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 BPI France) which will complete the company’s financing for the coming year (together with €3m of public financing) even without any commercial agreements reached before FY22. This is good news for the company and gives management time to focus on the business as such, leaving more room before Zeneo reaches the market. It also confirms the confidence of Crossject’s shareholders.
We welcome the news since the financing is now secured until FY22, even if this will imply a dilution through the conversion of bonds (about 7% at the current share price). This is the price to pay before Zeneo can reach the market.
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