EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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Jim O'Shea
Chairman, President & CEO
Sam Nickerson
Investor Relations Manager
Bioject Medical Technologies, Inc.
503-639-7221 ext. 565
BIOJECT REPORTS FISCAL 2001 RESULTS
PORTLAND, OR - May 22, 2001 - Bioject Medical Technologies Inc. (Nasdaq: BJCT),
a leading developer of needle-free drug delivery systems, today announced
financial results for the fourth quarter and fiscal year ended March 31, 2001.
For the fiscal year ended March 31, 2001, Bioject reported a consolidated
net loss of $6.0 million on revenues of $2.0 million. This compares to a net
loss from continuing operations of $5.5 million on revenues of $1.3 million for
the year ended March 31, 2000. In addition, in fiscal 2000, Bioject reported a
loss from discontinued operations of $450,000 and a gain on sale of discontinued
operations of $2.9 million, resulting in a total net loss of $3.1 million.
For the fourth quarter ended March 31, 2001, Bioject reported a
consolidated net loss of $2.0 million on revenues of $547,000 compared to a net
loss of $1.7 million on revenues of $168,000 for the previous year's fourth
quarter.
Basic and diluted net loss per share for the fiscal year ended March 31,
2001 was $0.82 per share on 7.3 million weighted average shares outstanding
compared to a net loss of $0.53 per share on 5.8 million weighted average shares
outstanding for the same period last year.
Basic and diluted net loss per share decreased by $0.03 to $0.25 per share on
7.9 million weighted average shares outstanding for the quarter ended March 31,
2001, compared to a net loss per share of $0.28 on 5.9 million weighted average
shares outstanding for the quarter ended March 31, 2000.
"We are pleased with our year-end results as we continue to focus on
developing new and existing relationships with leading biotechnology and
pharmaceutical companies. During fiscal 2001, we expanded our existing
relationship with Serono to include a worldwide license for the delivery of
Saizen(R) for the treatment of pediatric growth disorders and received market
clearance for the Serojet(TM), a needle-free device, to deliver Serostim(R),
Serono's recombinant human growth hormone currently indicated for the treatment
of AIDS wasting. Over the next fiscal year, we expect to move into the
commercialization phase with Serojet. In addition, we
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have moved forward with the development of the Iject for Amgen," said Jim
O'Shea, Bioject's Chairman, President and CEO.
"Also, in fiscal 2001, the Company has strengthened its balance sheet by
improving its cash position, thereby allowing us to expand our research and
development efforts on various new and existing needle-free technology concepts
and it has also aided in the development of a medical advisory board which will
serve as an important new resource in guiding potential clinical research
opportunities on vaccines and other medications that may prove to be more
efficacious when delivered by our needle-free injection technology."
The Company will conduct a quarterly update on Tuesday, May 22, 2001 at
10:00 a.m. eastern standard time. The conference call will be webcast and can
be accessed through the Bioject website at www.bioject.com.
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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 and biotechnology companies. Bioject's partners now include
Amgen and Serono.
This press release contains forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including statements
concerning prospects for future strategic corporate relationships, prospects for
sales of the Company's products into new, high leverage markets, the Company's
expectation to move into the commercialization phase with Serojet for the
treatment of AIDS wasting, and generally heightened prospects for the adoption
and use of needle-free technology. Such forward looking statements involve known
and unknown risks, uncertainties and other factors which 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
research and development efforts of the Company or others will not produce
desired results, the risk that the Company will not have sufficient cash to
sustain itself to the time, if ever, that it is profitable, the risk that the
cool.click(TM) will not be widely accepted by consumers and that sales of the
cool.click(TM) will not increase as rapidly as anticipated, the Company's
possible need for additional financing, uncertainties related to the time
required to complete research and development, obtaining necessary clinical data
and government clearances, successfully attracting additional strategic
corporate partners and successfully executing revenue-generating agreements with
additional strategic partners. Readers of this press release are referred to
the Company's filings with the Securities and Exchange Commission, including the
Company's Annual Report on Forms 10-K and 10-K/A for the year ended March 31,
2000 for further discussions of factors which could affect 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.
[Tables follow]
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Bioject Medical Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Fiscal year ended Three months ended
March 31, March 31,
2001 2000 2001 2000
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RESULTS OF OPERATIONS:
Revenue
Net sales of products $ 1,375 $ 702 $ 477 $ 90
Licensing/technology fees 658 578 70 78
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2,033 1,280 547 168
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Expenses
Manufacturing 2,389 1,847 699 462
R&D 2,084 1,330 648 474
Selling, general and administrative 2,902 2,548 734 652
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Total operating expenses 7,375 5,725 2,081 1,588
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Operating loss (5,342) (4,445) (1,534) (1,420)
Other income/(loss) 465 126 (168) 3
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Loss from continuing operations
Before taxes (4,877) (4,319) (1,702) (1,417)
Provision for income taxes -- -- -- --
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Loss from continuing operations before
Preferred stock dividend (4,877) (4,319) (1,702) (1,417)
Preferred stock dividend (1,148) (1,165) (289) (251)
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Loss from continuing operations allocable
to common shareholders (6,025) (5,484) (1,991) (1,668)
Loss from discontinued operations -- (450) -- --
Gain on sale of discontinued operations -- 2,853 -- --
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Net loss allocable to common shareholders $ (6,025) $ (3,081) $ (1,991) $ ( 1,668)
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Basic and diluted net loss per common share $ (0.82) $ (0.53) $ (0.25) $ (0.28)
Shares used in per share calculations 7,338,832 5,834,177 7,913,260 5,927,362
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Bioject Medical Technologies, Inc.
Selected Balance Sheet Data
(In thousands)
March 31, March 31,
2001 2000
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ASSETS
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Current assets:
Cash and cash equivalents $ 6,254 $ 6,884
Marketable Securities 5,934 --
Accounts receivable 440 127
Inventories 1,020 833
Other 155 64
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13,803 7,908
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Long-term marketable securities 2,869 --
Non-current receivable 11 --
Property and equipment, net 683 1,343
Other assets, net 623 563
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Total assets $ 17,989 $ 9,814
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LIABILITIES AND
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SHAREHOLDERS' EQUITY
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Current liabilities:
Accounts payable and accrued liabilities $ 830 $ 881
Deferred revenue 102 97
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932 978
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Long term liabilities:
Long term lease payable 16 --
Deferred revenue 367 --
Shareholders' equity:
Preferred stock 15,853 14,705
Common stock 67,903 55,189
Accumulated deficit (67,082) (61,058)
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16,674 8,836
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Total liabilities and shareholders' equity $ 17,989 $ 9,814
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