BEDMINSTER, N.J., Nov. 17 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), today announced that it completed a
$2.4 million private placement of convertible preferred stock at a price of
$1.15 per share with Life Sciences Opportunities Fund II, L.P. and Life
Sciences Opportunities Fund II (Institutional), L.P., two funds managed by
Sanders Morris Harris ("SMH"). In the transaction Bioject issued an aggregate
of 2,086,957 shares of Series D preferred stock with each share of preferred
stock convertible into one share of Bioject common stock. In addition,
Bioject issued warrants to purchase an aggregate of 626,087 shares of Bioject
common stock at $1.15 per share.
Jim O'Shea, President and CEO of Bioject, commented, "We are pleased to
have SMH express confidence in our Company and business model. This
represents a strategic investment by SMH in Bioject which we believe will
assist us in our business development efforts through the numerous
relationships that they have forged in the life sciences sector."
"We believe this equity capital, coupled with license and development fee
milestone payments we expect to receive and our planned asset-based borrowing,
will provide Bioject with sufficient capital into 2006," O'Shea concluded.
"Bioject has impressive capability to better deliver pharmaceutical
products through its needle-free injection systems. We believe the Company's
technology will also improve patient compliance. We are pleased to play a
role in financing the advancement of this technology into the market," said
Jerald Cobbs, Managing Director of Sanders Morris Harris.
Bioject Medical Technologies Inc., based in Bedminster, New Jersey, and
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 Bioject's expectations with respect to future revenues and earnings,
payments under agreements with strategic partners, cash requirements,
additional agreements with strategic partners and borrowing arrangements. 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
the cool.click(TM) and the SeroJet(TM), 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 fact that Bioject's business
has never been profitable and may never be profitable, the risk that the
Company will be unable to obtain needed debt or equity financing on
satisfactory terms, or at all, uncertainties related to Bioject's dependence
on the continued performance of strategic partners and technology,
uncertainties related to the time required for the Company or its strategic
partners to complete research and development and, obtain necessary clinical
data and government clearances, the risk that the Company may be unable to
produce its 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.
SOURCE Bioject Medical Technologies Inc.
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Related links:
http://www.bioject.com
CONTACT:
John Gandolfo, Chief Financial Officer of
Bioject Medical Technologies Inc., +1-908-470-2800, ext. 5102, or
jgandolfo@bioject.com; or John Baldissera of BPC Financial
Marketing, 1-800-368-1217, for Bioject Medical Technologies Inc.
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