PORTLAND, Ore., Aug. 21 /PRNewswire-FirstCall/ -- Bioject Medical Technologies Inc. (Nasdaq: BJCT - News), a leading developer of needle-free drug delivery systems, today announced that it has filed its Form 10-Q Report for the quarter ended June 30, 2006.
As previously reported on August 2, 2006, revenues for the quarter ended June 30, 2006, were $2.8 million and operating loss was $2.0 million. Net loss decreased by $1.0 million for the quarter ended June 30, 2006 from the previously reported $4.0 million, or $0.28 per share, to $3.0 million, or $0.21 per share.
For the six months ended June 30, 2006, net loss decreased to $5.6 million, or $0.40 per share, from $6.6 million, or $0.46 per share, as previously reported.
The lower net loss for the three and six month periods is a result of the completion by the Company of the evaluation of the accounting impact of our convertible debt and equity instruments entered into in March 2006 and approved by the shareholders on May 24, 2006. As a result of the evaluation, we determined that various features of our convertible debt and equity agreements needed to be accounted for as derivative liabilities. Derivatives are reported at fair value each reporting period and changes in fair value are recorded as a component of earnings. The changes in fair value of the derivative liabilities, offset by settlement losses recorded upon the conversion of debt to preferred stock, reduced our previously recorded net loss by approximately $1.0 million in non-cash charges.
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.
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 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
Source: Bioject Medical Technologies Inc.
