Pixium Vision welcomes the judgment of the Paris Commercial Court against Second Sight Medical Products – 12/28/2022 at 07:00

Pixium Vision welcomes the judgment of the Paris Commercial Court against Second Sight Medical Products

• The Court found that Second Sight Medical Products breached its contractual obligations to Pixium Vision in 2021

• The Court orders Second Sight Medical Products to pay Pixium Vision the additional sum of 1.58 million euros for incurred costs and damages

Paris, France, December 28

2022 – 07:00 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 independently, announces today that the company welcomes the decision rendered by the Paris Commercial Court in the case between Pixum Vision and Second Medical Products, Inc (now Vivani Medical, Inc) following the latter’s abandonment of the merger between these two companies

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April 2, 2021.

By this judgment rendered on December 8, 2022, the Paris Commercial Court ruled that Second Sight Medical Products had breached its contractual obligations under the memorandum of understanding concluded between the two companies on January 5, 2021, by requesting a bank of business with a view to carrying out a transaction concurrent with that envisaged under the terms of the memorandum of understanding. Consequently, the Commercial Court of Paris pronounced the termination of the memorandum of agreement at the sole fault of Second Sight Medical Products.

Under the terms of this judgment, which is accompanied by provisional execution, the Paris Commercial Court upheld Pixium Vision’s main claims and thus ordered Second Sight Medical Products to pay Pixium Vision:

• the sum of 2,000,000 euros for the costs incurred by Pixium Vision within the framework of the merger project;

• the sum of 500,000 euros for damage to the image and reputation suffered by Pixium Vision as a result of the abandonment of this operation; and

• the sum of 30,000 euros under article 700 of the Code of Civil Procedure, as well as full costs.

The Commercial Court of Paris also estimated that, of this total amount of 2,530,000 euros, the sum of 1,000,000 US dollars already paid to Pixium Vision by Second Sight Medical Products in April 2021 (converted into euros during December 8, 2022, i.e. approximately 950,000 euros) will have to be deducted.

Pixium Vision welcomes the decision of the Paris Commercial Court, which remains subject to appeal.

About Pixium Vision

Pixium Vision

creates a world of bionic vision to allow those who have lost their sight to recover their visual perception and gain autonomy. Pixium Vision’s bionic vision systems are associated with surgery and a period of rehabilitation. The Prima System Wireless Photovoltaic Subretinal Micro-Implant is in clinical testing in patients who initially lost sight due to retinal degeneration due to the dry form of age-related macular degeneration (dry AMD) . Pixium Vision works closely with academic partners and 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 , the Institute of Ocular Microsurgery (IMO) in Barcelona, ​​the University hospital in Bonn and the UPMC in Pittsburgh (Pennsylvania, USA). The Company is EN ISO 13485 certified and has received the “Innovative Company” qualification from Bpifrance.

Forward-Looking Statements This press release contains 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 more information about 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 Company’s 2021 half-year financial report and other documents that the Company files with the AMF, available on the AMF’s website (www.amf-france.org) or on the Company’s website.

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contacts

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See the company’s press release of April 3, 2021