PORTLAND, Ore., Nov. 7 /PRNewswire-FirstCall/ -- Bioject Medical Technologies Inc. (Nasdaq: BJCT - News), a leading developer of needle-free drug delivery systems, today announced that it has entered into an agreement with Vical Incorporated for an option to license Bioject’s needle-free technology for use with certain of Vical’s DNA-based vaccines. The agreement includes the payment of an upfront fee to Bioject, payments to extend the option term and license additional targets, payments upon the achievement of specific milestones, commercialization terms, transfer pricing and royalties.
“We are pleased to have entered into this agreement with Vical,” said Jim O’Shea, President and CEO of Bioject. “As we have shown in several studies, our technology can enhance the delivery of DNA-based vaccines and we feel our needle-free delivery may enhance Vical’s delivery of their DNA vaccines under development.”
About Bioject
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 concerning future strategic relationships with Vical. 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 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 current strategic relationship with Vical will not develop into a long-term, revenue producing relationship and technology, product development, and regulatory risks involved in developing marketable products. 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 Form 10-K and Form 10-Q 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.
For more information on Bioject, visit www.bioject.com.
Source: Bioject Medical Technologies Inc.
