(BFM Bourse) – The bionic eye specialist has announced the postponement of the court’s decision on the establishment of a sale plan and the opening of judicial liquidation proceedings.
Commercial justice is giving itself a little time before ruling on the fate of Pixium Vision. The company, which specializes in bionic vision systems, announced this Wednesday the postponement of the decision on the takeover offer and the opening of a judicial liquidation procedure, to a later date which it will communicate to the market .
On the Paris Stock Exchange, the stock is currently increasing by 13.8%, around 3:10 p.m. after having soared by almost 44% in the morning following the announcement of this decision which arouses hope among investors. Given its low nominal value, Pixium Vision was subject to strong variations in the days preceding this decision, with shares which, for example, soared by 120% on January 12.
This is therefore the third postponement for the company which has been the subject of judicial recovery proceedings since November. The Paris commercial court was in fact initially due to rule on the future of Pixium Vision on December 18, 2023, before a further postponement to Tuesday January 16.
Remember that the stakes are high for Pixium Vision. The company saw its financial situation rapidly deteriorate at the end of 2023, to the point where it had to resolve to request the opening of a safeguard procedure for its benefit at the beginning of October. But only 10 days later, the company decided that a backup plan was no longer possible given its financing needs.
Waiting for a buyer
As a result, Pixium Vision had to request the conversion of the safeguard procedure into legal recovery, which was accepted by the commercial courts a month later. As part of this procedure, the specialist in bionic vision systems received a single takeover offer on November 20, the deadline for submitting offers. The candidate in question had the opportunity to make an improved offer until December 13.
Finding a buyer is crucial for the company in need of financing to continue the development of Prima, its bionic vision system for visually impaired people. Remember that the French company had obtained in March 2023 the precious status of “breakthrough device” from the FDA, the American health authority, for Prima, in the treatment of age-related macular degeneration (AMD) in its form dry atrophic.
Age-related macular degeneration is a degenerative disease affecting the eye, the leading cause of low vision and blindness among people over 65 in developed countries.
This receivership procedure did not prevent the company from communicating to the market positive results for its pivotal European PRIMAvera study showing that the implant is well tolerated in study participants, with no reduction in natural peripheral visual function. after 48 months. The results of this study will be published in full at the beginning of the second quarter of 2024.
However, Pixium Vision has warned several times that shareholders will be at a loss “Given the price proposed by the candidate buyer and the level of debt of the company (9 million euros at the beginning of October, Editor’s note), the products of transfer received in the event of a favorable decision by the commercial court will not allow a total or partial reimbursement of shareholders”, warns the company in bionic vision systems.
Sabrina Sadgui – ©2024 BFM Bourse
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