Pixium Vision, a provider of Vision Restoration Systems for patients who have lost their sight, raises €34.5 million in successful IPO

Paris, France. June 17, 2014 – Pixium Vision, a company developing innovative Vision Restoration Systems (VRS) to allow patients who have lost their sight lead more independent lives, today announces the successful completion of its Initial Public Offering (IPO) on Euronext’s regulated market in Paris (Euronext Paris) raising a total of €34.5 million. The Board of Directors of Pixium Vision SA met on June 17, 2014 and decided to fully exercise the extension clause. Pixium Vision will issue 4,166,666 new shares at a price of €8.28 per share. Upon listing, Pixium Vision will have a market capitalization of €100.4 million ($135.9 million) based on the offer price.

Bernard Gilly, Executive Chairman and founder of Pixium Vision, said: “The success of our IPO reflects investors’ confidence in Pixium Vision’s strategy. With our complementary technologies IRIS® and PRIMA, we are ideally positioned to become a world leader of the VRS market, and thereby enable people who have lost their sight to live more independently and play a greater role in society.”

Pixium Vision will use the proceeds raised from the IPO to support the clinical development and commercial launch of its IRIS® VRS in Europe and the United States, as well as the development of the PRIMA VRS to the point of its commercialization in Europe.

The offer benefitted from robust demand from high-quality French and international institutional investors, as well as significant demand from French retail investors. Among these high-quality investors, Bpifrance Participations has purchased shares for at total of €8.5 million representing 8.07% of the capital of Pixium Vision (assuming the full exercise of the overallotment option). In addition, existing shareholders – Sofinnova, Abingworth, Omnes Capital, Innobio and Seventure – have increased their subscription to a total of €8.5 million. As a result, Bpifrance Participations will become an important shareholder of the Company, alongside Pixium Vision’s existing shareholders, which have used the IPO to reaffirm their confidence in the Company and its strategy.

Bpifrance Participations, along with the Company’s existing shareholders, the Executive Chairman and the CEO have signed a shareholder agreement to provide Bpifrance Participations a seat on the Board of Directors, and have made lock-up commitments covering their shareholdings in the Company, to provide a stable environment to support Pixium Vision’s activities.

Pixium Vision’s shares will be listed on Euronext Paris under the ISIN code FR0011950641 and ticker PIX. The first day of trading will be June 18, 2014 and settlement/delivery of the shares will take place on June 20, 2014.

About Pixium Vision
Pixium Vision is developing innovative Vision Restoration Systems (VRS) that aim to significantly improve the independence, mobility and quality of life of patients who have lost their sight as a result of retinal degenerative diseases. The Company intends to harness the rapid advances being made in visual processing, microelectronics / nanoelectronics, optoelectronics, neurobiology and intelligent software algorithms to develop systems that for blind people could ultimately provide vision approaching that of a normal healthy eye.
Pixium Vision is developing two VRS platforms in parallel:
? IRIS®: Clinical trials are currently underway with IRIS® in several centers in Europe with the goal of applying for CE Mark. Commercialization of IRIS® is expected to begin in 2015. Pixium Vision will continue to improve the performance of the IRIS® VRS notably through the development of new algorithms and software.
? PRIMA: Currently in preclinical development. The Company plans to begin clinical trials of PRIMA in Europe in 2016.
Pixium Vision was created in December 2011 by Bernard Gilly, Prof. José-Alain Sahel and several renowned scientists from prestigious academic and technology institutions in France, including l’Institut de la Vision. The Company is also collaborating with scientific groups and clinicians at research institutes and clinical centers around the world, including Stanford University (USA). Pixium Vision’s shareholders include blue-chip European venture capital and investment firms such as Sofinnova Partners, Omnes Capital, Abingworth, Bpifrance (through Innobio) and Seventure.

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