Amgen Retains Options to Other Indications
PORTLAND, Ore., Feb. 26 /PRNewswire-FirstCall/ --
Bioject Medical Technologies, Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, today announced that Amgen Inc. has given
notice to the Company of its election not to pursue further development of
Iject and B2000 devices. Amgen cited internal business reasons for its
decision to halt development efforts. Amgen has not terminated its agreements
with Bioject and still holds options to further license the technologies for
certain other undisclosed indications.
"We are disappointed at this unexpected news," said Jim O'Shea, Chairman,
President and CEO of Bioject. "Although this is a setback, we have the
strongest pipeline of potential biotech and pharmaceutical partners in the
history of the Company. We will continue to actively develop our technology
and pursue licensing agreements with these companies."
The Company will conduct a conference call on Wednesday, February 27, 2002
at 9:00 a.m. Eastern Standard Time. Investors can access the call by dialing
1-800-388-8975. 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.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the company
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 its current strategic relationships will not develop into a long-term
revenue producing relationship 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. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which 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. 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
Form 10-Qs for further discussions of factors which 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
SOURCE Bioject Medical Technologies, Inc.
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Related links:
http://www.bioject.com
CONTACT:
John Gandolfo, Chief Financial Officer,
+1-973-605-1022, or jgandolfo@bioject.com, or Cecelia Heer,
Investor Relations Manager, +1-973-605-8554, or
cheer@bioject.com, both of Bioject Medical Technologies, Inc.; or
Jim Flanagan of IR Strategic Advisors, +1-781-863-1333, or
jflanagan@iradvisors.com, for Bioject Medical Technologies, Inc.
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