PORTLAND, Ore., Oct. 31 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced that it has expanded its agreement with
an undisclosed European biotechnology company. The Company entered into the
next phase of development for a new needle-free drug delivery system which
utilizes the Company's B2000 technology exclusively for an undisclosed
indication.
The expanded agreement includes the payment of an upfront fee to
Bioject, as well as additional payments dependent upon the achievement of
specific milestones.
"In September 2006, we successfully completed injections, proving the
newly developed technology. We are excited about this novel delivery method
utilizing Bioject's gas powered technology," said Jim O'Shea, Bioject's
President and CEO. "This collaboration continues to demonstrate the
progress we are making in the expansion of uses for our technology with
injectables for specific proprietary applications."
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 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 on 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, ext.
4161, or Chris Farrell, Vice President of Finance, ext. 4132,
both of Bioject Medical Technologies Inc., +1-503-692-8001
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