Bioject Technology to be Used With DNA-Based Vaccines
PORTLAND, Ore., Nov. 7 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced that it has entered into an agreement
with Vical Incorporated for an option to license Bioject's needle-free
technology for use with certain of Vical's DNA-based vaccines. The
agreement includes the payment of an upfront fee to Bioject, payments to
extend the option term and license additional targets, payments upon the
achievement of specific milestones, commercialization terms, transfer
pricing and royalties.
"We are pleased to have entered into this agreement with Vical," said
Jim O'Shea, President and CEO of Bioject. "As we have shown in several
studies, our technology can enhance the delivery of DNA-based vaccines and
we feel our needle-free delivery may enhance Vical's delivery of their DNA
vaccines under development."
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, 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 concerning future strategic relationships with Vical. 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 Vical will not develop into a long-term, revenue
producing relationship 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.
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,
+1-503-692-8001, ext. 4161, or Chris Farrell, Vice President of
Finance, +1-503-692-8001, ext. 4132, both of all of Bioject
Medical Technologies Inc.; or John Baldissera, BPC Financial
Marketing, 800-368-1217
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