Net cash outflow from operating activities in the first three months of 2021 totalled €3.6 million, compared to €2.5 million one year earlier. The increased cash outflow was primarily due to the launch of the PRIMAvera clinical trial in Europe and the work begun in connection with the proposed business combination with Second Sight Medical Products, Inc.1 Statement of cash flows summary In thousands of €31/03/202131/03/2020Cash and cash equivalents at 1 January10,566.06,821.3(Decrease)/Increase in cash position(818.4)(1,990.7)O/W net cash flows from operating activities (3,639.4)(2,475.3)O/W net cash flows from investment activities(10.8)(5.9)O/W net cash flows from financing activities2,831.8490.5Closing cash and cash equivalents9,747.64,830.6
During Q1 2021, investments were not material and consisted primarily of purchases of industrial and laboratory equipment. Key developments in the first quarter of 2021
In addition, Pixium Vision is continuing to explore various avenues that will enable it to secure the cash flow necessary to pursue its development. In particular, the Company is considering several financing offers it recently received and, at the appropriate time, will disclose to the market the main terms of any offer it accepts and will submit them for the approval of the shareholders at the next general meeting if the timing for convening the meeting allows. Highlights of the first quarter of 2021 included the announcement of positive clinical results, continued patient recruitment in the United States, and the clinical development of the Prima System, an innovative device for the treatment of age-related macular degeneration (AMD).
In total, at 31 March 2021, Pixium Vision’s cash position amounted to €9.7 million, compared to €10.6 million on 1 January 2021. Given its current cash position and secured sources of financing, the Company’s financial runway extends until the end of this year or the beginning of next year. At 31 March 2021, net cash provided by financing activities totalled €2.8 million, primarily following the drawdown of a €1.25 million tranche and, subsequently, two €1.0 million tranches of the financing set up with ESGO.
On 3 April 2021, Pixium Vision announced that it acknowledged Second Sight Medical Products, Inc.’s decision to unilaterally terminate the memorandum of understanding entered into on 5 January 2021, despite the fact that the memorandum of understanding did not provide for such an option. On 8 April 2021, Pixium Vision received a payment of USD 1 million (approximately €840,000) from Second Sight Medical Products, Inc. However, the Company considers that this payment is insufficient to compensate the loss it has sustained due to this unilateral termination and intends to bring an action before the Paris Commercial Court to obtain full compensation for its loss. Pixium Vision announced the positive results of the follow-up at 24 to 30 months of patients who have been equipped with the Prima System with second-generation glasses, which combine natural peripheral vision and prosthetic vision. The Prima System provided patients with a minimum gain of 3 lines of visual acuity, and up to 7 lines in some patients.
Pixium Vision is conducting clinical feasibility studies of its Prima system, its miniaturised wireless sub-retinalimplant, in patients who have lost their sight due to retinal degeneration associated with the dry form of AgeRelated Macular Degeneration (AMD). Pixium Vision works closely with world-renown academic partners, such as Stanford University in California, Institut de la Vision in Paris, Moorfields Eye Hospital in London, Institute of Ocular Microsurgery (IMO) in Barcelona, and UPMC in Pittsburgh, USA. The company is EN ISO 13485 certified. Pixium Vision has been classified as an “Innovative Company” by Bpifrance. Pixium Vision’s mission is to create a world of bionic vision for those who have lost their sight, enabling themto regain partial visual perception and greater autonomy. Pixium Vision’s bionic vision systems are associatedwith a surgical intervention and a rehabilitation period. ABOUT PIXIUM VISION
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- Pixium Vision announces its cash position as of March 31, 2021 and provides an update of its activities and financial outlook until the end of 2021. Paris Stock Exchange: PIX
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