BEDMINSTER, N.J., July 2 /PRNewswire-FirstCall/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, announced today that its board of directors
has adopted a shareholder rights agreement. To implement the agreement,
Bioject will issue a dividend of one right for each share of its common stock
held by shareholders of record as of the close of business on July 19, 2002.
The rights will initially attach to and trade with the certificates
representing outstanding common stock. No separate certificates will be
issued.
The purpose of the rights agreement is to obtain maximum value for
shareholders in the event of an unsolicited acquisition attempt. The
agreement was not adopted in response to any efforts to acquire the Company
and the Company is not aware of any such efforts.
Each right will initially entitle shareholders to purchase a fractional
share of the Company's preferred stock for $50.00. However, the rights are
not immediately exercisable and will become exercisable only if certain events
related to an unsolicited acquisition attempt occur. For example, unless
earlier redeemed for $0.001 per right, when a person or group acquires 15% or
more of Bioject's common stock all rights holders (except the person or group
who acquired the triggering amount of shares) will be able to exercise their
rights for shares of Bioject having a value of twice the right's then-current
exercise price. Bioject will send a letter to its shareholders as of the
record date that describes further details of the agreement.
About Bioject
Bioject Medical Technologies Inc., based in Bedminster, New Jersey, and
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.
Bioject's partners include Serono and Alkermes.
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:
Cecelia C. Heer, Investor Relations Manager
of Bioject Medical Technologies Inc., +1-908-470-2800, ext. 5103,
or cheer@bioject.com
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