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Pixium Vision

Pixium completes 10th implantation of Iris II study

Flash note | Pharmaceutical & healthcare | 12 Jan 2017

Pixium announced this week that it has completed the 10th and final implantation as part of its ongoing European Iris-II study. This trial began in January 2016 and will assess the Iris II epi-retinal implant in patients with retinitis pigmentosa (RP) and certain other retinal dystrophies. While the study will assess the device for at least 18 months, interim data could be available in mid-2017 and would support reimbursement applications in European countries such as the UK, France and Germany.

Pixium Vision

Forfait Innovation decision postponed

Flash note | Pharmaceutical & healthcare | 26 May 2017

Pixium announced on 24 May 2017 that the French Haute Autorité de Santé (HAS) has requested additional clinical data before agreeing to provide exceptional reimbursement under the Forfait Innovation (FI) programme for Pixium's Iris II implant system. The HAS agreed that the Iris II meets the critical FI eligibility criteria of providing a sufficiently novel and innovative treatment for a significantly unmet medical need (patients severely visually impacted by retinitis pigmentosa). Pixium now plans to provide interim six-month data from its ongoing 10-patient European Iris-II study, which should be available in Q317, to fulfil this requirement. Hence we believe a decision from HAS on potential Iris-II reimbursement under FI is not likely before late Q317 or early Q417.

Pixium Vision

Pixium cleared to start EU Prima feasibility study

Update | Pharmaceutical & healthcare | 24 Oct 2017

Pixium has received clearance from the French regulatory agency (Agence Nationale de Sécurité du Médicament et des Produits de Santé, or ANSM) to start a feasibility study of its Prima sub-retinal bionic vision system (BVS) on up to five patients with advanced Dry-ARMD. It plans to complete the first implantation before YE17, and obtain six-month study data in H218. If results are positive, Pixium expects to start an EU pivotal study in H119. We have reinstated our Prima probability of success estimate in our model to 12.5% (from 10%), leading to an increase in our pipeline rNPV to EUR 82.6m (from EUR 63.0m, previously).

Pixium Vision

Pixium seeks to address short Iris II lifespan

Update | Pharmaceutical & healthcare | 05 Oct 2017

Pixium Vision recently reported data from its 10-patient Iris II study showing that it improves visual performance, but stops operating as intended at approximately nine to 12 months post-implantation. Pixium has halted new implantations as it plans to study a potential remedy to improve longevity. We have lowered our success probability estimates and delayed our launch dates for both Iris II and Prima. Our rNPV is reduced to EUR 63.0m, from EUR 129.3m previously.

Pixium Vision

Key Iris II and Prima catalysts for H217

Update | Pharmaceutical & healthcare | 22 Aug 2017

Pixium is building up a sales channel across Europe for its Iris II device, and is working on securing reimbursement and generating initial product sales in H217. It is also planning to start first-in-human trials for the next-generation Prima implant in H217. Using a risk-adjusted NPV model, we obtain a pipeline rNPV of EUR 129.3m, compared to EUR 131.4m, previously.

Pixium Vision

Key advancements for Iris II and Prima in 2017

Outlook | Pharmaceutical & healthcare | 30 Mar 2017

Pixium Vision is developing two different retinal implants that provide vision by electrically stimulating the retina. Commercialisation efforts for Iris II are starting in Europe. Prima intends to target a larger population, and human trials could start in H117. Using a risk-adjusted NPV model, we obtain a pipeline rNPV of EUR 131.4m, up from EUR 125.5m, previously.

Pixium Vision

Raises up to EUR11m in debt to extend runway

Update | Pharmaceutical & healthcare | 19 Oct 2016

Pixium entered an agreement to issue up to €11m in bonds bearing 11.5% interest, with warrants for up to 207,817 shares. The funding should support the firm's Iris II and Prima vision restoration system programmes. Our rNPV, inclusive of estimated Q316 net cash, is €10.78 per share.

Pixium Vision

Iris II receives CE mark clearance

Update | Pharmaceutical & healthcare | 27 Jul 2016

Pixium announced on 25 July that its Iris II epi-retinal implant has received CE mark clearance from European regulatory authorities. This pivotal step helps validate the device's safety and can enable the first stage of a commercial roll-out of this device in certain European markets. Our rNPV, inclusive of net cash, is €11.62 per share (vs €10.28 previously).

Pixium Vision

Iris II and Prima continue to advance

Update | Pharmaceutical & healthcare | 15 Jul 2016

Pixium Vision implanted its first Iris II epi-retinal implant in January 2016 as part of a 10-patient European study as it awaits clearance from a CE mark application. It also reported supportive animal data on its next-generation implant, Prima, slated to start human studies by YE16. Our rNPV valuation is €10.28 per share, down from €10.50 previously.

Pixium Vision

First patient implanted with Iris II retinal prosthesis

Update | Pharmaceutical & healthcare | 25 Feb 2016

Pixium has announced it has successfully implanted the first patient with its second-generation epi-retinal implant, Iris II. This is the first patient enrolled in a study of up to 10 patients with retinitis pigmentosa or other retinal dystrophies. Pixium filed for CE mark approval in December 2015 for Iris II.

Pixium Vision

Introducing the second-generation implant

Update | Pharmaceutical & healthcare | 08 Jan 2016

Pixium Vision is a French medical device company developing retinal implants for patients with retinitis pigmentosa and macular degeneration. A CE mark application was submitted on its lead product, Iris. A sub-retinal implant is being developed simultaneously.

Pixium Vision

A clear vision

Initiation | Pharmaceutical & healthcare | 21 Sep 2015

Pixium Vision is developing two different retinal implant systems that recreate artificial physiological vision by electrically stimulating the retina. The devices have been developed for profoundly blind patients suffering from retinitis pigmentation or macular degeneration. The epi-retinal version (Iris) of the implant should be filed for CE Mark in H215 and the sub-retinal implant (Prima) starts feasibility studies in 2016. Using a risk-adjusted NPV model, we value the company at €10.51 per share.