Company Receives Nasdaq Compliance Notice
PORTLAND, Ore., Nov. 1 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced financial results for the third quarter
of 2006.
For the third quarter of 2006, Bioject reported revenues of $3.0
million, compared to $3.1 million reported in the comparable year ago
quarter. Third-quarter product sales were $2.5 million compared to $2.7
million in the third quarter of the prior year. License and technology fees
were $513,000 compared to $407,000 in the year ago period. The Company
reported a third-quarter net loss allocable to common shareholders of
$557,000, compared to net loss allocable to common shareholders of $1.2
million in the comparable year-ago quarter. The lower net loss was due to
the change in the fair value of the derivative liabilities. At September
30, 2006, the Company reported cash, cash equivalents and marketable
securities of $2.9 million.
Basic and diluted net loss per common share for the third quarter of
2006 were $0.04 per share on 14.3 million weighted average shares
outstanding, compared to a net loss of $0.08 per share on 13.9 million
weighted average shares outstanding for the same period last year.
For the nine months ended September 30, 2006, Bioject reported a net
loss allocable to common shareholders of $6.2 million on revenues of $7.5
million. This compares to a net loss allocable to common shareholders of
$4.5 million on revenues of $10.2 million for the same period last year.
Basic and diluted net loss per share for the nine months ended
September 30, 2006 were $0.43 per share on 14.2 million weighted average
shares outstanding compared to a net loss of $0.32 per share on 13.8
million weighted average shares outstanding for the comparable period last
year.
"We are pleased with our results when compared to the year ago period
and our business development direction," said Jim O'Shea, Bioject's
President and CEO. "In the third quarter of 2006, we entered into a Small
Business Innovative Research ("SBIR") agreement with the Centers for
Disease Control and Prevention ("CDC"). This agreement allows us to further
the development of the global immunization device. In addition, our
technology has been presented at several medical conferences in the US and
Europe validating the use of our needle-free technology."
"We also recently announced that we expanded our development agreement
with our undisclosed European biotech partner for the continued development
of a novel gas powered device. We are pleased to be working with our
current partners and are excited about the future direction of our business
development pipeline," said O'Shea. "In addition, today we received notice
from Nasdaq that we are now in compliance with the minimum bid
requirement."
Recent 2006 Events
-- Signed SBIR Contract with CDC for further development of the global
immunization device.
-- Technology presented at two conferences showing improved immunogenicity
of vaccines when used with the Biojector(R) 2000 in cancer and AIDS
vaccines.
-- Received notice from Nasdaq regarding non-compliance with the minimum
bid price rule. On October 31, 2006, the Company met the 10-day
minimum bid requirement and today received notice from Nasdaq that the
Company is in compliance.
-- Roche and Trimeris reported a delay in submission to the FDA for
approval of Fuzeon(R) with the B2000.
-- Signed further development agreement with European biotech partner for
novel gas powered device.
-- Jim O'Shea, President and CEO to retire at year-end.
The Company will conduct a conference call to discuss third-quarter
results on Thursday, November 2, 2006 at 10:00 a.m. Eastern Standard 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, 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 regarding the development of our global immunization device and
our business development pipeline. 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. Such
risks, uncertainties and other factors include, without limitation, the
risk that the Company's products including cool.click(TM), SeroJet(TM),
Vetjet(R) and Vial Adapter, will not be accepted by the market, the risk
that the Company will be unable to successfully develop and negotiate new
strategic relationships or maintain existing relationships, the risk that
Bioject's current or new strategic relationships will not develop into
long-term revenue producing relationships, the risk that the Company may
not achieve the objectives necessary for it to receive the milestone
payments under the recently entered development agreement, the fact that
Bioject's business has never been profitable and may never be profitable,
uncertainties related to Bioject's dependence on the continued performance
of strategic partners and technology, uncertainties related to the time
required for the Company to complete research and development, obtain
necessary clinical data and government clearances, the risk that the
Company may be unable to produce our products at a unit cost necessary for
the products to be competitive in the market and the risk that the Company
may be unable to comply with the extensive government regulations
applicable to Bioject's business. 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 .
Bioject Medical Technologies Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three Months Nine Months Ended
Ended September 30, September 30,
2006 2005 2006 2005
Revenue:
Net sales of
products $2,491 $2,739 $5,871 $9,296
License and
technology fees 513 407 1,586 857
3,004 3,146 7,457 10,153
Operating expenses:
Manufacturing 2,150 2,145 6,090 7,022
Research and
development 1,053 1,023 3,430 3,918
Selling, general
and administrative 821 999 3,458 3,331
Total operating
expenses 4,024 4,167 12,978 14,271
Operating loss (1,020) (1,021) (5,521) (4,118)
Interest income 41 28 119 91
Interest expense (213) (169) (1,691) (438)
Change in fair
valued of derivative
liabilities 729 -- 1,163 --
Loss from operations
before preferred
stock dividend and
beneficial
conversion (463) (1,162) (5,930) (4,465)
Preferred stock
dividend (94) -- (132) --
Beneficial conversion
on issuance of
preferred stock -- -- (109) --
Net loss allocable
to common
shareholders $(557) $(1,162) $(6,171) $(4,465)
Basic and diluted
net loss per common
share $(0.04) $(0.08) $(0.43) $(0.32)
Shares used in per
share
calculations 14,341,359 13,850,624 14,215,967 13,792,693
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheet Data (Unaudited)
(In thousands, except share and per share data)
September 30, December 31,
2006 2005
ASSETS
Current assets:
Cash and cash equivalents $796 $ 1,046
Short-term marketable securities 2,150 1,500
Accounts receivable, net of allowance
for doubtful accounts of $17 and $12 1,704 2,390
Inventories 1,408 1,498
Assets held for sale -- 1,104
Other current assets 195 426
Total current assets 6,253 7,964
Property and equipment, net of accumulated
depreciation of $5,043 and $4,519 3,245 4,559
Goodwill 94 94
Other assets, net 1,113 1,329
Total assets $10,705 $13,946
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term note payable $776 $961
Current portion of long-term debt 119 1,083
Accounts payable 808 1,258
Accrued payroll 545 404
Derivative liabilities 748 --
Other accrued liabilities 395 204
Deferred revenue 764 1,908
Total current liabilities 4,155 5,818
Long-term liabilities:
Long-term debt -- 917
Deferred revenue 242 318
Other long-term liabilities 369 350
Shareholders' equity:
Preferred stock, no par value,
10,000,000 shares authorized;
issued and outstanding:
Series D Convertible - 2,086,957
shares at September 30, 2006
and December 31, 2005,
no stated value, liquidation
preference of $1.15 per share 1,879 1,879
Series E Convertible - 3,308,394
shares at September 30, 2006 and
zero at December 31, 2005,
no stated value, liquidation
preference of $1.37 per share 4,828 --
Common stock, no par, 100,000,000
shares authorized; issued and
outstanding 14,347,527 shares and
13,968,563 shares at September 30,
2006 and December 31, 2005 111,443 110,704
Accumulated deficit (112,211) (106,040)
Total shareholders' equity 5,939 6,543
Total liabilities and shareholders' equity $10,705 $13,946
SOURCE Bioject Medical Technologies Inc.
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Related links:
http://www.bioject.com
CONTACT:
Jim O'Shea, Chief Executive Officer,
+1-503-692-8001, ext. 4161, or Chris Farrell, Vice President of
Finance, +1-503-692-8001, ext. 4132, both of Bioject Medical
Technologies Inc.; or John Baldissera of BPC Financial Marketing,
800-368-1217, for Bioject Medical Technologies Inc.
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