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Crossject: strategy advances, but visibility worries

( - Crossject shares fell sharply on Wednesday's trading on the Paris Bourse, as progress on its US contract failed to eclipse concerns about its cash position.

The pharmaceutical company behind a needle-free auto-injector that enables easy intramuscular injections in emergency situations, last night announced a strategic update for 2024.

Unsurprisingly, the company intends to prioritize regulatory filings and the acceleration of its commercialization efforts in the US.

For the record, Crossject has won a $92 million contract from the US Biomedical R&D Authority (BARDA) to develop an emergency treatment for the management of epileptic seizures.

In its press release, the company stresses that its discussions with the FDA regarding the requirements necessary for Zepicure's emergency approval appear to be 'well underway'.

Under the terms of the BARDA agreement, Crossject has been reimbursed $3.2 million in the first half of 2023 for US advanced regulatory development.

The company has also obtained a total amount of around five million euros over several years thanks to the sale-leaseback of several of its buildings.

Analysts at Invest Securities consider, however, that "financial visibility, without first deliveries to BARDA, remains low" according to their estimates.

At 2:15 pm, Crossject shares were down 18.7%, having fallen by more than 20% by mid-day.

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