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BIOJECT ANNOUNCES INCREASED REVENUES FOR SECOND QUARTER, FISCAL 1994; NASDAQ NATIONAL MARKET SYSTEM LISTING

 PORTLAND, Ore., Nov. 16 /PRNewswire/ -- Bioject Medical Technologies Inc. (NASDAQ: BJCT) today released its results for the second quarter of fiscal year 1994 and announced that it is now listed in the NASDAQ National Market System. For the second quarter of fiscal 1994 revenues totaled $346,787 with an operating loss of $889,896 (9 cents per share) as compared to revenues of $112,258 and an operating loss of $772,518 (8 cents per share) for the second quarter of fiscal 1993.
 Revenues increased 210 percent primarily due to increases in revenues recognized under a product development agreement with Eli Lilly and Co. Overall expenses increased $352,000 or 40 percent due primarily to increases in manufacturing and selling expenses. Manufacturing expenses increased $103,000 or 50 percent due to costs of product sold and increases in manufacturing overhead expenses. Selling expenses increased $235,000 or 638 percent due to additions in sales personnel and related promotional expenses.
 Subsequent to quarter end, the company announced the signing of an agreement with, and the sale of stocking orders to, Beaumont, Texas-based Taylor Medical Inc. for distribution to office-based physicians of the Biojector(R) 2000 Jet Injection System for needle-free drug delivery. Taylor Medical's sales force of 215 professionals reaches physicians in 23 states stretching from southern California, through the Southwest, including Texas, the Midwest and New England. The company also distributes to the hospital and large clinic market through Alliance Medical, a network of 12 medical specialty distributors having 130 sales representatives across the United States.
 In addition, on Nov. 9, 1993, the company completed an underwritten public offering of 3,001,500 shares of its common stock at $4.50 per share to the public. Net proceeds to the company totaled approximately $12,076,000 after underwriter's discounts and estimated expenses. The proceeds will be used to automate and expand manufacturing capacity, for expansion of sales and marketing efforts and for working capital purposes. Upon completion of the offering, the company's common stock commenced trading on the NASDAQ National Market System.
 Bioject is an Oregon corporation that develops, manufactures and markets a jet injection system for needle-free drug delivery. Using this technology for injections virtually eliminated the associated risk of contaminated needlestick injuries and related bloodborne pathogen transmission, a major concern throughout the healthcare industry. Additionally, the company is developing a self-injection system for insulin delivery pursuant to an agreement with Lilly, a technology owned by the company and suitable for other self-injection applications.
 A tabulation of the results follows:
 BIOJECT INC.
 (In thousands, except per share data)
 Operating highlights: Three months Six months
 Ended Sept. 30, 1993 1992 1993 1992
 Revenues $ 347 $ 112 $ 857 $ 664
 Net loss (890) (773) (2,250) (1,347)
 Net loss per share (0.09) (0.08) (0.23) (0.14)
 Selected balance sheet data
 Sept. 30, 1993 1992
 Working capital $2,428 $4,264
 Assets 3,994 5,727
 Shareholders' equity 3,083 4,752
 -0- 11/16/93
 /CONTACT: Dan Zenka, APR, or Tim Justice, of Bioject, 503-639-7221/
 (BJCT)


CO: Bioject Inc.; Eli Lilly and Co.; Taylor Medical; Alliance Medical ST: Oregon IN: MTC SU: ERN

RB-IC -- SE002 -- 4848 11/16/93 07:46 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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