Pixium Vision announces the opening of a backup procedure
Paris, France, October 9, 2023
– 7:00 p.m. (CET) – Pixium Vision SA (Euronext Growth Paris – FR001400JX97; Mnemo: ALPIX) (the “
Company
), a bioelectronics company developing innovative vision systems to enable patients who have lost their sight to live more independently, announces the opening today of a safeguard procedure by the Paris Commercial Court.
Indeed, despite all the efforts made in seeking financing, and as indicated several times by the Company in its previous communications, the Company may not be able to meet its financial obligations after the end of November. 2023 without placing itself under the protection of the court.
Given this liquidity risk over a 2-month horizon and the absence of new financing obtained to date, Pixium Vision has therefore requested the opening of a safeguard procedure with the Paris Commercial Court.
In this context, the Paris commercial court appointed SCP Abitbol & Rousselet, represented by Joanna Rousselet and Selarl FHB, represented by Hélène Bourbouloux as co-administrators responsible for monitoring Pixium Vision, and Selarl Asteren, represented by Julia Ruth as creditors’ representative.
The Court opened an observation period of 6 months.
During this period, Pixium Vision and the receivers will work on all possible restructuring solutions, including the search for potential candidates for the acquisition of all or part of the Company’s assets within the framework of a divestment plan presented in application of articles L. 642-1 et seq. of the commercial code
1
.
In this context, Pixium Vision has asked Euronext Paris to resume the trading of its shares from the opening of the markets on October 10, 2023.
The market will be kept regularly informed of the progress of the procedure and, more generally, of the financial situation of Pixium Vision.
As of October 9, 2023:
the company’s available cash flow amounts to 2.575 million euros, which provides a financing horizon until the end of December 2023
2
;the nominal level of debt of the company amounts to 9.203 million euros.
Given the opening of this safeguard procedure, the Company is not able to finalize its financial statements for the first half of 2023 within the previously indicated deadlines, which will therefore be published at a later date.
About Pixium Vision
Pixium Vision
creates a world of bionic vision for people who have lost their sight, allowing them to regain visual perception and greater autonomy. Pixium Vision’s bionic vision systems are associated with surgery and a rehabilitation period. Prima System miniature wireless subretinal photovoltaic implant is in clinical trials for patients who have lost vision 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 world’s most prestigious vision research institutions, such as Stanford University in California, the Vision Institute in Paris, Moorfields Eye Hospital in London, the Institute of Ocular Microsurgery (IMO) in Barcelona, University Hospital Bonn and UPMC in Pittsburgh, Pennsylvania. The company is EN ISO 13485 certified and is qualified as an “Innovative Company” by Bpifrance.
Forward-Looking Statements. This press release contains certain forward-looking statements. Although the Company believes that 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 the risks and uncertainties that 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 section of the Financial Report 2022 Annual Report of the Company and other documents filed by the Company 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
Follow us on @PixiumVision; www.facebook.com/pixiumvision
www.linkedin.com/company/pixium-vision
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Investor Relations Pixium Vision |
Media Relations Rose Piquante Consulting |
1
In the event that a plan for the sale of all or part of the Company’s assets is decided by the court, the Company draws the attention of investors to the possibility that the price proposed does not make it possible to envisage a total or part of the shareholders.
2
Taking into account the effects induced by the opening of the safeguard procedure.
Attachment
PR – opening safeguard – 09.10.23 FR – final