Convertible notes extended to February 28, 2012
Bioject Medical Technologies Inc. (OCTBB: BJCT), a leading developer of needle-free drug delivery systems, today announced that it has retained the services of Mr. Snehal Patel, an experienced life science professional and financial advisor, to assist the company as it explores strategic alternatives, including the sale of the company. A sale of the company may not result in proceeds to the common shareholders, given the liquidation preferences of the preferred shareholders. Inquiries should be made to Mr. Patel at email@example.com or 203-434-3290.
In addition, the holders of the company's $225,000 convertible notes due December 29, 2011, have unilaterally extended the maturity date of the notes until February 28, 2012. The note holders include certain members of the Board of Directors and former President and CEO. The notes will continue to accrue interest.
Bioject Medical Technologies Inc., based in Portland, Oregon, is an innovative developer and manufacturer of needle-free drug delivery systems. Needle-free injection works 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, including statements regarding Bioject's expectations with respect to strategic opportunities and a sale of the company. 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 may not be sold on acceptable terms or at all, or for a price sufficient to result in proceeds to holders of common stock, which is extremely unlikely given the liquidation preferences of the preferred. 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.
For more information on Bioject, visit www.bioject.com.
Bioject Medical Technologies Inc.
Mark Logomasini, 503-692-8001 ext. 4121
Interim President and CEO
Chris Farrell, 503-692-8001 ext. 4132
Vice President of Finance