PORTLAND, Ore., Aug. 15 /PRNewswire-FirstCall/ -- Bioject Medical Technologies Inc. , a leading developer of needle-free drug delivery systems, today announced that it has filed an extension in its quarterly filing of the Form 10-Q Report for the quarter ended June 30, 2006.
The Company is currently in the process of evaluating accounting and valuation issues associated with its convertible debt instruments. Certain provisions have been identified within these arrangements which may result in derivative accounting treatment. Due to the complicated nature of these provisions, the Company was unable to finalize the accounting treatment in a timely manner. The Company is working with its auditors, KPMG LLP, to determine the impact of this evaluation on second quarter 2006 results, which were announced on August 2, 2006, and on previous periods. Accordingly, we were unable to file our Quarterly Report on Form 10-Q for the quarter ended June 30, 2006 within the prescribed time period without unreasonable effort or expense.
The results of the evaluation of the accounting treatment of our convertible debt instruments is not expected to affect our previously reported loss from operations. We expect the accounting treatment to have a non-cash impact on our previously reported non-operating expenses. The impact on net loss for the second quarter of 2006 is not currently determinable. Any impact is not expected to affect our cash position.
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 determination of the accounting treatment of its recently completed convertible debt instruments and its ability to timely file the results. 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. 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 about Bioject, visit http://www.bioject.com/ .
