BJCT-BIOJECT-needle less injection product Message Board

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Biotech / Medical : BJCT-BIOJECT-needle less injection product

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To: geewiz who wrote (49)	10/1/1997 7:18:00 PM
From: J. Stone	of 534

From briefing.com: BIOJECT MEDICAL TECHNOLOGIES (BJCT) 1 5/16 +5/16. Although a 5/16 point gain may not seem like much upon first glance, on a percentage basis the move is quite significant. Bioject shares are currently trading 31% higher (volume 1.3 million shares vs 3-month avg daily of 100K shares) on news the developer of jet injection systems for needle-free drug delivery is forming a joint venture with Irish biopharmaceutical giant Elan Corp (ELN 50 3/8 +5/16) to develop a continuous glucose level monitoring system for diabetics Under terms of the deal, Bioject will own 80.1% of the venture. The entity will license on an exclusive basis certain manufacturing and marketing rights to Elan's glucose monitoring technology for an initial payment of $15 million. The ambulatory monitoring system will comprise a patch-like sensor coupled with a wrist watch-type monitoring device that continuously and precisely measures glucose levels on a 24-hour basis. After the commencement of human clinical trials or April 1, 1998, which ever comes first, responsibility for funding further development costs will pass from Elan to the joint venture. When the technology is approved for market, Elan will receive a royalty on all products sold. Additionally, Elan has also agreed to make a $3 million equity investment in Bioject common stock at $1.10 per share. Additionally, the equity investment will provide Elan warrants with a 5-year expiration to purchase 1.75 million shares of Bioject common stock at $2.50 per share. In a separate transaction, Elan will invest $500,000 in the development of Bioject's pre-fill needle-free injection technology. Great news today; especially for us long-term (or is that long-suffering?) BJCT shareholders! regards, JS

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