The Barda has launched its call for tender on Midazolam autoinjectors
Crossject is in a good position to compete
This could boost further Zeneo’s credibility and Crossject’s share price
Companies: Crossject (ALCJ:EPA)Crossject SA (ALCJ:PAR)
Zeneo Hydrocortisone to be licensed in the US and Canada
The news confirms the pharmaceutical firms’ interest in Crossject’s product
The remuneration of the contract looks fine, in our view
We expect more agreements to come
Crossject released an expected set of FY20 results
The industrialisation process of Zeneo is on track
The group’s financing for FY21 is secured
We will fine-tune our model to account for the latest developments
A double bond issue
Crossject announced it had issued two bonds worth €5.24m each including a convertible one.
Both bonds have been subscribed by the same investors as in FY19, including the main shareholder, Gemme Venture. They have been susbcribed at 100% and 97% of their nominal value, respectively, and do not carry interest, with a maturity in December 2023.
These two issues also imply an additional €2m stemming from the PGE (state loan from
Companies: Crossject SA
Update on the group's business
Crossject released H1 20 results. Revenues reached €2,086k (vs €1,844k), operating result €-5,632k (vs €-5,873k), and net result €-5,258k (vs €-4,953k). Net cash at the end of H1 20 was €-1.3m (vs €1.5m) and €1.8m at the end of FY19.
As always, the results as such are surprise-free and not very important since no product has reached the market yet, except for the cash-burn (ex new financing) which was limited t
No major changes after the release of the FY19 report
CHANGE IN EPS2019 : € -0.49 vs -0.48 ns
2020 : € -0.32 vs -0.34 ns
No major changes to our forecasts. The only ones come from the integration of the detailed FY19 numbers which marginally impact our forecasts, with hardly any change to our target price.
FY19 results meaningless as usual
Some calendar delay due to the COVID-19 crisis
The company on track though for first filings in FY20/21
No change to our opinion after the release
Crossject announced it has issued zero-coupon convertible bonds (€5.7m) at 92% of their nominal value, maturing on 31 December 2021, convertible at the lowest price between €2.30 and an average market price less 10%. Gemmes Venture (Crossject’s main shareholder) has invested €2.1m in this issue, in line with its shareholding.
Crossject has announced it has obtained a €2.6m non-dilutive financing from IdVector Science and Technology, a European investor specialising in long-term non-dilutive financing of technology.
Crossject announced yesterday it had signed a Cooperative Research and Development Agreement (CRADA) with the US Department of Defense.
Crossject released its H1 19 results. Revenues reached €1,844k (vs €2,840k), operating result €-5,873k (vs €-5,337k), and the net result €4,953k (vs €-4,744k). Net cash at the end of H1 19 was €1.5m (vs €0.8m) and €4.82m at the end of FY18.
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.
Crossject announced the signature of a commercial agreement on Midazolam with German Desitin.
The 2018 bonds fully converted
CHANGE IN EPS2019 : € -0.48 vs -0.51 ns
2020 : € -0.34 vs -0.39 ns
We have increased the total number of shares (from 13.6m at year-end 2018 to 18.4m in March 2019) following the conversion of all convertible bonds issued last year, which by the way confirms shareholders’ confidence in the company. The valuation does not significantly change (dilution on one side, a lower net debt position on the other one), but of course the apparent loss per sh
No major change post FY18 results
CHANGE IN EPS2019 : € -0.51 vs -0.50 ns
2020 : € -0.39 vs -0.39 ns
We have only fine-tuned our numbers after the release of FY18 results, which are anyway insignificant before the group’s products actually reach the market in FY2021, i.e. results (losses) before 2021 are almost simply the sum of operating costs.
CHANGE IN NAV€ 10.0 vs 11.9 -15.4%
The SOTP goes down a tick after the dilution stemming from the conversion of bonds at the begi
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