Crossject

We have not changed our assumptions and the apparent higher EPS only stems from the fact the company is still loss-making (thus the loss per share is lower after the capital increase).

The SOTP valuation is only down on the higher number of shares and the fine-tuning of the net cash position at year-ends 2016 and 2017.

Our DCF goes down on the increased number of shares, following the ongoing capital increase that will see the total number of shares reach 8.7m. We have not changed our main assumptions on future product launches.