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Crossject

CR
Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Still some way to go...
Target
Upside 225%
Price (€) 3.53
Market Cap (€M) 128
Perf. 1W: 6.98%
Perf. 1M: -2.22%
Perf. 3M: -24.5%
Perf Ytd: 6.98%
10 day relative perf. to stoxx600: 4.22%
20 day relative perf. to stoxx600: 5.99%
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.


Updates

04 Feb 19 Financing issue
Some extra non-dilutive financing

24 Dec 18 EPS change
Adjustment in the number of shares

28 Nov 18 Financing issue
A €3.9m capital increase

23 Oct 18 Other news/comments
Bond conversion

27 Sep 18 Earnings/sales releases
H1 18: insignificant; some more time needed to ...

05 Sep 18 Target Change
On its way to reaching the market

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