AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
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Crossject

CR
Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Some patience still required
Financing issue 04/02/2019

Some extra non-dilutive financing

Fact

Crossject announced it had obtained a €1.1m financing from Bpifrance and the Bourgogne-Franche Comté region.


Analysis

The financing is made up of two loans (one relating to R&D and, the second one, interest-free, to support innovation). The total maturity is eight years with the first instalments in three years. The aim is to help/accelerate the ramp-up of the industrial production of Zeneo as well as its future growth. This comes after the capital increase of last December (€3.9m) and the loans are part of the “non-dilutive financings” the group was mentioning at that time, reminding that Crossject had estimated it needs €11m in financing for the next twelve months (to be covered by incentives, tax credit, upfront fees…). The news comes after Crossject had also announced it had obtained the “pharma” status, (“Etablissement Pharmaceutique”), granted by ANSM (Agence Nationale de Sûreté du Médicament). This enables Crossject to certify its production and carry out in-house quality controls, which is another milestone for the company on its way to the market. The news was (rightly) cheered by the market, with a c.28% jump last week.


Impact

No direct impact on our numbers (thus no change to our numbers/valuation), but this is another good piece of news for the company, i.e. another step to secure short-term needs before its products reach the market. As such, the release should be welcomed by the market, even if the big trigger for the share price will remain the first filings of its products, expected in 2020.


Target
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%
Updates

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

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