Tuesday November 24, 12:47 pm Eastern Time
Company Press Release
SOURCE: Bioject Medical Technologies Inc.
Bioject Announces Receipt of Second Payment from Merck & Co.
PORTLAND, Ore., Nov. 24 /PRNewswire/ -- Bioject Medical Technologies Inc. (Nasdaq: BJCT - news), the leading manufacturer of jet injection devices for needle- free drug delivery, today announced the receipt of the second and final payment of $750,000 under its agreement with Merck & Co., Inc. (NYSE: MRK - news) signed in July of this year. Under the terms of the agreement, Merck has the right to use Bioject's needle-free jet injection technology to administer select Merck
vaccines. This brings the total payments by Merck under the agreement to $1.5 million.
''Our business strategy of focusing on corporate partnering, particularly in the area of vaccine delivery, has produced some
valuable insight into the effectiveness of our needle-free technology,'' commented Jim O'Shea, chairman, president and chief
executive officer of Bioject. ''We are delighted with Merck's continuing interest in the Bioject technology and both companies
continue to discuss ways in which Bioject's needle-free system may enhance certain Merck programs. In addition to the Merck agreement, we are actively pursuing a number of other strategic relationships to develop new applications for our technologies.''
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 strategic relationships with Merck and other strategic partners. 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 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 current strategic relationship with Merck will not develop into a long-term, revenue
producing relationship and uncertainties related to Bioject's dependence on the continued performance of strategic partners
such as Merck and technology, product development, and regulatory risks involved in developing marketable products.
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 September 30, 1998 for further discussion of these and other factors which could affect future results. Forward-looking statements are based on the estimates and opinions of management on the date made, and Bioject
assumes no obligation to update such statements if circumstances or management's estimates or opinions should change.
SOURCE: Bioject Medical Technologies Inc. |
