Crossject has raised €5m through the issuance of convertible bonds. Management indicates that this financing round should meet funding requirements until the EUA is granted. We will incorporate this financing, considering the benefits of the additional cash and the potential for further dilution. However, due to the amount and nature of the issuance, the impact on our figures will be limited.
Crossject has announced the completion of a €5m fundraising.
Crossject has completed a €5m fundraising, fully subscribed by funds managed by Vatel Capital SA. The transaction involved a reserved issue of three tranches of convertible bonds, with annual cash interest rates between 7.5% and 9.5%, over a term of 3 to 5 years, and a fixed conversion price of €2.65 per share, representing a 9.8% premium over a 10-day VWAP closing.
This transaction could result in the issuance of up to 1,886,790 new ordinary shares, each with a par value of €0.10, potentially accounting for approximately 3.52% of the share capital on a non-diluted basis. Half of the funds will be allocated to the development and registration of ZEPIZURE, covering related operating costs in addition to R&D costs reimbursed by BARDA. The remaining funds will support other R&D activities, investments in manufacturing facilities, and general corporate needs, including the repayment of certain financial obligations.
According to management, this transaction is expected to secure financing needs until the EUA is granted. However, it is noteworthy that in September 2025, Crossject secured an additional €11.3m in R&D funding from BARDA. This suggests a cautious approach by the group, which may not be entirely reassuring regarding the anticipated EUA approval, but reflects management’s prudence.
We will incorporate the convertible bonds into our model, balancing the benefits of additional cash with the potential for increased dilution. Considering the size and features of the issuance, the impact on our figures will be minimal.
