PORTLAND, Ore., Oct. 31 /PRNewswire-FirstCall/ -- Bioject Medical Technologies Inc. , a leading developer of needle-free drug delivery systems, today announced that it has expanded its agreement with an undisclosed European biotechnology company. The Company entered into the next phase of development for a new needle-free drug delivery system which utilizes the Company's B2000 technology exclusively for an undisclosed indication.
The expanded agreement includes the payment of an upfront fee to Bioject, as well as additional payments dependent upon the achievement of specific milestones.
"In September 2006, we successfully completed injections, proving the newly developed technology. We are excited about this novel delivery method utilizing Bioject's gas powered technology," said Jim O'Shea, Bioject's President and CEO. "This collaboration continues to demonstrate the progress we are making in the expansion of uses for our technology with injectables for specific proprietary applications."
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.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to payments expected to be received under the development agreement and the development of a new product, including the timing of the commercialization of that 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 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 Company will be unable to successfully develop the new product contemplated by the development agreement, the risk that the development agreement is canceled by the strategic partner, uncertainties related to the time required for the Company and the strategic partner to complete research and development, obtain necessary clinical data and government clearances, and the risk that the Company and the strategic partner may be unable to comply with the extensive government regulations applicable to the project. 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 www.bioject.com .
Bioject Medical Technologies Inc.CONTACT: Jim O'Shea, Chief Executive Officer, ext. 4161, or Chris Farrell,Vice President of Finance, ext. 4132, both of Bioject Medical TechnologiesInc., +1-503-692-8001
Web site: http://www.bioject.com/
