Pixium Vision announces the implementation of a bridge financing with Bpifrance and Sofinnova and a reverse stock split on the basis of 1 new share for 50 existing shares

Pixium Vision announces the implementation of a bridge financing with Bpifrance and Sofinnova and a reverse stock split on the basis of 1 new share for 50 existing shares

• Bridge financing: 3 million Euro convertible shareholders’ loan from Bpifrance and Sofinnova to extend cash runway to the end of November 2023
• Publication of half-year financial statements postponed to September 2023
• Reverse stock split: implementation of a reverse stock split process - allocation of 1 new ordinary share with a par value of 1 Euro for 50 existing ordinary shares with a par value of 0,02 Euro
• First trading day for post-reverse stock split: Thursday, September 21, 2023
• Resumption of the right to exercise all the securities giving access to Pixium Vision's share capital as from Thursday, September 21, 2023
  
  

Paris, France, July 28, 2023 – 19:00 CET – Pixium Vision SA (Euronext Growth Paris - FR0011950641; Mnemo: ALPIX), a bioelectronics company developing innovative vision systems to enable patients who have lost their sight to live more independent lives, announces today that it successfully negotiated a 3 million Euro convertible shareholders’ loan with Bpifrance and Sofinnova. A reverse stock split by 50 will be implemented.

On July 28, 2023, Pixium Vision signed a shareholders’ loan of 3 million Euro, consisting of. 2 million Euro from Bpifrance Participations and 1 million Euro from Sofinnova Capital VII (the “Shareholders’ Loan”) to be paid before July 31, 2023. The term of the Shareholders’ Loan is 12 months from the execution date, unless the parties mutually agree an extension of the maturity date. The Shareholder Loan is bearing interest at 12% per annum. Apart from usual early repayment options, the Shareholder Loan provides for repayment by set-off, at each Lender’s election, upon Qualified Financing (i.e. minimum financing amount of 15 million Euro through shares or securities, including but not limited to convertible bonds).

This cash injection will help extend Pixium’s cash runway until the end of November 2023, providing more flexibility to pursue the Company’s longer-term funding needs to support its strategic ambitions.

CEO Lloyd Diamond commented: "I am delighted to announce this 3 million Euro convertible shareholders' loan from Bpifrance and Sofinnova. This bridge financing is a testament to the confidence of our partners in our vision and potential. Together, we are building a future where AMD patients unable to benefit from pharmacological treatment due to the severity of their disease will be able to read and see faces again.”