Company Evaluating the Impact of Convertible Debt Instruments
PORTLAND, Ore., Aug. 15 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced that it has filed an extension in its
quarterly filing of the Form 10-Q Report for the quarter ended June 30,
2006.
The Company is currently in the process of evaluating accounting and
valuation issues associated with its convertible debt instruments. Certain
provisions have been identified within these arrangements which may result
in derivative accounting treatment. Due to the complicated nature of these
provisions, the Company was unable to finalize the accounting treatment in
a timely manner. The Company is working with its auditors, KPMG LLP, to
determine the impact of this evaluation on second quarter 2006 results,
which were announced on August 2, 2006, and on previous periods.
Accordingly, we were unable to file our Quarterly Report on Form 10-Q for
the quarter ended June 30, 2006 within the prescribed time period without
unreasonable effort or expense.
The results of the evaluation of the accounting treatment of our
convertible debt instruments is not expected to affect our previously
reported loss from operations. We expect the accounting treatment to have a
non-cash impact on our previously reported non-operating expenses. The
impact on net loss for the second quarter of 2006 is not currently
determinable. Any impact is not expected to affect our cash position.
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, 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 determination of the accounting treatment of
its recently completed convertible debt instruments and its ability to
timely file the results. 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
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:
Jim O'Shea, Chief Executive Officer,
+1-503-692-8001, ext. 4161, or Chris Farrell, Vice President of
Finance, +1-503-692-8001, ext. 4132, both of Bioject Medical
Technologies Inc.
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