NEWS.....Tuesday November 17, 4:15 pm Eastern Time
Company Press Release
SOURCE: Bioject Medical Technologies Inc.
Bioject Appoints President of Joint Venture with Elan; The Company Expands Marketing for Blood Glucose Monitoring System
PORTLAND, Ore., Nov. 17 /PRNewswire/ -- Bioject Medical Technologies Inc. (Nasdaq: BJCT - news), the leading manufacturer of jet injection devices for needle-free drug delivery, today announced that Bradley J. Enegren, 51, has been named president and CEO of Marathon Medical Technologies, Bioject's joint venture with Elan Corporation, plc. (NYSE:ELN - news). His responsibilities will be focused on the research, development and commercialization of an ambulatory,
continuous blood glucose monitoring system for diabetes patients.
Jim O'Shea, chairman, president and chief executive officer stated, ''With over fifteen years of medical product sales and marketing experience, Brad's extensive skills and experience, particularly in the medical diagnostic and therapeutic markets, will greatly enhance the continued success of this venture. His contributions will be critical as we proceed with further clinical testing in 1999 and take initial steps towards global commercialization.''
Enegren joins Bioject from Arrow International, where he served as managing director of the Implantable Drug Delivery Division. While at Arrow, Enegren was also responsible for the successful acquisitions of implantable pump product lines from Pfizer Inc. and Therex Corporation. Prior to joining Arrow, Enegren was president and managing director of Therex from 1987 to 1995. His experience also includes two years as director of marketing and business development for Boston Scientific, Inc. Enegren began his career with Corning Glass Works, where he worked from 1976 to 1981 in the company's
Medical & Science Products Division.
Enegren said, ''I'm excited to be working with a team that has the experience and knowledge necessary to develop and launch an innovative product like our blood glucose monitor. I believe the product will have significant advantages over existing technologies. This should give us immediate momentum when we bring the product to the market. Marathon Medical Technologies presents a great opportunity for all involved especially for the patients who have not yet had adequate
technologies help them conveniently monitor the level of glucose in their blood. Diabetes-related complications costs the healthcare system nearly $100 billion annually.''
Established in October 1997 as a majority owned subsidiary of Bioject, Marathon Medical Technologies, based in Worchester, MA, is 80.1 percent owned by Bioject and 19.9 percent owned by Elan. In prototype pre-clinical trials of the product this spring, the disposable patch-like sensor and lightweight monitoring system tracked the blood glucose levels of six diabetes patients over 15 hours with significant levels of accuracy. Based on the results of continued preliminary clinical studies, Marathon plans to conduct pivotal clinical trials of the monitoring system in 1999.
Bioject develops, manufactures and markets jet injection systems for needle-free subcutaneous and intramuscular injections. In a joint venture with Elan Corporation, Bioject is developing an ambulatory, continuous blood glucose monitoring system for diabetes patients. The Company's advanced injection management system, the Biojector 2000, has received the Seal of Acceptance from the Alliance of Children's Hospitals, Inc.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning future product development activities and accomplishments and anticipated market acceptance of products being developed. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, 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 research and development
efforts will not produce the desired results, uncertainties related to the time required to complete research and development, uncertainties related to obtaining necessary clinical data and government clearances, uncertainties related to market acceptance of products being developed as well as the products' ability to compete successfully with other products in the market and the need for additional financing. Readers of this press release are referred to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K/A for the year ended March 31, 1998 and the Company's quarterly report on From 10-Q for the period ended June 30, 1998 for further discussion of these and other factors which could affect future results.
SOURCE: Bioject Medical Technologies Inc. |
