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BIOJECT ANNOUNCES FISCAL 1993 OPERATING RESULTS AND NEW FISCAL YEAR END

 PORTLAND, Ore., April 28 /PRNewswire/ -- Bioject Medical Technologies Inc. (NASDAQ: BJCT) today reported reduced losses for the fiscal year ended Jan. 31, 1993. Reporting as a development stage company, Bioject announced a loss of $3.0 million (32 cents per share) for the year ended Jan. 31, 1993, as compared to a loss of $3.5 million (43 cents per share) for the preceding fiscal year. It also announced March 31 as the company's new fiscal year end.
 The improved results were attributed to increased revenues which were up over $1 million from the prior year due to licensing fees and revenues received under a joint agreement with Eli Lilly and Co. signed in April 1992.
 Bioject recently announced the national sales launch of its Biojector 2000(R), a needle-free injection delivery system, to hospitals and large clinics. Last week, Bioject announced the expansion of its distribution system to include 13 specialty medical distributors which will increase the effective sales force for the Biojector to more than 130 representatives nationwide. Although the launch's timing precluded reporting any sales in fiscal 1993, the company is very pleased with the initial market reception of the product which is currently under purchase evaluation at key hospital sites throughout the United States. Although adoption of new medical device technology is traditionally a time-consuming process, the expansion of Bioject's sales force is anticipated to result in a more rapid market acceptance and shortened sales cycles.
 Overall expenses were up 13 percent primarily due to the increase in research and development expenses of $480,000 (73 percent) to complete design of the Biojector 2000 and for work performed under the joint development agreement. Selling, general and administrative expenses increased $163,000 (8.5 percent) primarily due to the sales ramp up for market launch and to costs associated with the company's U.S. incorporation on Dec. 17, 1992.
 Bioject is an Oregon corporation dedicated to developing and marketing advanced drug delivery systems using needle-free jet injection technology. Its products dramatically reduce or eliminate the risk of life-threatening needlestick injuries to healthcare workers and their patients that could result in the transmission of bloodborne pathogens (including hepatitis B and AIDS).
 A tabulation of results follows.
 BIOJECT MEDICAL TECHNOLOGIES INC.
Jan. 31: 1993 1992
 Operating Highlights:
 Revenues $1,043 $ 17
 Net loss (2,954) (3,516)
 Net loss per share (0.32) (0.43)
 Selected Balance Sheet Data:
 Working capital $4,850 $2,005
 Assets 6,098 2,505
 Shareholders' equity 5,296 2,282
 -0- 4/28/93
 /CONTACT: Dan Zenka, APR, or Tim Justice of Bioject, 503-639-7221/
 (BJCT)


CO: Bioject Medical Technologies Inc. ST: Oregon IN: MTC SU: ERN

SW-LM -- SE001 -- 1766 04/28/93 08:06 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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