Crossject closes €15m equity raise to advance ZEPIZURE EUA process
Crossject has completed a €15 million capital raise through the simultaneous issuance of new shares and stock subscription warrants, with proceeds earmarked for regulatory activities around its lead product ZEPIZURE® and for scaling up manufacturing readiness ahead of a potential emergency use authorisation.
The Euronext Growth-listed company issued 6,441,300 new shares at €1.704 each — a discount of just under 20% to the 15-day volume-weighted average price — alongside an equal number of warrants priced at €0.626 per unit. The combined unit price was €2.33. The new shares represent 10.8% of the enlarged share capital on settlement, which is expected on 26 May 2026. Management board members and key supervisory board members are subject to a 90-day lock-up.
Warrant mechanics and upside potential
The warrant structure carries meaningful optionality. Four warrants entitle the holder to subscribe for five common shares at an exercise price of €2.68 — a premium of approximately 9% to the last closing price of €2.46 at time of pricing. Should all 6,441,300 warrants be exercised over the three-year exercise window, Crossject could receive an additional €21.6 million in gross proceeds. The warrants were valued using a Black-Scholes model assuming 29.76% volatility, calibrated against the Euronext Next Biotech index over the preceding 12 months. They will not be listed but are freely transferable under applicable law. Maxim Group LLC served as exclusive placement agent.
Use of proceeds breaks into four categories: general corporate needs and cash runway extension; continued regulatory development of ZEPIZURE®, specifically steps associated with the EUA process; investment in industrial capacity ramp-up; and balance-sheet strengthening.
Regulatory and competitive context
ZEPIZURE® is Crossject's needle-free formulation of a benzodiazepine for the acute management of epileptic seizures, delivered via the company's proprietary ZENEO® auto-injector platform. The device is designed for use by first responders or bystanders in out-of-hospital settings, a feature that differentiates it from conventional intravenous or intramuscular formulations requiring clinical administration. Crossject has been pursuing a US Emergency Use Authorisation pathway, a route that — if successful — could provide a near-term commercial entry point ahead of a full NDA filing.
The needle-free emergency-drug delivery segment remains a niche but strategically important area. The most widely used comparator in the acute seizure space is intramuscular midazolam (Buccolam and generics) and diazepam rectal gels, both of which carry usability constraints in pre-hospital settings. Crossject's positioning rests on ease of administration, though the company has not yet released comparative clinical data in the public domain. Investors will watch for any EUA decision timeline or advisory committee scheduling that could serve as a near-term catalyst.
The raise does not require a prospectus to be filed with the French financial regulator, the AMF, as it was structured as a private placement to qualified investors under Article L. 411-2 of the French Monetary and Financial Code. The transaction was pre-authorised under resolutions passed at the company's Extraordinary General Meeting in January 2025.