BEDMINSTER, N.J., March 11 /PRNewswire-FirstCall/ --
Bioject Medical Technologies Inc., (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, announced today that it has entered into a
supply agreement with a biotechnology company for the sale of needle-free drug
vial adapters developed and manufactured by Bioject for a drug currently on
the market.
The agreement has an initial term of two years, with the customer having
the option to extend the term for two additional one-year periods.
The Bioject needle-free drug vial adapter is an FDA 510(k)-approved,
non-sharp plastic device that replaces a fill needle for accessing medication
vials making syringe filling completely needle-free. The vial adapter is
designed to fit all standard syringes and fits on a drug vial with a 13mm
neck.
Commenting on the agreement, Jim O'Shea, Bioject's, Chairman, President
and Chief Executive Officer stated, "We are pleased about entering into this
supply agreement as it is expected to provide Bioject with recurring product
revenues this year, and supplements our ongoing strategy of developing and
licensing our needle-free drug delivery systems. Our needle-free vial adapter
product is extremely effective, and we are seeing a continuing increased
interest from pharmaceutical companies for this product."
Financial terms of the supply agreement include product transfer pricing
based upon the volume of annual orders placed by the customer. Bioject
anticipates product sales between $1.2 million and $1.7 million in the second
half of 2003 and $3.0 million to $4.0 million in 2004 based upon the
achievement of current forecasts.
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 and vial adapter products. 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. 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. Readers of this press release are referred to the Company's
filings with the Securities and Exchange Commission, including the Company's
reports on Forms 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 about 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, or
Cecelia C. Heer, Investor Relations Manager, +1-908-470-2800,
ext. 5103, or cheer@bioject.com, both of Bioject Medical
Technologies Inc.
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