Product Licensing, Development and Supply Agreement Signed
PORTLAND, Ore., Dec. 13 /PRNewswire/ --
Bioject Medical Technologies, Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, today announced that it has signed a second
agreement with Amgen Inc., one of the world's leading biotechnology companies.
The new agreement follows an initial clinical supply and license agreement
with Amgen signed in March 2000 involving Bioject's Iject needle-free
injection system.
The new contract broadens Amgen's potential use of Bioject's needle-free
injection systems, and includes product licensing and commercial supply terms.
Under terms of the agreement, Bioject will provide Amgen with an exclusive
license for use of a modified version of the Bioject B2000 needle-free
injection system for certain undisclosed therapeutics. Bioject's needle-free
injection systems enable medications and vaccines to be injected into the skin
or muscle without the use of needles.
"This new agreement with Amgen is important because it expands the
relationship from our initial agreement signed in March 2000 while increasing
Amgen's access to Bioject's needle-free drug delivery systems," said
Jim O'Shea, Chairman, President and CEO of Bioject. "We look forward to
continuing our relationship with Amgen."
Financial terms of the agreement include payments to Bioject of an upfront
fee of $1 million, as well as a development milestone and other payments. The
payments will support Bioject's ongoing product development, clinical supply
and manufacturing expenses. In addition, the agreement outlines transfer
pricing for Bioject's modified B2000 system.
The Bioject B2000
Powered by a compressed CO2 cartridge, Bioject's premier technology, the
B2000, is a reusable needle-free injector approved for subcutaneous and
intramuscular injections. The device comes in two parts; a hand-held reusable
jet injector and disposable, plastic syringes. It can deliver a variety of
drugs in volumes up to one mL. The B2000 is the only needle-free device
cleared by the FDA to perform intramuscular injections.
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 and biotechnology companies. Bioject's partners now
include Amgen, Serono and Alkermes.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. 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 Amgen will not develop into a
long-term revenue producing relationship and uncertainties related to
Bioject's dependence on the continued performance of strategic partners and
technology, product development, and regulatory risks involved in developing
marketable products. 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, or industry results, to
be materially different from any future results, performance, or achievements
expressed or implied by such forward-looking statements. 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
Form 10-Qs 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.
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., +1-973-605-8554, or
cheer@bioject.com; or IR/Media, Jim Flanagan of IR Strategic
Advisors, +1-781-863-1333, or jflanagan@iradvisors.com, for
Bioject Medical Technologies, Inc.
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