Crossject has announced that Gemme Venture, the company’s main shareholder, had converted 100% of the convertible bonds (869,565) it had subscribed to in July, at a price of €1.4892, thus leading to the creation of 591,304 new shares (+6.3%) and raising its stake to 24.3% (from c.20%).

The news confirms the confidence of Gemme Venture in the business model and translates into a c. €880k strengthening of shareholders’ funds, which reached €2.35m at the end of June 2018.

No major change to our numbers after the news.

The extra dilution is compensated by a lower level of net debt, of course, and as such the conversion does not much change our numbers/valuation, which are once again essentially driven by future prospects.