Report

Bond conversion

Bond conversion

SIGNIFICANT NEWS

FACT

Crossject has announced that Gemme Venture, the company’s main shareholder, had converted 100% of the convertible bonds (869,565) it had subscribed to in July, at a price of €1.4892, thus leading to the creation of 591,304 new shares (+6.3%) and raising its stake to 24.3% (from c.20%).


ANALYSIS

The news confirms the confidence of Gemme Venture in the business model and translates into a c. €880k strengthening of shareholders’ funds, which reached €2.35m at the end of June 2018.


IMPACT

No major change to our numbers after the news. The extra dilution is compensated by a lower level of net debt, of course, and as such the conversion does not much change our numbers/valuation, which are once again essentially driven by future prospects.
Underlying
Crossject SA

Crossject SA is a France-based company that designs and develops medical injection systems. The Company specializes in needle-free, pre-filled, single-use injection systems for intradermal, subcutaneous and intramuscular applications for pharmaceutical companies. Is also has a pipeline and three drugs in the preclinical or clinical phase of research. The Company's products, which are based on well-known injectable drugs (chemicals and biologics), are designed to enhance patients' safety, compliance and comfort. Crossject's first ZENEO SUPERGENERIC product is expected to reach the market in the year 2015. The Company has industrial partnerships with Hirtenberger and Recipharm.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Fabrice Farigoule

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