Pixium Vision announces its financial results as of June 30 2020 and provides business update - Seite 2

Key developments in the second quarter of 2020

• On May 4^th 2020, Pixium Vision reinforced its financial position by issuing a €1.25 million tranche under its agreement with ESGO and obtaining a pre-approved €2.5 million loan guaranteed by the French government.
   
• On May 28^th 2020, Pixium Vision held its Combined General Meeting and a Board of Directors meeting.
   
• On June 8^th 2020, Pixium Vision announced the resumption of the Prima System feasibility study in France.
   
• On June 12^th 2020, Pixium Vision launched a capital increase with pre-emptive subscription rights for a maximum amount of €7.8 million to finance the Prima System pivotal study.
   
• On June 19^th 2020, Pixium Vision was selected to participate in the “Next French Healthcare” program coordinated by Business France and Bpifrance, thereby increasing its visibility in the United States.

Significant developments after the closing of the accounts for the second quarter of 2020

·On July 6^th 2020, Pixium Vision announced the success of its capital increase with shareholders’ pre-emptive subscription rights, which raised a gross maximum amount of €7.3 million. This capital increase strengthens the company’s financial outlook through the end of 2021.

First-half 2020 financial results

Operating income totalled €1.25 million, which includes a research tax credit of €0.7 million and €0.5 million in accrued subsidies on the “Sight Again” Project.

Research and development (R&D) expenses totalled €2.86 million compared with €3.88 million the previous year. Due to the health measures adopted by the government in the first half of 2020, Pixium Vision was obliged to suspend some of its R&D activities during the period, in particular its clinical studies and the development of its Prima bionic vision system. The Group nevertheless continued to prepare the submission package for the Primavera pivotal study. R&D expenses accounted for 63% of total expenses.

General and administrative expenses (G&A) totalled €1.66 million at end-June 2020, compared to €1.59 million at end-June 2019. G&A expenses are broadly stable year on year. The Group is continuing its policy of controlling operating expenses and concentrates its resources on its research and development projects.

The Group incurred no Sales and marketing expenses in the first half of 2020.

In order to provide a clearer picture of the progression of Pixium Vision’s operations, the Group also discloses its Current operating income excluding non-recurring items. This item posted a loss of €3.27 million (compared to a loss of €4.42 million at end-June 2019). The 26% drop in Current operating income was due to the suspension of clinical studies and of the development of the Prima system over the period.