Revenues Increase 108% Over Prior Year
PORTLAND, Ore., Jan. 24 /PRNewswire-FirstCall/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, today announced financial results for the
third quarter of its fiscal year 2002 which ended December 31, 2001.
Third-quarter revenues were $1.0 million representing an increase of
108% over fiscal 2001 third-quarter revenues of $478,000. The increase in
revenues is attributable to increased sales of Bioject's cool.click(TM) and
Serojet(TM) needle-free delivery systems to Serono, as well as increased
licensing and technology fees from agreements with Amgen and Alkermes.
The third-quarter loss before preferred stock dividend was $1.9 million,
compared to $1.2 million for the comparable year-ago period. Included in the
third-quarter fiscal year 2002 loss figure is $192,000 of non-recurring
expenses associated with the Elan transaction and professional fees.
Net loss for the third quarter was $3.8 million compared to a loss of
$1.5 million for the same period last year. Included in the fiscal 2002
third-quarter net loss calculation is a non-cash, one-time preferred dividend
charge of $1.7 million in connection with the Elan agreement announced on
December 14, 2001. This charge reflects an accounting adjustment required
under generally accepted accounting principles (GAAP) to adjust the carrying
value of Bioject's Series A preferred stock due to negotiated modifications of
its terms under the Elan agreement.
For the quarter ended December 31, 2001, basic and diluted net loss per
share of $0.38 was reported on 9.96 million weighted average shares, compared
to a net loss per share of $0.19 on 7.87 million weighted average shares for
the same period last year. Excluding the non-cash, one-time preferred
dividend charge, Bioject reported a net loss per share of $0.21 for the
quarter ended December 31, 2001.
"We continued to achieve significant strategic objectives during the
third quarter," said Jim O'Shea, Bioject Chairman, President and CEO. "The
quarter was a strategic success because we successfully raised additional
equity capital without increasing our fully diluted shares, broadened our
shareholder base, expanded an existing partner relationship, signed a new
strategic partner and provided additional forums to test our market-leading,
needle-free technology," noted O'Shea.
For the nine months ended December 31, 2001, Bioject reported a net loss
of $6.7 million on revenues of $2.7 million. This compares to a net loss of
$4.0 million on revenues of $1.5 million for the same period last year.
Basic and diluted net loss per share for the nine months ended
December 31, 2001 was $0.71 per share on 9.53 million weighted average shares
outstanding compared to a net loss of $0.56 per share on 7.22 million weighted
average shares outstanding for the same period last year. Excluding the
non-cash, one-time preferred dividend charge, Bioject reported a net loss per
share of $0.53 for the nine months ended December 31, 2001.
Third-Quarter Highlights
-- Completed an equity financing, raising approximately $5.8 million in
cash; when combined with the cancellation of a warrant held by Elan,
this transaction resulted in no increase in our fully diluted
outstanding shares
-- Signed an agreement with Elan eliminating Bioject's prospective
payment of dividends on the Preferred Stock
-- Achieved a significant increase in the Company's shareholder base
through the above mentioned equity financing and the sale by Elan of a
large portion of its holdings
-- Entered into a license and development agreement with Alkermes, a
leading developer of products based on advanced drug delivery systems,
for up to three undisclosed injectable products
-- Signed an additional agreement with Amgen for a modified version of
the Bioject B2000 needle-free injection system, expanding Bioject's
relationship from its initial agreement signed in March 2000
-- Awarded an additional U.S. patent. This patent is for our intradermal
technology enabling human injection of DNA-based injectables. Bioject
is the only company to have a patent for intradermal liquid injections
"Looking forward, we believe we will be successful in executing additional
agreements for the development of our products with existing and new strategic
partners," commented O'Shea.
The Company will conduct a conference call to discuss third-quarter
results on Thursday, January 24, 2002 at 10:00 a.m. Eastern Standard Time.
The conference call will be webcast and can be accessed through the Bioject
website at http://www.bioject.com.
Bioject Medical Technologies Inc., based in Portland, Oregon, is an
innovative developer and manufacturer of needle-free drug delivery systems.
Needle-free injection works by forcing medication at high speed through a tiny
orifice held against the skin. This creates a fine stream of high-pressure
fluid penetrating the skin and depositing medication in the tissue beneath.
The Company is focused on developing mutually beneficial agreements with
leading pharmaceutical and biotechnology companies. Bioject's partners
include Amgen, Serono and Alkermes.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
regarding additional agreements with strategic partners. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of the Company,
or industry results, to be materially different from any future results,
performance, or achievements expressed or implied by such forward-looking
statements. Such risks, uncertainties and other factors include, without
limitation, the risk that the current strategic relationships will not develop
into long-term revenue producing relationships and uncertainties related to
Bioject's dependence on the continued performance of strategic partners and
technology, product development and regulatory risks involved in developing
marketable products. Readers of this press release are referred to the
Company's filings with the Securities and Exchange Commission, including the
Company's reports on Form 10-K and Forms 10-Q for further discussions of
factors that could affect future results. Forward-looking statements are
based on the estimates and opinions of management on the date the statements
are made. The Company assumes no obligation to update forward-looking
statements if conditions or management's estimates or opinions should change.
For more information on Bioject, visit http://www.bioject.com.
Bioject Medical Technologies Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three months ended Nine months ended
December 31, December 31,
2001 2000 2001 2000
Revenue
Net sales of products $560 $267 $2,113 $925
Licensing and technology fees 435 211 597 588
995 478 2,710 1,513
Operating expenses
Manufacturing 1,272 553 2,958 1,730
Research and development 633 643 1,807 1,423
Selling, general and
administrative 1,265 724 3,197 2,168
Total operating expenses 3,170 1,920 7,962 5,321
Operating loss (2,175) (1,442) (5,252) (3,808)
Other income 318 230 1,044 633
Loss before income taxes and
preferred stock dividend (1,857) (1,212) (4,208) (3,175)
Provision for income taxes -- -- -- --
Loss before preferred
stock dividend (1,857) (1,212) (4,208) (3,175)
Preferred stock dividend (1,905) (296) (2,519) (859)
Net loss allocable to
common shareholders $(3,762) $(1,508) $(6,727) $(4,034)
Basic and diluted net
loss per common share $(0.38) $(0.19) $(0.71) $(0.56)
Shares used in per
share calculations 9,957,320 7,867,246 9,530,935 7,217,201
Bioject Medical Technologies Inc.
Selected Balance Sheet Data
(In thousands)
(unaudited)
December 31, March 31,
2001 2001
ASSETS
Current assets:
Cash and cash equivalents $12,541 $6,254
Marketable securities 3,987 5,934
Accounts receivable 540 440
Inventories 1,844 1,020
Other 432 155
19,344 13,803
Long-term marketable securities 13,725 2,869
Non-current receivable 7 11
Property and equipment, net 2,303 683
Other assets, net 679 623
Total assets $36,058 $17,989
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,119 $830
Deferred Revenue 972 102
2,091 932
Long term liabilities:
Long term lease payable 11 16
Deferred revenue 410 367
Shareholders' equity:
Preferred stock 19,549 15,853
Common stock 87,806 67,903
Accumulated deficit (73,809) (67,082)
33,546 16,674
Total liabilities and shareholders' equity $36,058 $17,989
SOURCE Bioject Medical Technologies Inc.
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Related links:
http://www.bioject.com
Company News On-Call:
http://www.prnewswire.com/comp/101750.html
CONTACT:
John Gandolfo, Chief Financial Officer of
Bioject Medical Technologies Inc., +1-973-605-1022; or Jim
Flanagan of IR Strategic Advisors, +1-781-863-1333, or
jflanagan@iradvisors.com, for Bioject Medical Technologies Inc.
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