PORTLAND, Ore., Oct. 6 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, announced today it received a Nasdaq Staff Deficiency
Letter stating that Bioject has failed to comply with the minimum bid price
requirement for continued listing set forth in Marketplace Rule 4310(c)(4)
because for 30 consecutive business days, the bid price of Bioject's common
stock has closed below the minimum $1.00 bid requirement. The letter states
that Bioject will be provided 180 calendar days, or until April 2, 2007, to
regain compliance with the minimum bid price requirement. If at any time
prior to April 2, 2007 the bid price of Bioject's common stock closes at
$1.00 per share or more for a minimum of 10 consecutive business days,
Nasdaq will notify Bioject that it is in compliance with the minimum bid
requirement.
"By executing on our business strategy in the near future, we believe
our stock price will rise above the $1.00 minimum and we will be in
compliance," said Jim O'Shea, Chairman, President and CEO of Bioject. "We
are also assessing what other actions we may need to take to regain
compliance with the minimum bid requirement."
About Bioject
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 a forward-looking statement within the
meaning of the Private Securities Litigation Reform Act of 1995, including
statements regarding the Company's ability to achieve the Nasdaq minimum
bid requirement for its common stock. Such forward-looking statement
involves known and unknown risks, uncertainties and other factors that may
cause the actual results may be materially different from any future
results 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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