Up to Three Alkermes' Drugs to Be Developed for Bioject's Needle-Free
Injection Systems
PORTLAND, Ore. and CAMBRIDGE, Mass., Oct. 16 /PRNewswire/ --
Bioject Medical Technologies, Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, and Alkermes, Inc. (Nasdaq: ALKS), a leader
in the development of pharmaceutical products based on advanced drug delivery
systems, today announced that the two companies have entered into a licensing
and development agreement.
Under terms of the agreement, the companies will develop up to
three undisclosed drug compounds as proprietary products for Alkermes using
Bioject's Iject(TM) and possibly other Bioject needle-free delivery systems.
"We are very enthusiastic about this partnership with Alkermes," said
Jim O'Shea, Chairman, President and CEO of Bioject. "Alkermes has developed
an impressive list of products based upon their sophisticated drug delivery
technology and the opportunity to combine our technology with drugs offered by
Alkermes is very compelling."
Financial terms of the agreement include monthly payments to Bioject to be
realized over time for product development and additional payments to Bioject
upon reaching certain product development and regulatory milestones. In
addition, the agreement outlines transfer pricing for Bioject's Iject device
and terms for a commercial supply agreement.
About Alkermes
Alkermes, Inc. is a leader in the development of products based on
sophisticated drug delivery technologies. The Company has several areas of
focus: (i) controlled, sustained release of injectable drugs lasting several
days to several weeks, utilizing its ProLease(R) and Medisorb(R) technologies
and (ii) the development of pharmaceutical products based on proprietary
pulmonary drug delivery technologies utilizing its AIR(R) technology. In
addition to its Cambridge, Massachusetts headquarters, research and
manufacturing facilities, Alkermes operates research and manufacturing
facilities in Ohio and a medical affairs office in Cambridge, England.
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 and biotechnology companies. Bioject's partners now
include Amgen, Serono and Alkermes.
More information can be found at Bioject's home page at:
http://www.bioject.com/ .
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
concerning future strategic relationships with Alkermes and other strategic
partners. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which 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 current strategic relationship
with Alkermes will not develop into a long-term, revenue producing
relationship and uncertainties related to Bioject's dependence on the
continued performance of strategic partners such as Alkermes 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 Annual
Report on Form 10-K and Form 10-Q for further discussions of factors which
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.
SOURCE Bioject Medical Technologies, Inc.
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Related links:
http://www.bioject.com
Company News On-Call:
http://www.prnewswire.com/comp/101750.html
CONTACT:
Jim O'Shea, Chairman, President & CEO of
Bioject Medical Technologies, Inc., +1-503-639-7221, ext. 565; or
Jim Flanagan of IR Strategic Advisors, +1-781-863-1333, for
Bioject Medical Technologies Inc.; or James M. Frates, Vice
President & CFO of Alkermes, Inc., +1-617-494-0171, ext. 6127, or
jflanagan@iradvisors.com
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