CROSSJECT secures €6.7 million in funding for the development of three new drugs
Chenôve, France - November 6, 2015, 8.30am - CROSSJECT (ISIN: FR0011716265; Ticker: ALCJ), specialty pharma company specialized in self-injectable drugs for use in emergency situations, announces that it has been awarded by Bpifrance a refundable grant of €6.7 million, over three years, as part of the Industrial Projects of the Future (Projets Industriels d'Avenir or PIAVE) scheme. This funding gives CROSSJECT the resources to develop three new proprietary drugs for use in emergency situations.
Patrick Alexandre, CEO and founder of CROSSJECT, said: "We are very proud that three new drugs based on the Zeneo® technology are forming part of the Nouvelle France Industrielle projects (regeneration program launched by the French government). The support of Bpifrance, on behalf of the Commissariat for Investment, underlines the quality of our needle-free injection technology platform and the potential of our innovations. Now with seven drugs under development , our own supply chain, as well as a business model based on proprietary drugs, and an increase in the number of distribution agreements, we have the resources to bring our drugs to market from 2017 and to establish ourselves as leading company for emergency situations."
A portfolio of seven products, including three new proprietary drugs for use in emergency situations
The funding secured under the PIAVE scheme will be used for the development of three new supergenerics for use in emergency situations:
- Zeneo® Naloxone is for use in overdose situations when painkillers have been taken, causing respiratory disorders and potentially leading to patient death. The injection of naloxone via a needle-free device will provide a rescue kit to people at risk of overdosing on painkillers. Every year, between 70,000 and 100,000 people die from an overdose of opiates, including those undergoing analgesic treatment. Crossject estimates that the naloxone market could reach €3 billion worldwide.
- Zeneo® Midazolam targets epileptic seizures and anxiety disorders. By stopping epileptic seizures in less than two minutes, the midazolam injection enables the patient's condition to be stabilized before the arrival of the emergency services while at the same time giving patients back their autonomy. There are 4.1 million epilepsy sufferers in Europe and the United States (source - Datamonitor), representing a potential market of more than $4 billion.
- Zeneo® Apomorphine is an emergency treatment for Parkinson's disease patients during "off" time (80% of sufferers). During "off" seizures, patients are suddenly incapable of moving without taking a dopamine agonist. Simple, accurate and quick, the injection of apomorphine using Zeneo® allows the quality of life of patients to be restored and addresses an important medical need, given the current absence of a satisfactory solution (in particular for active people only experiencing occasional seizures). Between now and 2020, the market for Parkinson's disease treatments could represent more than $2.6 billion globally.
CROSSJECT will lead the development of these new drugs until marketing authorizations are granted and will market them through a network of distributors all over the world.
€6.7 million in non dilutive funding over three years
The support received under the PIAVE scheme is made up of repayable advances, activated according to the progress of the work and whose repayment will be adjusted according to the commercial performance of the products developed.
The support of public authorities will enable CROSSJECT to continue its development and boost job creation, particularly in the Dijon area.
Thanks to this funding, CROSSJECT will also be able to bring more industrial scale production stages for the Zeneo® device in-house. In particular, CROSSJECT will carry out all the pre-assembly of Zeneo® internally.
This approach will further improve the flexibility of CROSSJECT's manufacturing base by leading to a rapid acceleration in pharmaceutical production capacities without major investments. CROSSJECT will therefore be able to support the sharp increase in production expected as a result of its dynamic product portfolio, while asserting itself as a force in the Nouvelle France Industrielle program.
Patrick Alexandre / Timothée Muller
CROSSJECT is using its world-leading needle-free injection system, Zeneo® to develop an attractive pipeline of high-value supergenerics or New Therapeutics Entities. These needle-free products, which are based on well-known injectable drugs (chemicals & biologics), are designed to enhance patient safety, compliance and comfort.
CROSSJECT's needle-free, pre-filled, single-use Zeneo® injection systems are unique in that they can be tailored to deliver drugs intradermally, subcutaneously and intramuscularly. This means that Zeneo® can allow a wide range of drugs and vaccines for a broad range of indications to be developed and approved in a very short period.
CROSSJECT's business model is similar to that of a pharmaceutical laboratory. It is based on developing a portfolio of proprietary drugs, of an integrated supply chain and the signing of distribution agreements for its products.
CROSSJECT currently develops 7 drugs: anaphylactic shock (adrenaline), rheumatoid arthritis (methotrexate), acute migraine (sumatriptan), Parkinson's disease (apomorphine), the morphine overdose (naloxone), disorders of the anxiety and pesticide poisoning (midazolam) and a seventh medicine for an emergency situation that could benefit from an "orphan status".
CROSSJECT is listed on Alternext Paris (Mnemo : ALCJ, ISIN : FR0011716265)
About Bpifrance · www.bpifrance.fr
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Source: CROSSJECT via GlobeNewswire
Last updated on: 06/11/2015