BEDMINSTER, N.J. and DULUTH, Ga., March 18 /PRNewswire-FirstCall/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, announced today that it has signed a second
license and supply agreement with Merial, a world-leading animal health
company. The new agreement follows an initial supply and license agreement
with Merial signed in August 2002 for a newly-developed veterinary focused
needle-free injector system for food-producing animals.
Under terms of the agreement, Bioject will provide Merial with an
exclusive license for use of a modified version of the Vitajet(R) needle-free
injection system for use in veterinary clinics to administer vaccines for the
companion animal market (dogs and cats).
The new contract expands Merial's use of Bioject's needle-free injection
systems and includes product licensing and royalty payments on Merial's
vaccines utilizing the needle-free delivery systems in companion animals. The
product is expected to be commercialized in 2005.
"This new agreement with Merial expands our relationship from our
initial agreement signed in August 2002 and increases Merial's access to
Bioject's needle-free drug delivery systems for the animal health market,"
said Jim O'Shea, Chairman, President and CEO of Bioject. "This expansion for
use of our products in the companion animal market represents a logical
extension to our established platforms in needle-free drug delivery systems
for the veterinary industry, one of our target markets."
Peter Jeffries, Director of Business Development at Merial, commented, "We
are pleased about expanding our existing relationship with Bioject, the
recognized leader in the field of needle-free and expect this technology to
facilitate the administration of medications to the domestic animal market."
Financial terms of the agreement include milestone payments to Bioject for
product development, with additional payments at key product development and
regulatory milestones. Bioject will also receive royalty payments.
About Bioject
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. For more information about Bioject,
visit http://www.bioject.com.
About Merial
Merial is a world leading innovation-driven animal health company,
providing a comprehensive range of products to enhance the health, well-being
and performance of a wide range of animals. Merial employs around 6,000 people
and operates in more than 150 countries worldwide. Its 2003 sales were in
excess of $1.8 billion. Merial is a joint venture between Merck & Co., Inc.
and Aventis, S.A. For further information please see http://www.merial.com.
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 the commercialization of
Merial's vaccine product. 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
Vitajet(R) will not be accepted by the market, uncertainties related to the
time required for the Company to complete research and development, obtain
necessary clinical data and government clearances for the Vitajet(R), 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.
SOURCE Bioject Medical Technologies, Inc.
 back to top
Related links:
http://www.bioject.com
CONTACT:
Cecelia C. Heer, Director, Investor
Relations, Bioject Medical Technologies Inc., +1-908-470-2800,
ext. 5103, or cheer@bioject.com; or Margaret May, Media Relations
(Europe), Merial SAS, +33 (0)4 72 72 30 00, or
margaret.may@merial.com; or Cindy Apgar, Media Relations (North
America), Merial Limited, +1-678-638-3690, or
cindy.apgar@merial.com
|
