Crossject reports financial results and business highlights for first half of 2023

Press Release

Crossject reports financial results and business highlights for first half of 2023

 

Strong progress in bringing drugs for use in emergency situations towards the market

Further strengthening of financial structure to accelerate company's development

Concluded licensing agreement for ZENEO Midazolam for Australia and New Zealand

Progress in the operating income, net result, and cash flows

Dijon, France September 26, 2023, 17:35 CET -- Crossject (ISIN: FR0011716265; Euronext: ALCJ), a specialty pharma company developing needle-free auto-injectors for emergency situations, announces its financial results for the first six months of 2023, ending June 30.

"Crossject has made substantial progress so far in 2023 as we move our portfolio of drugs for use in rescue therapies further towards the market," said Patrick Alexandre, President of the Executive Board of Crossject. "Since the beginning of the year, we strengthened further our financial position by cashing in €8 million from the €14 million non-dilutive financing. We also concluded a new licensing agreement for our innovative rescue treatment of epileptic seizures, ZENEO Midazolam, for distribution in Australia and New Zealand. Our manufacturing sites have also passed European and U.S. audits, enabling us to expand capacity as we advance our vision to be a world leader in developing rescue therapies that can be safely used by patients, caregivers and untrained first responders. In particular, the successful outcome of the preparatory U.S. audit confirms our manufacturing readiness as we advance towards regulatory clearance for our strategic ZENEO Midazolam contract with the Biomedical Advanced Research and Development Authority (BARDA). These accomplishments, coupled with Crossject’s robust cash balance, expansion of our BARDA collaboration, and further strengthening of our Supervisory Board, position us well to deliver on our long-term strategic objectives."

Notable milestones

Non-dilutive financing

Crossject cashed in early 2023 €8 million, in addition to €4 million at the end of 2022, from a combined non-dilutive financial transaction of €14 million to accelerate the company's development. The transaction includes various loans granted by its long-standing banks (Caisse d'Epargne and BNP), Société Générale and BPI, with amortization periods ranging from 5 to 10 years.