BEDMINSTER, N.J. and DULUTH, Ga., Aug. 15 /PRNewswire-FirstCall/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, announced today that it has entered into an
exclusive license and supply agreement with Merial, the world's leading animal
health company, for delivery of Merial's veterinary pharmaceuticals and
vaccines with Bioject's newly-developed veterinary focused needle-free
injector system. Within the agreement, Merial will initially develop the
system for the delivery of vaccines to food-producing animals.
"We are very enthusiastic about this partnership with Merial, which has an
enviable reputation for innovation in animal health," said Jim O'Shea,
Chairman, President and CEO of Bioject. "This relationship represents
Bioject's entry into the veterinary market and provides us with a logical
extension to our established platforms in needle-free drug delivery systems."
Dr. Marcus Remmers, Head of Business Development at Merial, was equally
enthusiastic and said, "We are committed to innovation not only in
pharmaceutical and vaccine development but also in the important area of drug
delivery. We expect this technology to facilitate administration, while
offering increased safety to both the animal and the user. We are delighted
to have agreed on this partnership with Bioject, the recognized leader in the
field."
Financial terms of the agreement include monthly payments to Bioject for
product development, with additional payments at key product development and
regulatory milestones. Bioject will also receive royalty payments on Merial's
vaccine sales which utilize the needle-free injector system.
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.
About Merial
Merial is the world's leading animal health company. An innovation driven
leader in the provision of products and solutions which enhance the health
well-being and performance of animals, Merial is committed to developing
innovative pharmaceuticals and vaccines to support its business goals. Merial
operates in more than 150 countries worldwide. Its 2001 sales were in excess
of $1.6 billion (1.7 billion euros).
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
regarding 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 current strategic relationships will not develop
into long-term revenue producing relationships and uncertainties related to
Bioject's dependence on the continued performance of strategic partners and
technology, product development and regulatory risks involved in developing
marketable products. 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 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.
For more information about Merial, visit http://www.merial.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; or Margaret Morgan, VP, Communications of
Merial Ltd., +44-1279-774602, or +44-7767-438530, or
margaret.morgan@merial.com
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