Crossject: successful capital increase

(CercleFinance.com) - Last night, Crossject announced the success of its capital increase of around eight million euros, mainly intended for the further development of its needle-free auto-injector for epileptic seizures.


The pharmaceutical company states that the operation will result in the issue of over 4.3 million new shares at a unit price of 1.848 euros, representing a 10% discount to the closing price on April 30.

The shareholding of a shareholder holding 1% of the capital prior to the operation will be reduced to 0.89%.

Gemmes Venture, the historical shareholder representing 24.5% of the capital, has given its support to the operation, by exercising 100% of its rights, which will enable it to maintain 24.5% of the capital following the operation.

The purpose of this capital increase is to support the development of Zepizure (indirect costs, as direct costs are borne by Barda)", emphasize Oddo BHF analysts.

Crossject has won a $60 million contract from the US Food and Drug Administration for Zepizure, its emergency treatment for epileptic seizures.

The company anticipates a positive response from the FDA under the emergency procedure during the first quarter of 2025 and, in parallel, submission of a marketing authorization application during the first half of 2025.

At current valuations, the market is completely ignoring the Barda agreement, which seems harsh, given that the final stretch does not present any major obstacles", say the teams at Invest Securities.

The share price limited its decline to around 1.6% on Wednesday morning, following the fund-raising.

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