PORTLAND, Ore., Dec. 20 /PRNewswire/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems today announced the completion of an equity
financing round. The private offering was for 350,000 common shares at
$11 per share.
"This private offering combined with the recently announced Elan
transaction, increases our cash by approximately $5.8 million, and brings our
total cash balance to over $30 million without dilution to shareholders," said
Jim O'Shea, Bioject's Chairman, President, and CEO. "In addition to the
improved cash position, these transactions have had the effect of increasing
our float and eliminating all future dividends on the company's Series A
Preferred Stock without increasing the company's fully diluted shares."
Leerink, Swann & Co., a Boston investment banking firm specializing in the
life sciences and healthcare sectors, acted as placement agent for the
financing as well as advisor to Bioject in connection with the Elan
transaction.
Bioject Medical Technologies Inc., based in Portland, Oregon, is an
innovative developer and manufacturer of needle-free drug delivery systems.
Bioject's strategic partners include Amgen, Serono and Alkermes. 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.
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:
Jim Flanagan of IR Strategic Advisors,
+1-781-863-1333, or Jflanagan@iradvisors.com, for Bioject Medical
Technologies Inc.; or Cecelia Heer, Investor Relations Manager of
Bioject Medical Technologies Inc., +1-973-605-8554, or
cheer@bioject.com
NOTE TO EDITORS: This release is also available at
http://www.bioject.com
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