AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II


Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Some patience still required
Financing issue 10/07/2019

Warrants to existing shareholders


Crossject indicated that it would grant shareholders free warrants (BSA). Each share held could translate into one warrant, with nine warrants entitling holders to get a share in Crossject at €1.80.


The move was expected and the main shareholder (Gemmes Venture, 26.74%) has already indicated it will exercise its warrants. Altogether, should all warrants be exercised, this would lead to the issuance of 18,447k warrants and 2,049k shares, or €3,689m. The warrants will be granted on 18 July and exercisable between 18 July and 10 December 2019. The maximum dilution will be c.11.11%. The (expected) move is welcomed insofar as it solves the financing issue (on top of advances, subsidies, CIR, commercial agreements, etc.), the company estimating it needs €12m in the next 12 months. However, Crossject is also working on additional (ideally non-dilutive) means to increase its financial firepower to finance its development programme before the market launch of Zeneo.


The impact will be minor on our numbers, the potential extra-dilution being compensated by the cash inflow.

Upside 302%
Price (€) 2.58
Market Cap (€M) 65.4
Perf. 1W: -8.67%
Perf. 1M: -19.4%
Perf. 3M: -19.9%
Perf Ytd: -15.8%
10 day relative perf. to stoxx600: -12.5%
20 day relative perf. to stoxx600: -14.5%

23 Dec 19 Financing issue
Extra-financing to increase visibility

20 Nov 19 Financing issue
A €2.6m non-dilutive issue

10 Sep 19 Earnings/sales releases
H1 19: no surprise

10 Jul 19 Financing issue
Warrants to existing shareholders

19 Jun 19 Latest
A commercial success

18 Apr 19 EPS change
The 2018 bonds fully converted

18 Mar 19 EPS change
No major change post FY18 results

15 Mar 19 Earnings/sales releases
Slowly but surely

04 Feb 19 Financing issue
Some extra non-dilutive financing