Pixium Vision - Prima 2 18-month data shows strong promise

Pixium on 31 March reported positive 18-month follow-up data from its European feasibility study (PRIMA-FS) on the Prima 2 system in patients with advanced atrophic dry age-related macular degeneration (Dry-AMD). The data showed continued safety and improvements of between three and seven lines on the Landolt C visual acuity (VA) scale versus baseline. The VA improvements show further evidence of clinical activity and reinforce our confidence in the programme as the firm works towards a filing for the PRIMAvera pivotal study in the coming months. We now obtain an equity valuation of €97.9m, or €3.85 per share, versus €2.78 previously, due to increasing our success probability to 20% from 15%.