VC-backed Pixium plans flotation

Ellie Pullen
04 June 2014

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French medical device company Pixium Vision, backed by a consortium of venture capital investors, has announced the launch of its IPO on the Euronext Paris.

The indicative price range for the offering has been set at €8.28-10.12 per share with a total of 3.6 million new shares to be offered. This means the company could raise between €30m-36.6m in its IPO.

An overallotment option of 624,999 new shares and an extension option comprising 543,478 new shares have been granted.

Several of the company's backers – comprising Seventure Partners, Sofinnova Partners, Abingworth Management, Omnes Capital and BPI France-managed InnoBio Fund – have committed to collectively subscribe to 9% of the global offering, excluding the extension and overallotment options.

The company plans on listing on the Euronext Paris on 18 June under the ticker "PIX". Societe Generale has been appointed global coordinator, lead manager and bookrunner while Jefferies is acting as lead manager and bookrunner. Gilbert Dupont is co-lead manager.

Pixium first received funding in May 2012, securing €9.5m from lead investor Omnes, as well as Abingworth, Global Life Science Ventures and Polytechnos Venture Partners, according to unquote" data.

In November last year, the company raised a further €15m in a series-B round led by Sofinnova. Existing backers Omnes and Abingworth took part in the round alongside Seventure and BPI France via its InnoBio fund.

Founded in 2011 and headquartered in Paris, Pixium develops vision restoration systems (VRS). Its two implantable medical devices, Iris and Prima, are designed to treat blindness caused by degeneration of photoreceptor cells in the retina.

Pixium's VRSs are designed for blind patients whose optic nerves remain functional. They comprise three components: a retinal implant designed to provide artificial stimulation to the retinal nerve cells; a portable visual interface, which takes the form of a pair of glasses with a mini-camera; and a pocket computer that is linked to the visual interface and replaces the information-processing function of the retina using a signal processor and software.

Pixium's CEO is Khalid Ishaque. Abingworth partner Tim Haines, BPI France investment director Chahra Louafi, Sofinnova managing partner Antoine Papiernik and Omnes partner Alexia Perouse sit on the company's board of directors.