Core Points - CROSSJECT has completed a €5 million financing round fully subscribed by Vatel Capital, aimed at supporting the development of its injectable product ZEPIZURE for treating epileptic seizures [3][5] - The financing was executed through a reserved issue of convertible bonds with interest rates between 7.5% and 9.5%, convertible at a fixed price of €2.65 per share, representing a conversion premium of 9.8% over a 10-day VWAP and 20.5% over a 20-day VWAP [4][15] - The company is in advanced regulatory development for ZEPIZURE, collaborating with BARDA for Emergency Use Authorization in the U.S. [6][29] Financing Details - The transaction consists of three tranches of convertible bonds totaling €5 million, with varying maturities and interest rates [4][12] - Approximately €4.9 million from this transaction will be used to meet working capital requirements until regulatory objectives for ZEPIZURE are achieved [9] - The company has also secured an additional €11.3 million in R&D funding from BARDA, enhancing financial security for future development stages [7] Regulatory and Development Progress - CROSSJECT is actively submitting data to BARDA and preparing for potential FDA inspections of its production facilities [6] - The company is also advancing its clinical development plan for ZEPIZURE, targeting a second New Drug Application for treating status epilepticus in both adults and children [8] - The net proceeds from the financing will be allocated equally between the development of ZEPIZURE and other R&D activities, including manufacturing investments [9] Share Capital and Dilution Impact - The issuance of convertible bonds could lead to the creation of up to 1,886,790 new ordinary shares, representing approximately 3.52% of the company's share capital on a non-diluted basis [4][15] - The conversion of these bonds may dilute existing shareholders, with potential changes in shareholding percentages outlined in the press release [18][21] - The company is exploring additional financing options to extend its cash runway until it receives initial payments from its U.S. sponsor [9][10] Company Overview - CROSSJECT is a specialty pharmaceuticals company focused on developing emergency medications using its ZENEO® needle-free auto-injector technology [29] - The company is currently in advanced stages of regulatory development for ZEPIZURE, supported by a $60 million contract with BARDA [29][30] - Other products in development include solutions for allergic shocks and adrenal insufficiencies, as well as therapies for various emergency indications [29]