Pixium Vision announces termination of convertible note financing agreement with US-based healthcare investor ESGO
- Termination will not trigger any penalty payments from Pixium Vision
- First tranche of financing worth €5.5 million was drawn down in July 2022
Paris, France, January 13, 2023 – 21:00 CET – Pixium Vision SA (Euronext Growth Paris - FR0011950641; Mnemo: ALPIX), a bioelectronics company that develops innovative bionic vision systems to enable patients who have lost their sight to live more independent lives, announces today that it has terminated its Convertible Note financing agreement with the European Select Growth Opportunities Fund (the "Investor" or "ESGO"), a US-based investor specializing in healthcare.
Termination of the agreement will not trigger any penalty payments from Pixium Vision, as per the terms of the agreement.
The agreement for a maximum nominal amount of €30 million of notes redeemable in cash and/or new shares (the "Notes"), without interest and without share warrants, over a maximum period of 36 months, was entered into in July 2022. The first tranche of 550 Notes, for a nominal amount of €5.5 million, was issued by the Company and subscribed to by the Investor on July 13, 2022. 316 Notes are currently still outstanding and have not been converted yet, corresponding to €3.16 million and can be converted until July 13, 2023 or redeemed in cash at 109%. Outstanding tranche warrants will terminate immediately
Pixium Vision's cash runway extends until the end of Q2 2023 and the company is exploring various avenues of to enable to secure its cash flow necessary to pursue its strategic ambitions.
About Pixium Vision
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. 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). Pixium Vision collaborates closely with academic and research partners, including some of the most prestigious vision research institutions in the world, such as Stanford University in California, Institut de la Vision in Paris, Moorfields Eye Hospital in London, Institute of Ocular Microsurgery (IMO) in Barcelona, University hospital in Bonn, and UPMC in Pittsburgh, PA. The company is EN ISO 13485 certified and qualifies as “Entreprise Innovante” by Bpifrance.
Forward-Looking Statements. This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated. For a discussion of risks and uncertainties which could cause the Company's actual results, financial condition, performance or achievements to differ from those contained in the forward looking statements, please refer to the Risk Factors (“Facteurs de Risques”) section of the Company’s 2021 Half-Year Financial Report and other documents the Company files with the AMF, which is available on the AMF website (www.amf- france.org) or on the Company’s website.
For more information: http://www.pixium-vision.com/fr
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Contacts
| Pixium Vision Offer Nonhoff Chief Financial Officer investors@pixium-vision.com +33 1 76 21 47 68 | Media Relations LifeSci Advisors Sophie Baumont sophie@lifesciadvisors.com +33 6 27 74 74 49 | Investor Relations LifeSci Advisors Guillaume van Renterghem gvanrenterghem@lifesciadvisors.com +41 76 735 01 31 |
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