Modification of Convertible Bonds by Crossject

Pharmaceutical company Crossject has concluded the amendment of the terms of its convertible bonds with an entity affiliated with Heights Capital Management. In February 2024, a first tranche of 70 bonds was issued for €7 million. Now, a second tranche is being issued for €2,496,000, at an issue price of 90% of their nominal value.

Among the changes, the maturity date of the bonds is extended to December 28, 2027. The amount amortized bimonthly is reduced and the conversion price is adjusted to 1.677 euros. An extraordinary general meeting approved these resolutions in January 2025, also authorizing the removal of the preferential subscription right for the investor.

This transaction aims to finance the development of the ZEPIZURE® product, in particular its emergency use authorization in the United States. The transaction should cover Crossject's financial needs until mid-2025 and could be supplemented by other financing.