Biojector(R) 2000 to Be Utilized in HIV and Ebola Vaccine Trials
BEDMINSTER, N.J., June 18 /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
services and supply agreement with SAIC-Frederick, Inc., a subsidiary of
Scientific Applications International Corporation, under its contract with the
National Cancer Institute, Frederick, whereby the federal government will
utilize Bioject's Biojector(R) 2000 (B-2000) needle-free technology in HIV and
Ebola clinical trials.
Under the terms of the agreement, Bioject will supply the government's
Vaccine Research Center ("VRC"), National Institute of Allergy and Infectious
Diseases/National Institutes of Health ("NIAID/NIH"), with the non-exclusive
right to utilize Bioject's B-2000 needle-free injection systems in
VRC-sponsored clinical trials for experimental vaccines against HIV and Ebola
for up to a 36-month period. In addition, Bioject will provide training,
clinical and administrative support for these clinical trials. Under the
agreement, Bioject will be reimbursed by the Government on a time and
materials basis between $250,000 and $1.0 million per year for the services it
performs.
Commenting on the agreement, Jim O'Shea, Bioject's Chairman, President,
and Chief Executive Officer stated, "We are pleased to enter into an agreement
with the NIH through SAIC-Frederick whereby Bioject's needle-free technology
will be utilized in the development of vaccines against these vital disease
targets. DNA-based vaccines represent an important target market for our
technology and this agreement provides us with an important platform to build
upon, providing us with short-term revenues and the opportunity for future
licensing agreements upon the successful development of the HIV and Ebola
vaccines."
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, including statements
regarding Bioject's expectations with respect to future revenues and earnings
and 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)
and the SeroJet(TM), 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.
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, ext. 5103, or
cheer@bioject.com, both of Bioject Medical Technologies, Inc.,
+1-908-470-2800
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