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Biotech / Medical : BJCT-BIOJECT-needle less injection product
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To: J. Stone who wrote (60)10/31/1997 6:51:00 PM
From: Michael C. Woodward  Read Replies (1) of 534
 
I am very bullish on Bioject for the following reasons:

First, Bioject has a solid management team.

Second, Bioject's relationship with Elan Corp is a real plus. Elan has turned the corner and had an excellent year with revenue of $104.9 and earnings of $46 million.

Elan has place Michael Sember, Vice President of Planning, on Bioject's Board of Directors. Read between the lines on that one.

Elan made a $3 million equity investment in Bioject by purchasing common stock at $1.10 per share. They have also purchased warrants to purchase 1.75 million shares 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.

Bioject and Elan have formed a " joint venture for the research, development, and commercialization of a continuous glucose level monitoring system for diabetics". Michael Sember said "we believe the continuous glucose monitoring system we are developing has tremendous market potential".

Elan is in an acquisition mode. I doubt that an acquisition of Bioject will occur in the near future, but it could.

The managers of the partnership that I have invested with, have met with the Bioject management and believe that $3 to $5 during the first quarter 1998 is attainable. They have purchased a large block of Bioject. They have one hell of a track record investing for me.
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