Bioject to Withdraw Lawsuit
PORTLAND, Ore., Dec. 14 /PRNewswire/ --
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 affiliates of Elan Corporation plc with respect to various
matters previously in dispute regarding Elan's ownership interest in Bioject.
Under the terms of the agreement, Elan agreed to eliminate, on a
prospective basis from October 2001, the 9% dividend due Elan from its
holdings in Bioject's Series A Preferred Stock, to terminate its
350,000 Series K warrants to purchase Bioject common stock and to partially
exercise its Series P warrant to purchase 252,666 shares of Bioject common
stock. In addition, if certain trading price conditions are met Elan agreed
to exercise the remaining 505,334 Series P warrants to purchase common stock
over the next two years.
Bioject issued to Elan additional shares of Series A Preferred Stock in
respect of dividend obligations on the Series A Preferred Stock through
October 2001, agreed to eliminate the redemption and mandatory conversion
provisions of the Series A and Series C Preferred Stock held by Elan and will
withdraw its lawsuit to compel the redemption of the Series A Preferred Stock.
Elan also acquired a six-month option to utilize Bioject's proprietary
IJECT(TM) technology in connection with a drug compound to be identified. "We
are pleased we were able to come to agreement with Elan on satisfactory terms
for both parties," said Jim O'Shea, Chairman, President and CEO of Bioject.
"We now have a solid foundation to enhance our relationship on a prospective
basis. We feel this agreement will be rewarding for Bioject, Elan and our
shareholders."
About Bioject Medical Technologies: 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, 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 Forms 10-K and Forms 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.
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
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
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