PORTLAND, Ore., Dec. 15 /PRNewswire-FirstCall/ -- Bioject Medical Technologies Inc. (Nasdaq: BJCT - News), 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.
