Termination of the business combination with
Second Sight Medical Products, Inc.
Paris, France, April 3, 2021 – In light of the recently announced and closed private placement by Second Sight Medical Products, Inc. (“Second sight”) Was not only explicitly prohibited under the terms of the MoU (“SOFT”) Concluded by the companies on January 5, 20211 but also prejudicial to the interests of Pixium Vision, the company proposed to Second Sight to renegotiate the MOU in order to allow the continuation of the business combination while preserving the contractual balance and the interests of Pixium Vision and its shareholders. Pixium Vision regrets that Second Sight has never responded to the proposals it had made in good faith nor demonstrated any willingness to reach such an agreement.
Following this delaying attitude and the refusal to start discussions, Second Sight notified Pixium Vision on Friday of its decision to unilaterally terminate the MOU, although the MOU does not confer this right on Second Sight.
Pixium Vision acknowledges the unilateral and abusive termination by Second Sight of the memorandum of understanding and the contemplated business combination. Consequently, Pixium Vision will consider all available measures (including possible legal proceedings, in particular with the competent stock exchange authorities) to preserve its rights and obtain compensation for all of its damages.
Such termination does not compromise the company’s objectives in the context of the new convincing results with Prima System announced by Pixium Vision on March 30, 20212, an important step in validating the Prima system as a treatment for age-related dry macular degeneration.
Lloyd Diamond, CEO of Pixium Vision, said: “While we are understandably disappointed with the position taken by Second Sight and that this business combination has not taken place, Pixium Vision is in a position of strength both financially and clinically, with a class-leading research and development team. worldwide and basic visual neuromodulation expertise and a strong patent portfolio. We are continuing our transition from a research organization to a commercial enterprise with the recent launch of our pivotal PRIMAvera trial of the Prima system. Our ambition is to be the first company in the world to bring a retinal implant solution to the millions of people around the world suffering from dry AMD and to extend it to other retinal diseases. This is supported by recently reported data showing that patients could simultaneously use the prosthetic central vision generated with the Prima System and their remaining peripheral vision. We are well positioned to continue to develop this exciting bionic vision system and bring it to market to improve the quality of life for patients.“.
Pixium Vision is confident in its ability to present to its shareholders, during the annual general meeting, alternative financing solutions in order to allow the company to continue developing its activity. In the meantime, the company will study any opportunity to access the American markets, one of the main objectives pursued by Pixium Vision as part of the merger with Second Sight, in the best interests of patients and its shareholders.
Chief executive officer
+33 1 76 21 47 49
+33 1 76 21 47 49
Guillaume van Renterghem
gvanrenterghem @ lifesciadvisors.com
+33 6 69 99 37 83
Pixium Vision creates a world of bionic vision for those who have lost their sight, allowing them to regain visual awareness and greater autonomy. Pixium Vision’s bionic vision systems are associated with surgery and a period of rehabilitation. The Prima System miniature subretinal photovoltaic implant is in clinical testing for patients who have lost their sight due to external retinal degeneration, initially for age-related atrophic dry macular degeneration (dry AMD). Pixium Vision works closely with academic and research partners, including some of the world’s most prestigious vision research institutions, such as: Stanford University in California, Institut de la Vision in Paris, Moorfields Eye Hospital in London, the Institute for Ocular Microsurgery (IMO) in Barcelona, University Hospital in Bonn, and UPMC in Pittsburgh, PA. The company is EN ISO 13485 certified and qualified as an “Innovative Company” by Bpifrance.
For more information: http://www.pixium-vision.com/fr
1 See press release published by Pixium Vision on March 24, 2021
2 See press release published by Pixium Vision on March 30, 2021