PORTLAND, Ore., Oct. 25 /PRNewswire/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, today announced financial results for the
second quarter of its fiscal year 2002, which ended September 30, 2001.
Net loss for the second quarter was $1.55 million on revenues of
$1.10 million. This compares to a net loss of $1.25 million on revenues of
$536,000 for the same period last year. The increase in revenues is primarily
attributable to increased sales of Bioject's cool.click(TM) and SeroJet(TM)
needle-free delivery systems to Serono. Cool.click(TM) is a customized
injection platform for the delivery of Saizen(R), Serono's recombinant human
growth hormone for the treatment of pediatric growth hormone deficiency.
SeroJet(TM) is a customized needle-free delivery system for delivery of
Serostim(R), Serono's recombinant human growth hormone for the treatment of
AIDS wasting.
Basic and diluted net loss per common share decreased to $0.16 per share
on 9.82 million weighted average shares outstanding for the quarter ended
September 30, 2001. This compares to a net loss per share of $0.17 on 7.39
million weighted average shares outstanding for the quarter ended September
30, 2000.
"We accomplished a great deal and made significant strides during the
second quarter," commented Jim O'Shea, Bioject's president and CEO. Revenue
growth was up over 104%, driven by sales of cool.click(TM) and SeroJet(TM). We
partnered with Alkermes, a recently announced deal that further validates our
partner strategy. It is also strategically significant because this recognized
leader in alternative drug delivery systems embraced Bioject's needle-free
drug delivery technology as a component of their future drug development
efforts."
"In addition, we are very excited about the addition of two key senior
executives who recently joined our team. John Gandolfo joined as chief
financial officer and Michael Temple as executive vice president and general
manager overseeing our manufacturing operations. We expect these key
executives to help us realize the significant potential and opportunities we
see for Bioject's partnership and growth strategies," added O'Shea.
For the six months ended September 30, 2001, Bioject reported a net loss
of $2.96 million on revenues of $1.72 million. This compares to a net loss of
$2.53 million on revenues of $1.03 million for the same period last year.
Basic and diluted net loss per share for the six months ended September
30, 2001 was $0.32 per share on 9.32 million weighted average shares
outstanding compared to a net loss of $0.37 per share on 6.89 million weighted
average shares outstanding for the same period last year.
"Bioject's successful signing of a licensing and development agreement
with Alkermes, Inc. underscores the opportunities and benefits derived from
these type of collaborations," commented O'Shea. "We see the 40 research
collaborations Bioject has with leading research universities, government
agencies and pharmaceutical and biotech companies as a driver to future
revenue streams including potential royalty opportunities as we transition to
a drug delivery model.
The Company will conduct a quarterly update on Thursday, October 25, 2001
at 10:00 a.m. eastern time. The conference call will be webcast and can be
accessed through the Bioject website at http://www.bioject.com.
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.
This press release contains forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
concerning prospects for future strategic corporate relationships, current
partnerships with Alkermes, Amgen and Serono, prospects for sales of the
company's products into new, high leverage markets, the company's expectation
to move into the commercialization phase with SeroJet( for the treatment of
AIDS wasting, and generally heightened prospects for the adoption and use of
needle-free technology. 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, 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 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.
Bioject's home page can be found at: http://www.bioject.com/
Bioject Medical Technologies Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three months ended Six months ended
September 30, September 30,
2001 2000 2001 2000
Revenue
Net sales of products $1,061 $307 $1,552 $652
Licensing/technology fees 34 229 163 377
1,095 536 1,715 1,029
Expenses
Manufacturing 1,089 595 1,685 1,171
R&D 641 425 1,174 780
Selling, general
and administrative 1,081 764 1,932 1,444
Total operating
expenses 2,811 1,784 4,791 3,395
Operating loss (1,716) (1,248) (3,076) (2,366)
Other income 471 286 727 403
Loss from operations
before taxes (1,245) (962) (2,349) (1,963)
Provision for income
taxes -- -- -- --
Loss from operations
before preferred
stock dividend (1,245) (962) (2,349) (1,963)
Preferred stock dividend (309) (283) (615) (563)
Net loss allocable to
common shareholders $(1,554) $(1,245) $(2,964) $( 2,526)
Basic and diluted net
loss per
common share $(0.16) $(0.17) $(0.32) $(0.37)
Shares used in per
share calculations 9,824,287 7,390,354 9,316,577 6,886,624
Bioject Medical Technologies Inc.
Selected Balance Sheet Data
(In thousands)
(unaudited)
September 30, March 31,
2001 2001
ASSETS
Current assets:
Cash and cash equivalents $8,847 $6,254
Marketable securities 3,987 5,934
Accounts receivable 888 440
Inventories 1,506 1,020
Other 405 155
15,633 13,803
Long-term marketable securities 13,725 2,869
Non-current receivable 6 11
Property and equipment, net 820 683
Other assets, net 653 623
Total assets $30,837 $17,989
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,062 $830
Deferred Revenue 67 102
Long term liabilities: 1,129 932
Long term lease payable 11 16
Deferred revenue 336 367
Shareholders' equity:
Preferred stock 16,468 15,853
Common stock 82,939 67,903
Accumulated deficit (70,046) (67,082)
29,361 16,674
Total liabilities and
shareholders' equity $30,837 $17,989
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, or
John Gandolfo, Chief Financial Officer, +1-503-639-7221, both of
Bioject Medical Technologies Inc.; or Jim Flanagan of IR
Strategic Advisors, +1-781-863-1333, or jflanagan@iradvisors.com,
for Bioject Medical Technologies Inc.
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