Iject(R) Technology to Be Used for Undisclosed Indication
BEDMINSTER, N.J., Oct. 20 /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 license agreement
with a leading Japanese pharmaceutical company whereby Bioject's Iject(R)
product will be utilized to administer an undisclosed indication exclusively
in Japan.
Terms of the agreement include upfront license and development fees,
product development and regulatory milestone payments, as well as transfer
pricing and royalty payments upon commercialization of the drug with the
Iject(R). Commercialization is currently anticipated in late 2006.
"We are very enthusiastic about this partnership for our pre-filled,
disposable Iject(R) needle-free technology," said Jim O'Shea, Chairman,
President and CEO of Bioject. "We are looking forward to introducing the
Iject(R) needle-free technology into the Japanese market with our new partner.
This collaboration represents a key strategic transaction for the Iject(R)
with a high value-added, self-injected medication."
The Iject(R) is a single-use, nitrogen powered, pre-filled disposable
needle-free injector designed for patient home use with therapeutic drugs and
vaccines. Benefits of the Iject(R) include: (i) single use, (ii) fully
disposable, (iii) minimal patient interaction, (iv) ready-to-use and (v) safe.
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 and vial adapter products. 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. 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 Forms 10-K and Forms 10-Q for further discussions of factors that
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.
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, CFO 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, for Bioject Medical Technologies Inc.
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