Pixium Vision announces its financial results as of June 30 2020 and provides business update - Seite 3

At end-June 2019, non-recurring items consisted primarily of a provision in connection with the departure of the Chief Executive Officer, which had been announced in April 2019.

Financial results were negative by €0.5 million, in line with previous year, primarily due to interest expense in connection with the bond financing set up with Kreos Capital, as well as the interest on refundable advances for the “Sight Again” project.

The Net result was a loss of €3.80 million (compared to a loss of €5.59 million in the first half of 2019). Net earnings per share totalled €(0.15) and €(0.26) at end-June 2020 and end-June 2019, respectively.

Net cash outflow from operating activities totalled €2.88 million and €5.07 million at 30 June 2020 and 30 June 2019, respectively. In 2020, the Group was obliged to postpone its clinical activities and, therefore, suspended orders from its key suppliers for the production of devices for ongoing clinical development. As a result, cash outflow fell by nearly 45% compared to the previous year.

At 30 June 2020, Net cash flows from financing activities totalled €0.84 million. In accordance with IFRS 16, a portion of lease instalments, in the amount of €0.16 million, was included in financing activities. Furthermore, the Company continued the scheduled repayment of the bond issue for an amount of €1.30 million. These items were set off by a net amount of €2.3 million obtained under the financing contract with the European Select Growth Opportunities Fund (ESGO), which was signed in November 2019.

In the first half of 2020, Cash flows from investment activities were quite low and consisted primarily of purchases of industrial and laboratory equipment.

Pixium Vision closed the first half of 2020 with a Net cash position of €5.0 million.

Contacts

Pixium Vision Lloyd Diamond Chief Executive Officer [e-mail] [phone]

Media Relations LifeSci Advisors Sophie Baumont [e-mail] [phone]

Investor Relations LifeSci Advisors Guillaume van Renterghem [e-mail] [phone]

ABOUT PIXIUM VISION

Pixium Vision’s mission is to create a world of bionic vision for those who have lost their sight, enabling them to regain partial visual perception and greater autonomy. Pixium Vision’s bionic vision systems require a surgical procedure and a rehabilitation period.