Bioject Medical Technologies Inc. Signs Additional Project Agreements With Merial
BEDMINSTER, N.J., Jan. 9 /PRNewswire-FirstCall/ -- Bioject Medical Technologies Inc. , a leading developer of needle-free drug delivery systems, announced that it has entered into three project agreements with Merial Ltd. ("Merial"), a world leading animal health company. As part of these agreements, Bioject will perform feasibility analyses for a next generation Vetjet(TM) device for the companion animal market, as well as devices for production animal and poultry markets.
Bioject and Merial, a joint venture between Merck & Co. and sanofi-aventis, currently have collaborations for Bioject's Vetjet(TM) product, which was commercialized in 2004, and its production animal product, which is expected to be commercialized in late 2006. Bob Nordgren, Head of Research, Technology Acquisition and North American Biological Development at Merial commented, "We are pleased to be working with Bioject to expand the scope of needle-free technology across our pipeline of veterinary vaccines. We feel that this collaboration will further enhance our leadership position in the animal health market."
"We are excited and pleased to extend our relationship with Merial for existing and potential new products across the animal health market," said Jim O'Shea, Chairman, President and CEO of Bioject. "One of Bioject's key strategic goals is to expand our existing corporate relationships and these agreements represent important milestones in achieving this objective."
Each agreement includes the payment of an upfront fee to Bioject, as well as additional payments dependent upon the achievement of specific milestones.
About Bioject
Bioject Medical Technologies Inc., based in Bedminster, New Jersey, with operations 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 the development of mutually beneficial agreements with leading pharmaceutical, biotechnology and veterinary companies.
About Merial
Merial is a world-leading, innovation-driven animal health company, providing a comprehensive range of products to enhance the health, well-being and performance of a wide range of animals. Merial employs approximately 5,000 people and operates in more than 150 countries worldwide. Its 2004 sales were in excess of $1.8 billion. Merial Limited is a joint venture between Merck & Co., Inc. and sanofi-aventis. For more information, visit www.merial.com.
This press release contains a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing of commercialization of the production animal product. 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, or industry results, 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 products will not be accepted by the market; uncertainties related to the time required for the Company 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 its 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 about Bioject, visit www.bioject.com
Bioject Medical Technologies Inc.CONTACT: John Gandolfo, Chief Financial Officer of Bioject MedicalTechnologies Inc., +1-908-470-2800, ext. 5102, or jgandolfo@bioject.com; orJohn Baldissera of BPC Financial Marketing, 1-800-368-1217, for BiojectMedical Technologies Inc.