PORTLAND, Ore.--(BUSINESS WIRE)--Bioject Medical Technologies Inc. (NASDAQ:BJCT), a leading developer of needle-free injection therapy systems, today announced that holders of $615,000 of notes issued by the Company in November 2007 elected to convert their notes into Series F Convertible Preferred Stock at a significant price premium. The Company entered into a purchase agreement with these note holders pursuant to which it issued an aggregate of 8,314 shares of Series F Convertible Preferred Stock at $75.00 a share, with each preferred share convertible into 100 shares of common stock at $0.75 per share. Gross proceeds from the sale were $623,550, paid by cancellation of the outstanding principal amount of, and accrued interest on, the promissory notes. This is well over a 70% price premium to the market price on January 22, 2008.v
