PORTLAND, Ore., Dec. 15 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced that it has entered into a Loan and
Security Agreement with Partners for Growth ("PFG"). The loan agreement
provides for a term loan facility and a revolving line of credit facility.
Under the term loan facility, the Company borrowed $500,000, which is to be
repaid in 18 equal monthly installments. Under the revolving line of credit
facility, the Company is able to borrow up to an amount equal to the sum of
75% of its eligible accounts receivable plus 30% of its eligible inventory,
up to a maximum of $2 million plus any principal amounts of the term loan
that have been repaid. The revolving line of credit facility matures in 18
months. The Company borrowed approximately $645,000 under the revolving
line of credit facility to repay the Company's existing line of credit
facility with PFG, which was due to mature on December 15, 2006. In
connection with the loan agreement the Company issued to PFG a warrant to
purchase 200,000 shares of the Company's common stock.
"We are pleased to have entered into this agreement with Partners for
Growth," said Jim O'Shea, Bioject's President and CEO. "We have worked
closely with PFG on two previous financings and this revolving line of
credit facility is similar to the revolving line of credit facility we
entered into with PFG in December 2004. This agreement expands our ability
to borrow on our raw materials inventory as compared to the 2004 revolving
line of credit."
"We are pleased to be able to continue our financing relationship with
Bioject," says Andrew Kahn, Founder and General Partner of Partners for
Growth L.P. "We are excited about the long-term value proposition of the
Company and have significantly expanded our financing allowing Bioject to
continue to build out its products and capabilities."
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.
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 Bioject Medical
Technologies Inc.
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