Net Loss Decreases as Company Completes Evaluation of the Impact of
Convertible Debt Instruments
PORTLAND, Ore., Aug. 21 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced that it has filed its Form 10-Q Report
for the quarter ended June 30, 2006.
As previously reported on August 2, 2006, revenues for the quarter
ended June 30, 2006, were $2.8 million and operating loss was $2.0 million.
Net loss decreased by $1.0 million for the quarter ended June 30, 2006 from
the previously reported $4.0 million, or $0.28 per share, to $3.0 million,
or $0.21 per share.
For the six months ended June 30, 2006, net loss decreased to $5.6
million, or $0.40 per share, from $6.6 million, or $0.46 per share, as
previously reported.
The lower net loss for the three and six month periods is a result of
the completion by the Company of the evaluation of the accounting impact of
our convertible debt and equity instruments entered into in March 2006 and
approved by the shareholders on May 24, 2006. As a result of the
evaluation, we determined that various features of our convertible debt and
equity agreements needed to be accounted for as derivative liabilities.
Derivatives are reported at fair value each reporting period and changes in
fair value are recorded as a component of earnings. The changes in fair
value of the derivative liabilities, offset by settlement losses recorded
upon the conversion of debt to preferred stock, reduced our previously
recorded net loss by approximately $1.0 million in non-cash charges.
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.
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 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, ext.
4161, or Chris Farrell, Vice President of Finance, ext. 4132,
both of Bioject Medical Technologies Inc., +1-503-692-8001
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