BEDMINSTER, N.J., Dec. 16 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT) today announced that during the fourth
quarter it has received a milestone payment from Merial, a world-leading
animal health company. The milestone payment is part of a collaboration
agreement established in March 2004 for Merial's use of a modified version of
Bioject's Vitajet(R) needle-free delivery system for the companion animal
market (cats and dogs). The payment is based upon the regulatory approval of
a vaccine that was developed by Merial and will be administered utilizing
Bioject's needle-free system. In addition, during the quarter, Bioject earned
a second milestone payment based upon the delivery of ten prototype devices to
Merial.
Jim O'Shea, Chairman and CEO of Bioject commented, "We continue to be very
pleased with our Merial collaborations and our joint achievement of receiving
regulatory approval in less than nine months. We are looking forward to the
commercial launch of the product for the companion animal market during the
first quarter of 2005."
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 payments under its agreement
with Merial and the timing of the commercial launch of the Vitajet needle free
delivery system in the companion animal market. 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
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 Bioject will be unable to maintain its existing relationship with Merial,
the risk that the Company will be unable to obtain needed debt or equity
financing to finance its product development efforts on satisfactory terms, or
at all, uncertainties related to Bioject's dependence on the continued
performance of strategic partners such as Merial, uncertainties related to the
time required for the Company or its strategic partners such as Merial 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, +800-368-1217, for Bioject Medical Technologies Inc.
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