMF - AMF (www.amf-france.org) and of Pixium Vision (www.pixiumvision.com).
After 31 March 2015 major developments were:
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