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Bioject Medical Technologies Inc. (Nasdaq: BJCT), the worldwide leader in developing and supplying needle-free injection therapy (NFIT) systems, today announced it has entered into a convertible note financing agreement with Signet Healthcare Partners for $600,000. Bioject has raised $1.215 million in convertible debt since November 20, 2007. The convertible notes bear interest at 8% per annum and become due on May 15, 2009, if not automatically or voluntarily converted into shares of Bioject stock prior to that date. “We are delighted to have this further positive demonstration of support from Signet Healthcare Partners, our largest shareholder,” said Ralph Makar, President and CEO of Bioject. “These additional resources will provide the Company with significant flexibility in fulfilling ongoing business milestones and exploring new business strategies and opportunities which aim to maximally leverage our empowering platform technology.” Bioject recently announced a partial pay-down of a current loan agreement and proactive restructuring of current debt in a manner which is favorable to the Company and shareholders as part of a forbearance agreement with its lender. In addition, Bioject recently submitted a realistic plan for maintaining the minimum shareholders equity requirement to remain listed on Nasdaq within the submission timeframe set by Nasdaq. Bioject remains highly motivated and committed to taking the organization to the next level and maximizing value for all stakeholders (e.g., patients, partners and shareholders). “We believe in the future prospects for Bioject’s needle-free injection technology (NFIT) systems in healthcare. The new management team is providing leadership that the organization needs to fully leverage the historically undervalued potential of the business,” said Mr. James Gale, Managing Director of Signet Healthcare Partners. “With this additional funding, Ralph Makar, the new CEO, can begin focusing on numerous opportunities and accelerating his new growth strategy for Bioject.” Bioject Medical Technologies Inc., based in Portland, Oregon, is an innovative developer and manufacturer of needle-free injection therapy systems (NFITS). NFITS provide an empowering technology and work by forcing medication at high speed through a tiny orifice held against the skin. This creates a fine stream of high-pressure fluid, penetrating the skin and depositing medication in the tissue beneath. The Company is focused on developing mutually beneficial agreements with leading pharmaceutical, biotechnology, and veterinary companies. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding fulfilling ongoing business milestones. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that 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 the Company’s products will not be accepted by the market, the risk that the Company will be unable to successfully develop and negotiate new strategic relationships or maintain existing relationships, the risk that Bioject’s current or new strategic relationships will not develop into long-term revenue producing relationships, the fact that Bioject’s business has never been profitable and may never be profitable, uncertainties related to Bioject’s dependence on the continued performance of strategic partners and technology, uncertainties related to the time required for the Company to complete research and development, obtain necessary clinical data and government clearances, and the risk that the Company may be unable to produce our products at a unit cost necessary for the products to be competitive in the market and the risk that the Company may be unable to comply with the extensive government regulations applicable to Bioject’s business. Readers of this press release are referred to the Company’s filings with the Securities and Exchange Commission, including the Company’s reports on Form 10-K and Forms 10-Q for further discussions of factors that could affect the Company’s business and its future results. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. The Company assumes no obligation to update forward-looking statements if conditions or management’s estimates or opinions should change.
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For more information visit www.bioject.com.
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