BEDMINSTER, N.J., March 3 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today reported financial results for the quarter and year-
end December 31, 2003.
For the quarter ended December 31, 2003, Bioject reported revenues of $2.4
million, a 13% increase over the $2.1 million reported in the comparable year-
ago quarter. Product sales rose 44% over fourth-quarter 2002 product sales
due primarily to increased shipments of needle-free vial adapters to Amgen.
The Company reported a quarterly operating loss of $2.4 million and net loss
of $2.3 million, compared to an operating loss and net loss of $1.8 million
and $1.7 million, respectively, in the comparable year-ago period. Included
in the fourth quarter 2003 net loss was approximately $360,000 of initial set
up costs associated with the Company's sterile fill capabilities for its
Iject(R) product.
Basic and diluted net loss per share for the quarter ended December 31,
2003 was $0.22 per share on 10.8 million weighted average shares outstanding
compared to a net loss of $0.16 per share on 10.6 million weighted average
shares outstanding for the same period last year.
For the year-ended December 31, 2003, Bioject reported revenues of $6.3
million versus revenues of $6.8 million in the comparable year-ago period.
The Company reported an operating loss and net loss of $9.6 million and $9.3
million, respectively, compared to an operating loss and net loss of $7.8
million and $7.2 million, respectively, for the comparable period ended
December 31, 2002.
Basic and diluted net loss per share for the year-ended December 31, 2003
was $0.87 per share on 10.7 million weighted average shares outstanding
compared to a net loss of $0.68 per share on 10.6 million weighted average
shares outstanding for the same period last year.
"The year 2003 was very challenging for Bioject. Although we continue to
make significant strides in developing new partnerships with pharmaceutical
companies who will utilize our needle-free technology, we were unable to
finalize those agreements in 2003 but remain optimistic of closing those
agreements during the first half of 2004. We are pleased with accomplishing
several major goals during the past year, including developing new
collaborations and expanding our research collaborations," said Jim O'Shea,
Bioject's Chairman, President and CEO. "During the year, we signed a supply
agreement with Amgen for sale of our needle-free vial adapters which will
provide us with recurring revenues throughout 2004. We also signed a services
and supply subcontract with SAIC-Frederick, Inc. whereby the federal
government will utilize our Biojector(R) 2000 needle-free technology in HIV
and Ebola clinical trials. Late last year, we completed a Phase I clinical
study comparing our Iject(R) pre-filled, needle-free drug delivery system to
the traditional needle-and-syringe which resulted in strong preference for our
Iject(R) system."
"Our continuing focus is to finalize terms with pharmaceutical companies
in our business development pipeline some of which have forwarded Bioject
funds to keep the projects timeline on schedule. In addition, we are
continuing to target additional drug companies who will benefit through the
use of our needle-free technology," concluded O'Shea.
The Company will conduct a conference call to review fourth-quarter and
year end results for the year ended December 31, 2003 on Thursday, March 4,
2004 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 Bedminster, New Jersey, with
operations 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,
biotechnology, and veterinary companies.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
regarding Bioject's expectations with respect to 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
Company's products, including the cool.click(TM) SeroJet(TM) and Vial Adapter,
will not be accepted by the market, the risk that the Company will be unable
to successfully develop and negotiate new strategic relationships or maintain
existing relationships, the risk that Bioject's current or new strategic
relationships will not develop into long-term revenue producing relationships,
the fact that Bioject's business has never been profitable and may never be
profitable, uncertainties related to Bioject's dependence on the continued
performance of strategic partners and technology, uncertainties related to
the time required for the Company to complete research and development, obtain
necessary clinical data and government clearances, the risk that the Company
may be unable to produce our products at a unit cost necessary for the
products to be competitive in the market and the risk that the Company may be
unable to comply with the extensive government regulations applicable to
Bioject's business. 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 the Company's business and its 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 about 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 Year ended
December 31, December 31,
2003 2002 2003 2002
RESULTS OF OPERATIONS:
Revenue
Net sales of products $2,039 $1,420 $5,314 $4,094
Licensing/technology fees 318 675 1,005 2,718
2,357 2,095 6,319 6,812
Expenses
Manufacturing 1,683 1,513 5,181 5,319
R&D 1,577 1,050 5,164 3,866
Selling, general and
administrative 1,456 1,380 5,558 5,433
Total operating expenses 4,716 3,943 15,903 14,618
Operating loss (2,359) (1,848) (9,584) (7,806)
Other income, net 26 103 252 577
Net loss allocable to
common shareholders $(2,333) $(1,745) $(9,332) $(7,229)
Basic and diluted net loss
per common share $(0.22) $(0.16) $(0.87) $(0.68)
Shares used in per share
calculations 10,780,157 10,621,857 10,719,902 10,644,877
Bioject Medical Technologies Inc.
Selected Consolidated Balance Sheet Data (Unaudited)
(In thousands)
December 31,
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $6,894 $8,896
Marketable securities 2,259 8,404
Accounts receivable 1,300 562
Receivable from related party, current 74 74
Inventories 1,388 1,303
Other 227 163
12,142 19,402
Long-term marketable securities 3,087 5,077
Receivable from related party -- 74
Restricted funds 1,500 --
Property and equipment, net 4,760 2,898
Other assets, net 979 783
Total assets $22,468 $28,234
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $175 $--
Accounts payable and accrued liabilities 2,012 1,022
Deferred revenue 434 67
2,621 1,089
Long term liabilities:
Long-term lease payable 82 26
Long-term debt 1,325 --
Deferred revenue 484 252
Shareholders' equity:
Preferred stock 19,549 19,549
Common stock 88,777 88,356
Accumulated deficit (90,370) (81,038)
17,956 26,867
Total liabilities and shareholders' equity $22,468 $28,234
SOURCE Bioject Medical Technologies Inc.
 back to top
Related links:
http://www.bioject.com
CONTACT:
John Gandolfo, Chief Financial Officer, or
Cecelia C. Heer, Director, Investor Relations, both of Bioject
Medical Technologies Inc., +1-908-470-2800, ext. 5103
|
