PORTLAND, Ore., Nov. 21 /PRNewswire/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, today announced that its shareholders have
approved the issuance and sale of up to 2,000,000 shares of common stock,
including shares that may be subject to warrants, in one or more private
placement transactions to fund the redemption of all of the shares of Series A
Convertible Preferred Stock currently held by Elan Pharmaceutical Investments,
Ltd. ("Elan").
In addition, shareholders ratified the provisions of Article IV, Section
2.6(a)(3) of the Company's Amended and Restated Articles of Incorporation
which provides for Bioject's right to redeem for cash shares of Series A
Preferred Stock held by Elan upon receiving notice of Elan's intention to
convert such shares into common stock. An amendment adding this provision to
the Company's Amended and Restated Articles of Incorporation was previously
approved by Bioject shareholders in September 1999.
The above approvals were announced at a special meeting of Bioject
shareholders held at the Company's executive offices on November 20, 2001.
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. In addition to Amgen,
Bioject's partners include Serono and Alkermes.
More information can be found at Bioject's home page at:
http://www.bioject.com/ .
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:
Cecelia Heer, Investor Relations Manager of
Bioject Medical Technologies Inc., +1-503-639-7221, ext. 556; or
Jim Flanagan of IR Strategic Advisors, +1-781-863-1333, or
Jflanagan@iradvisors.com, for Bioject Medical Technologies Inc.
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