Crossject Announces Successful Closing of €8 Million Rights Offering

Crossject, based in Dijon, France, has successfully closed its €8 million rights offering. The funds will support the clinical and regulatory development of its emergency epilepsy treatment, ZEPIZURE®. This financing round raised gross proceeds of approximately €8 million, translating to net proceeds of about €7.6 million.

The company's CEO, Patrick Alexandre, expressed gratitude towards investors, especially Gemmes Venture. The capital raised will further ZEPIZURE®'s development and help build U.S. operations for its anticipated commercialization. The subscription price was set at €1.848 per share, a 10% discount.

Approximately 50% of the proceeds will go towards ZEPIZURE®’s development, 20% towards manufacturing facilities, and 30% towards R&D and other expenses. The total issuance involved 4,325,088 new shares, maintaining Gemmes Venture's shareholding at 24.48%.

Crossject expects an Emergency Use Authorization decision from the FDA by Q1 2025 and plans to file a full New Drug Application in H1 2025. The successful rights offering ensures sufficient resources to meet these milestones.