Pixium Vision launches IPO on Euronext Paris

Pixium Vision has launched its Initial Public Offering on Euronext’s regulated market in Paris. Based in Paris, Pixium is a maker of vision restoration systems for the blind. Its backers include Sofinnova Partners, Omnes Capital, Abingworth, Global Life Sciences Ventures, Bpifrance, Seventure and Polytechnos.

PRESS RELEASE

Pixium Vision, a company developing innovative Vision Restoration Systems (VRS) to allow patients who have lost their sight lead more independent lives, today announces the launch of its Initial Public Offering (IPO) on Euronext’s regulated market in Paris (Euronext Paris). The French Autorité des marchés financiers (AMF) has granted visa number 14-257 dated June 2, 2014 to the French prospectus relating to the IPO of Pixium Vision, which comprises a registration document registered with the AMF on May 12, 2014 under number I.14-030 and a securities note (including a summary of the prospectus).

Highlights of the Offering

• Listing: Euronext Paris, ISIN: FR0011950641, Mnemo: PIX
• Indicative price range: €8.28 – €10.12 per share
• Initial size of the offering: 3,623,188, new shares i.e. approximately €33.3 million (based on the midpoint of the indicative price range).
• Structure of the Offering: The offering of the new shares will take the form of a global offering (the “Offering”) consisting of a public offering in France in the form of an open price aimed primarily at retail investors (the “OPO”); and a global placement aimed primarily at institutional investors in France and certain countries, excluding notably the United States of America (the “Global Placement”)
• Increase Option: A maximum of 543,478 additional new shares, i.e. approximately €5.0 million (based on the midpoint of the indicative price range).
• Overallotment option: A maximum of 624,999 additional new shares, i.e. approximately €5.7 million (based on the midpoint of the indicative price range).
• Commitments of existing shareholders: firm commitments to subscribe for a total of €3 million and conditional commitments to subscribe for up to €7 million
• Shareholders and management lock Up: Commitments of main shareholders for a maximum of 180 days and members of the senior management team for 360 days.
• Company’s lock up: Starting the day of the collateral arrangement signature of the underwriting agreement and for 180 days after the settlement/delivery, but limited to the usual exceptions
• Closing of the OPO: June 16, 2014
• Closing of the Global placement: June 17, 2014

Pixium Vision: cutting-edge technology intended to restore vision for patients who have lost their sight

Pixium Vision develops Vision Restoration Systems (VRS). Pixium Vision’s VRS are comprehensive systems, comprising three high technology components (retinal implant, portable visual interface, pocket computer), that are associated with a surgical procedure and a rehabilitation process to create visual perception for blind patients.

Bernard Gilly, Executive Chairman of Pixium Vision, commented: “Pixium Vision was founded with the aim of restoring the vision to people who have lost their sight. Blindness is a major unmet medical need with 40-45 million blind people globally. To achieve our goal we are developing two differentiated Vision Restoration Systems (VRS): IRIS® and PRIMA. The primary use of the IPO proceeds will be to finalize the development of IRIS® and to support its planned launch in Europe in 2015. We also intend to use this funding to gain approval for IRIS® in the US and to further develop PRIMA, which we anticipate launching in 2018 in Europe. We believe Pixium Vision is in a unique position to significantly contribute to the restoration of vision of people who have lost their sight, enabling them to lead more independent lives and play a greater role in society. We are confident that by delivering on our strategy we will bring attractive returns for both our new and existing shareholders as well as important benefits to all of the Company’s stakeholders.”

Use of Proceeds

The funds raised in the context of the IPO are intended to give Pixium Vision additional resources to finance its activity (including working capital requirements) and its development, specifically the clinical development and commercial launch of IRIS® in Europe and the United States; and the development of PRIMA, to the point of obtaining regulatory authorizations for its commercialization in Europe.

VRS for people who have lost their sight

Pixium Vision’s VRS are intended to significantly improve the independence, mobility and quality of life of patients who have lost their sight as a result of retinal degenerative diseases.

These diseases, whether genetic, such as retinitis pigmentosa (RP) or age-related macular degeneration (AMD), cause the acute or progressive degeneration of photoreceptor cells in the retina. The loss of these cells prevents the conversion of visual information into electrical signals, which can then be transmitted to and analyzed by the brain. Importantly, these diseases are rarely associated with the deterioration of the other nerve cells in the retina or the optic nerve, and provided an artificial stimulus can still be transmitted, it can be interpreted by the brain.

Pixium Vision is developing its innovative VRS to replace the normal physiological functions of photoreceptor cells in the eye by electrically stimulating the remaining active nerve cells of the retina, which then transmit the input to the brain via the optic nerve. This process is called sensory neuromodulation.

Pixium Vision’s VRS leverage a wide array of cutting-edge technologies. They enable the Company to develop therapeutic solutions aimed at providing vision as close as possible to normal. They comprise three components that harness recent developments in microelectronics, optoelectronics, and intelligent software algorithms:

• A retinal implant that provides the artificial stimulation, via an electrode array, to the remaining functional retinal nerve cells needed to restore the vision of blind patients. This is only part of the VRS that is implanted in the patient’s eye.

• A portable visual interface in the form of a pair of glasses integrating an advanced biomimetic mini-camera. The camera uses a proprietary technology developed by Pixium Vision. Event-based, it functions in the same way as the biological retina. This technology harnesses the latest generation of biomimetic sensors – asynchronous time-based image sensors – an event-based sensor that combines the spatial and temporal functions of human vision. The visual interface is linked to a pocket computer and contains a system for transmitting processed information received from the computer to the implant.

• A pocket computer linked to the visual interface that replaces the information-processing function of the retina using a high-speed digital signal processor and proprietary tunable software.

The Company is developing and aims to commercialize two VRS – IRIS® and PRIMA – to treat blindness caused by degeneration of photoreceptor cells in the retina.

Pixium Vision was created in December 2011 by Bernard Gilly, Prof. José-Alain Sahel and several renowned scientists from prestigious academic and technology institutions in France, including l’Institut de la Vision. The Company is also collaborating with scientific groups and clinicians at research institutes and clinical centers around the world, including Stanford University (USA).

IRIS®, on-going clinical studies and commercialization expected in Europe in 2015

IRIS®, Pixium Vision’s first VRS, uses an implant positioned on the surface of the retina (an epi-retinal implant), and is currently undergoing clinical studies at a number of clinical centers in Europe. The results of this trial will be used to apply for a CE Mark by the end of 2014. Commercialization of IRIS® is expected to begin in Europe in 2015, pending the receipt of CE Mark.

Pixium Vision also intends to develop IRIS® for the US market, where it anticipates its approval in late 2017/early 2018.

Pixium Vision intends to continue to improve the visual benefits that IRIS® can provide to blind patients by developing new algorithms and software for its most advanced VRS.

PRIMA is a second VRS technology developed by Pixium Vision. It uses implants positioned within the retina (sub-retinal implants) at the level of the degenerated photoreceptors. PRIMA is in preclinical development and the Company expects to begin clinical trials in Europe in 2016.

Pixium Vision’s VRS harness multiple cutting-edge technologies

Pixium Vision’s VRS have been developed using multiple cutting-edge technologies including microelectronics, neurobiology, optoelectronics, ophthalmic surgery and post-implantation rehabilitation. Research has been conducted in conjunction with leading partners including Stanford University, l’Institut de la Vision, le Centre National Hospitalier d’Ophtalmologie des Quinze-Vingts (CHNO), l’Université Pierre et Marie Curie (UPMC), le Centre National de Recherche Scientifique (CNRS), l’Institut National de la Santé et de la Recherche Médicale (INSERM), le Commissariat à l’Énergie Atomique (CEA) and l’École Supérieure des Industries Électriques et Électroniques (ESIEE).

Pixium Vision’s VRS are protected by more than 250 patents, which cover the key components of the IRIS® and PRIMA systems.

Blindness: an unmet medical need

Blindness is a major unmet medical need globally. In 2010, there were approximately 285 million visually impaired people in the world of whom 40-45 million were completely blind (source: WHO Global health statistics, World Health Organization, 2011). For these blind patients, no treatments exist.
According to a study Study sponsored by Prevent Blindness, NORC|Cost of Vision Problems: The Economic Burden of Vision Loss and Eye Disorders in the United States. conducted by the University of Chicago in the US, the total annual economic cost of visual impairment and blindness in the US amounted to $139 billion, of which $66.8 billion are related to direct costs. In Europe, the total cost of visual impairment has recently been estimated at €20 billion European Forum Against Blindness.
Pixium Vision intends to commercialize its VRS for the treatment of vision disorders associated with the degeneration of photoreceptors: retinitis pigmentosa (RP) initially and age-related macular degeneration (AMD) at a second stage. These irreversible pathologies affect people who had normal vision until the onset of symptoms:
• Retinitis pigmentosa is the most common hereditary cause of blindness, with a prevalence of about 1.5 million people worldwide Source : French Vision Institute. The first symptoms of RP often appear when patients are adolescent and complete sight loss usually occurs by approximately age 40. The Company estimates that a total of approximately 350,000 to 400,000 patients suffer from RP in Europe and the United States. Between 15,000 and 20,000 new RP patients lose their sight each year in Europe and in the United States. At present, there is no cure for RP.

• AMD affects about 12 to 15 million patients worldwide http://www.amd.org/what-is-amd.html National Eye Institute. Statistics and Data: Prevalence of Age-related Macular Degeneration in the United States.. In Europe and the United States, approximately 4 million patients http://www.amd.org/what-is-amd.html National Eye Institute. Statistics and Data: Prevalence of Age-related Macular Degeneration in the United States. suffer from AMD; more than 350,000 to 400,000 new patients American Macular Degeneration Foundation. Thérapie photodynamique.http://www.macular.org/archives/photodt.html, prévisions de l’entreprise lose their sight each year.
1Global health statistics, World Health Organization, 2011
2Study sponsored by Prevent Blindness, NORC|Cost of Vision Problems: The Economic Burden of Vision Loss and Eye Disorders in the United States.
3European Forum Against Blindness
4Source : French Vision Institute
5http://www.amd.org/what-is-amd.html National Eye Institute. Statistics and Data: Prevalence of Age-related Macular Degeneration in the United States.http://www.amd.org/what-is-amd.html National Eye Institute. 6Statistics and Data: Prevalence of Age-related Macular Degeneration in the United States.
7American Macular Degeneration Foundation. Thérapie photodynamique.http://www.macular.org/archives/photodt.html, prévisions de l’entreprise

Structure of the Offering

The offering of the new shares will take the form of a global offering (the “Offering”) consisting of a public offering in France of 3,623,188 new shares in the form of an open price aimed primarily at retail investors (the “OPO”); and a global placement aimed primarily at institutional investors in France in certain countries, excluding notably the United States of America (the “Global Placement”) of a maximum of 4,791,665 new shares (after exercise of extension and overallotment options).

Indicative price range

€8.28 to €10.12 per share

Initial size of the Offering

3,623,188 new shares to be issued through a share capital increase, in the form of a public offering and global placement, i.e. approximately €33.3 million (based on the midpoint of the indicative price range).

Extension option

543,478 new shares to be issued through a share capital increase in the form of a global offering, i.e. approximately €5.0 million (based on the midpoint of the indicative price range).

Overallotment option

624,999 new shares to be issued, limited to 15% of the new shares after the eventual exercise of the extension option. The overallotment option may be exercised at any time, in whole or in part, until July 17, 2014.

Subscription undertakings of existing shareholders and of Bpifrance

Sofinnova, Abingworth, Omnes Capital, Innobio (a Bpifrance Fund) and Seventure (The “Funds”) committed to subscribe to an aggregate amount of €3 million or 9.0% of the global Offer (excluding the extension and overallotment option) (based on the midpoint of the indicative price range or €9.20).

Moreover, in the event of insufficient subscriptions in the Offering, the Funds have committed to subscribe to an additional aggregate amount of up to €7 million at the Offer price in order to reach, to the extent possible, the completion threshold t (ie 75% of the amount of the contemplated capital increase). This would therefore increase the maximum aggregate amount of subscriptions by the Funds to €10 million, or 40.0% of the gross amount of the Offer (based on the lower end of the indicative price range of the Offering or €8.28).

However, it is noted that this additional subscription shall not constitute a guarantee of completion for the transaction.

Company’s lock up commitment

Starting the day of the collateral arrangement signature of the underwriting agreement and for 180 days after the settlement/delivery, but limited to the usual exceptions

Shareholders’ lock up commitment

Starting the day of the Prospectus and for 180 days after the settlement/delivery

Executives and managers’ lock up commitment

Starting the day of the Prospectus and for 360 days after the settlement/delivery

Summarized indicative timetable of the Offering

June 3, 2014 • Opening of the OPO and Global Placement
June 16, 2014 • Closing of the OPO at 5:00 pm (CET) for subscriptions placed in person and at 8:00 pm (CET) for online subscriptions

June 17, 2014 • Closing of the Global Placement at midday (CET)
• Determination of the Offering Price and possible exercise of the Extension Option
• Publication of the press release announcing the results of the Offering
• Beginning of the stabilization period, if any
June 18, 2014 • Beginning of trading of the Company’s shares on the regulated market of Euronext in Paris in the form of undertakings to deliver shares (as-if-and-when-issued basis) (until June 20, 2014 inclusive)

June 20, 2014 • Settlement/delivery of the OPO and the Global Placement shares
June 23, 2014 • Beginning of trading of the Company’s shares on the regulated market of Euronext Paris
July 17, 2014 • Expiry date for the exercise of the Overallotment Option
• End of the stabilization period, if any

Subscription conditions

Persons wishing to take part in the ОРО must submit their orders through an authorized financial intermediary in France, by no later than June 16, 2014 at 5:00 pm (CET) for subscriptions placed in person and 8:00 pm (CET) for online subscriptions. In order to be taken into account, orders issued as part of the Global Placement must be received by the Global Coordinator, the Joint Lead Managers and Bookrunners or the co-lead manager by no later than June 17, 2014 at midday (CET).

Identification codes for Pixium Vision shares

• Company name: Pixium Vision
• ISIN: FR0011950641
• Symbol: PIX
• Compartment: C
• Sector: 4535 – Medical Equipment ICB classification)

Financial Intermediaries

Global Coordinator, Lead Manager and Bookrunner Lead Manager and Bookrunner

Co-Lead Manager

Availability of the Prospectus

Copies of the prospectus, which received a visa from the AMF on June 2, 2014 under number 14-257, comprising the registration document filed with the AMF on May 12, 2014 under the number I. 14‐030 and the securities note (including a summary of the prospectus), may be obtained free of charge and upon request at the registered office of Pixium Vision – 13 rue Moreau – 75012 PARIS – FRANCE. The prospectus is available on the websites of the French Market Authority – AMF (www.amf-france.org) and Pixium Vision (www.pixium-vision.com)

Risk factors

Public attention is drawn to Chapter 4 “Risk Factors” of the registration document registered by the AMF, and to Chapter 2 “Risk factors related to the Offering” of the securities note.

Contacts

Pixium Vision

Khalid Ishaque, CEO
Bernard Gilly, Executive Chairman
kishaque@pixium-vision.com
+33 1 76 21 47 30 Investor Relations / Press Relations
Citigate Dewe Rogerson
Mark Swallow – David Dible (London)
Lucie Larguier – Laurence Bault (Paris)
pixium-vision@citigatedr.co.uk / pixium-vision@citigate.fr
+44 20 7282 2948 / +33 1 53 32 84 78

About Pixium Vision

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 as a result of retinal degenerative diseases. The Company intends to harness the rapid advances being made in visual processing, microelectronics / nanoelectronics, optoelectronics, neurobiology and intelligent software algorithms to develop systems that for blind people could ultimately provide vision approaching that of a normal healthy eye.

Pixium Vision is developing two VRS platforms in parallel:

• IRIS®: Clinical trials are currently underway with IRIS® in several centers in Europe with the goal of applying for CE Mark by the end of 2014. Commercialization of IRIS® is expected to begin in 2015. Pixium Vision will continue to improve the performance of the IRIS® VRS through the development of new algorithms and software.

• PRIMA: Currently in preclinical development. The Company plans to begin clinical trials of PRIMA in Europe in 2016.
Pixium Vision was created in December 2011 by Bernard Gilly, Prof. José-Alain Sahel and several renowned scientists from prestigious academic and technology institutions in France, including l’Institut de la Vision. The Company is also collaborating with scientific groups and clinicians at research institutes and clinical centers around the world, including Stanford University (USA). Pixium Vision’s shareholders include blue-chip European venture capital and investment firms such as Sofinnova Partners, Omnes Capital, Abingworth, Bpifrance (through Innobio) and Seventure.

For more information, go to www.pixium-vision.com

IRIS® is a trademark of Pixium-Vision SA

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