Customer Attributes Increase in Drug Sales Directly to Bioject's
Cool.click(TM) Needle-free Delivery System; Drives 20 Percent Increase In
Bioject Quarterly Revenues
PORTLAND, Ore., July 26 /PRNewswire/ -- Bioject Medical Technologies Inc.
(Nasdaq: BJCT), a leading developer of needle-free drug delivery systems,
today announced financial results for the first quarter of its fiscal year
2002, which ended June 30, 2001.
Net loss for the first quarter was $1.41 million on revenues of
$620,000. This compares to a net loss of $1.28 million on revenues of
$515,000 for the same period last year. Increased revenues were primarily
driven by sales of Bioject's cool.click(TM) needle-free delivery system to
Serono (NYSE: SRA). Cool.click(TM) is customized for the delivery of
Saizen(R), Serono's recombinant human growth hormone for the treatment of
pediatric growth hormone deficiency.
Basic and diluted net loss per share for the quarter decreased by $0.04 to
$0.16 per share for the quarter ended June 30, 2001. This compares to a net
loss of $0.20 per share for the same quarter a year ago. Shares outstanding
increased in the quarter due to the successful completion of a private equity
financing.
"We are pleased with our financial performance as we continue to focus on
new and existing strategic partnerships," commented Jim O'Shea, Bioject's
Chairman, President and CEO. "We are very encouraged that Serono directly
attributed sales growth for Saizen(R) to our cool.click(TM) product. We view
this as a validation that our products can help our partners increase their
revenues and gain market share."
Mr. O'Shea continued, "Over the next year, we expect to see significant
sales of SeroJet(TM), our needle-free device for delivery of Serostim(R),
Serono's recombinant human growth hormone for the treatment of AIDS wasting,
as Serono moves into the commercialization phase this fall. We are also
aggressively pursuing new partnerships with other leading drug companies."
"During the first quarter of fiscal 2002, we raised $15 million in a
private placement, significantly increasing our overall cash position," Mr.
O'Shea continued. "This financing strengthens our balance sheet, provides us
with significant additional resources to achieve our strategic objectives, and
increases our institutional investor base to approximately 35%."
The company will conduct a quarterly update on Thursday, July 26, 2001 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 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 now
include Amgen and Serono.
This press release contains forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
concerning prospects for future strategic corporate relationships, prospects
for sales of the company's products into new, high leverage markets, the
company's expectation to move into the commercialization phase with
SeroJet(TM) for the treatment of AIDS wasting, and generally heightened
prospects for the adoption and use of needle-free technology. Such forward
looking statements involve known and unknown risks, uncertainties and other
factors which 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 research and development efforts of the
company or others will not produce desired results, the risk that the company
will not have sufficient cash to sustain itself to the time, if ever, that it
is profitable, the risk that the SeroJet(TM) will not be widely accepted by
consumers and that sales of the SeroJet(TM) will not increase as rapidly as
anticipated, the company's possible need for additional financing,
uncertainties related to the time required to complete research and
development, obtaining necessary clinical data and government clearances,
successfully attracting additional strategic corporate partners and
successfully executing revenue-generating agreements with additional strategic
partners. Readers of this press release are referred to the Company's filings
with the Securities and Exchange Commission, including the company's Annual
Report on Form 10-K for the year ended March 31, 2001 for further discussions
of factors which 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.
More information can be found at Bioject's home page at:
http://www.bioject.com/
Bioject Medical Technologies Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
Three Months Ended
June 30,
2001 2000
RESULTS OF OPERATIONS:
Revenue
Net sales of products $491 $367
Licensing/technology fees 129 148
620 515
Operating Expenses
Manufacturing 599 598
Research & development 529 355
Selling, general and administrative 851 680
Total operating expenses 1,979 1,633
Operating loss (1,359) (1,118)
Other income 255 117
Loss from operations before taxes (1,104) (1,001)
Provision for income taxes -- --
Loss from operations before
preferred stock dividend (1,104) (1,001)
Preferred stock dividend (306) (280)
Net loss allocable to common shareholders $(1,410) $(1,281)
Basic and diluted net loss per common share $(0.16) $(0.20)
Shares used in per share calculation 8,803,181 6,377,358
Bioject Medical Technologies, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
(unaudited)
June 30, March 31,
2001 2001
ASSETS
Current assets:
Cash and cash equivalents $22,300 $6,254
Marketable securities 3,769 5,934
Accounts receivable 528 440
Inventories 1,450 1,020
Other 127 155
28,174 13,803
Long-term marketable securities 2,976 2,869
Non-current receivable 9 11
Property and equipment, net 694 683
Other assets, net 648 623
Total assets $32,501 $17,989
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,060 $830
Deferred Revenue 75 102
1,135 932
Long term liabilities:
Long term lease payable 14 16
Deferred revenue 377 367
Shareholders' equity:
Preferred stock 16,159 15,853
Common stock 83,308 67,903
Accumulated deficit (68,492) (67,082)
30,975 16,674
Total liabilities and shareholders' equity $32,501 $17,989
SOURCE Bioject Medical Technologies, Inc.
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Related links:
http://www.bioject.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/101750.html
CONTACT:
Jim O'Shea, Chairman, President & CEO, or Sam
Nickerson, Investor Relations Manager, +1-503-639-7221, Ext. 565,
both of Bioject Medical Technologies Inc.; or investors, Michael
McGinty, Investor Relations of IR Strategic Advisors,
+1-781-863-1333
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