ZENEO® Adrenaline

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CROSSJECT announces a successful capital increase of €5.7 million following full exercise of the extension clause
Globenewswire· 2025-06-24 17:00
Core Viewpoint - CROSSJECT successfully completed a capital increase of €5.7 million, which will support the final registration phases of ZEPIZURE®, its emergency treatment for epileptic seizures [2][3][18] Financing Details - The capital increase was achieved through a preferential subscription rights offering, with a gross amount of €5,725,479.20 and a net amount of approximately €5,458,093.69 [2][3] - The subscription price was set at €1.40, reflecting a 22.6% discount to the closing price on June 3, 2025 [3] - Total demand for the offering reached €9.2 million, resulting in an oversubscription rate of 1.84 times the initial offering [9][18] Use of Proceeds - Approximately 60% of the net proceeds will be allocated to the final development phases of ZEPIZURE® and initial production stages [6] - The remaining 40% will finance R&D for other projects, including ZENEO® Adrenaline and ZENEO® Hydrocortisone, and cover general administrative expenses [6] Development Timeline - CROSSJECT is on track for the EUA submission to the FDA and anticipates a confirmation of receipt within one month after submission [5] - The company is also preparing for a second NDA filing for ZEPIZURE® in the second quarter of 2026 [6] Shareholder Impact - Following the capital increase, the company's share capital will amount to €5,032,022.40, comprising 50,320,224 shares [11] - Gemmes Venture, a significant shareholder, subscribed €62,460, reducing its stake from 24.7% to approximately 22.0% post-transaction [12] Legal and Regulatory Framework - The capital increase was authorized by the Supervisory Board and executed in accordance with the resolutions from the Combined General Meeting [8] - The new shares will be listed on Euronext Growth and will be fully assimilated to existing shares upon issuance [26][27]
CROSSJECT prepares for the launch of a capital increase with preferential subscription rights of around 5 million euros in preparation for commercial and production activities linked to EUA approval
Globenewswire· 2025-05-20 05:30
Core Points - CROSSJECT plans to launch a capital increase of approximately 5 million euros, potentially increasing to 5.8 million euros, to support commercial and production activities related to the EUA approval of ZEPIZURE® [2][3][8] - The capital increase aims to provide financial resources for the final development phases of ZEPIZURE® and to initiate production steps, with a significant portion allocated to R&D for other projects [8][10] Offer Details - The capital increase will be executed through the issuance of new shares with preferential subscription rights, as authorized by the Supervisory Board and the Annual General Meeting [4][5] - The net proceeds will be allocated approximately 60% to ZEPIZURE® development and production, and 40% to R&D for other projects, repayment of financial creditors, and general expenses [8][9] Financial Strategy - If the Offer is limited to 75% of the issue, around 3.8 million euros, the allocation will be on a pro rata basis, prioritizing ZEPIZURE® activities [9] - The company estimates that the net working capital from the Offer will be sufficient to meet obligations until the end of 2025, assuming first payments from the US partner [10] Shareholder Support - Gemmes Venture, a 26% reference shareholder, intends to guarantee the Offer in cash up to 75% of the initial amount [11] - Heights Capital Management has indicated its intention to subscribe to the capital increase by offsetting its claim of around 0.5 million euros [12] Company Overview - CROSSJECT is a specialty pharmaceuticals company developing emergency medicines, with ZEPIZURE® in advanced regulatory development and a $60 million contract with BARDA [15][16] - The company utilizes its ZENEO® platform for easy delivery of emergency drugs via intramuscular injection [15]