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Crossject: share price falls after convertible bond issue

( - With a decline of 8%, Crossject was one of the biggest fallers on the Paris market on Tuesday, following the issue of convertible bonds worth up to 12 million euros.

The pharmaceutical company, which specializes in needle-free auto-injectors, explains that it plans to issue 70 bonds convertible into new redeemable shares (OCAs) for a gross amount of seven million euros.

The company says it has obtained these new financial resources from Heights Capital Management, an institutional investor specializing in the financing of growth companies.

This first tranche of financing could subsequently be supplemented by a second tranche of up to five million euros, at Crossject's initiative and subject to certain conditions.

The deal comes as its shares hit a high since 2017 last month.

In a press release, Crossject states that the financing granted by Heights meets its priority objective of providing solutions with 'pay-as-you-go' cash repayment with limited dilution.

The stake of a shareholder holding 1% prior to the transaction will, however, be reduced to less than 0.74% on a diluted basis in view of the completion of the two tranches, which caused the share to be severely punished by the market on Tuesday.

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