B2000 Technology to Be Used for Development of New Product for
Undisclosed Indication
BEDMINSTER, N.J., Oct. 11 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies, Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced that it has entered into a development
agreement with a leading European biotechnology company whereby Bioject will
develop a new needle-free drug delivery system which utilizes the Company's
B2000 technology exclusively for an undisclosed indication.
Terms of the agreement include upfront license and development fees of
$550,000 and product development and regulatory milestone payments of
approximately $3.5 to $4.0 million. The agreement also provides for transfer
pricing and royalty payments upon commercialization of the drug with the newly
developed product. Assuming successful development of the product,
commercialization is currently anticipated in 2008.
"We are very enthusiastic about this partnership for the development of a
needle-free delivery system in a market which has never utilized needle-free
systems," said Jim O'Shea, Chairman, President and CEO of Bioject. "This
collaboration represents a key strategic transaction for Bioject with a high
value-added, injected medication and demonstrates the continuing progress we
are making in the expansion of uses for our technology."
The newly developed product will utilize Bioject's CO2 powered B-2000
technology, which will be modified for the delivery of a specific proprietary
application.
Bioject Medical Technologies, Inc., based in Bedminster, New Jersey, with
operations 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
development 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
relating to payments expected to be received under the development agreement
and the development of a new product, including the timing of the
commercialization of that product. 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 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 Company will be
unable to successfully develop the new product contemplated by the development
agreement, the risk that the development agreement is canceled by the
strategic partner, uncertainties related to the time required for the Company
and the strategic partner to complete research and development, obtain
necessary clinical data and government clearances, and the risk that the
Company and the strategic partner may be unable to comply with the extensive
government regulations applicable to the project. 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:
John Gandolfo, Chief Financial Officer of
Bioject Medical Technologies, Inc., +1-908-470-2800, ext. 5102,
or jgandolfo@bioject.com; or John Baldissera of BPC Financial
Marketing, 800-368-1217
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