-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KdCLHIyJpUi952rTQbqFhCqxh3NuIhqxRaSRgPEP4Mrgyrp2hiiU9DMpvWd6z0X9 yXtm29U2dwMqzcmQevVlXw== 0001032210-01-500626.txt : 20010524 0001032210-01-500626.hdr.sgml : 20010524 ACCESSION NUMBER: 0001032210-01-500626 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010522 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIOJECT MEDICAL TECHNOLOGIES INC CENTRAL INDEX KEY: 0000810084 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 931099680 STATE OF INCORPORATION: OR FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-15360 FILM NUMBER: 1646326 BUSINESS ADDRESS: STREET 1: 7620 S W BRIDGEPORT RD CITY: PORTLAND STATE: OR ZIP: 97224 BUSINESS PHONE: 5036397221 MAIL ADDRESS: STREET 1: 7620 S W BRIDGEPORT ROAD CITY: PORTLAND STATE: OR ZIP: 97224 FORMER COMPANY: FORMER CONFORMED NAME: BIOJECT MEDICAL SYSTEMS LTD DATE OF NAME CHANGE: 19920703 8-K 1 d8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 22, 2001 BIOJECT MEDICAL TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Oregon 0-15360 93-1099680 (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) 7620 S.W. Bridgeport Road, Portland, OR 97224 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (503) 639-7221 No Change (Former name or former address, if changed since last report) Item 5. Other Events Attached to this Form 8-K as Exhibit 99.1 and incorporated into this Form 8-K by reference is the company's press release dated May 22, 2001 announcing its fiscal 2001 financial results. Item 7. Financial Statements and Exhibits (c) Exhibits. -------- 99.1 Press release dated May 22, 2001. 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: May 22, 2001. BIOJECT MEDICAL TECHNOLOGIES, INC. By: /s/ Christine M. Farrell ------------------------- Christine M. Farrell Controller and Secretary 2 EXHIBIT INDEX Exhibit Description - ------- ----------- 99.1 Press release dated May 22, 2001. EX-99.1 2 dex991.txt PRESS RELEASE DATED MAY 22, 2001 EXHIBIT 99.1 FOR IMMEDIATE RELEASE --------------------- 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 1 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. --------------- 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] 2 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 ---------------------------------------------------- RESULTS OF OPERATIONS: Revenue Net sales of products $ 1,375 $ 702 $ 477 $ 90 Licensing/technology fees 658 578 70 78 ---------------------------------------------------- 2,033 1,280 547 168 ---------------------------------------------------- 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 ---------------------------------------------------- Total operating expenses 7,375 5,725 2,081 1,588 ---------------------------------------------------- Operating loss (5,342) (4,445) (1,534) (1,420) Other income/(loss) 465 126 (168) 3 ---------------------------------------------------- Loss from continuing operations Before taxes (4,877) (4,319) (1,702) (1,417) Provision for income taxes -- -- -- -- ---------------------------------------------------- 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) ---------------------------------------------------- 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 -- -- ---------------------------------------------------- Net loss allocable to common shareholders $ (6,025) $ (3,081) $ (1,991) $ ( 1,668) ==================================================== 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
3 Bioject Medical Technologies, Inc. Selected Balance Sheet Data (In thousands) March 31, March 31, 2001 2000 ----------- ----------- ASSETS - ------ 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 ----------- ----------- 13,803 7,908 ----------- ----------- Long-term marketable securities 2,869 -- Non-current receivable 11 -- Property and equipment, net 683 1,343 Other assets, net 623 563 ----------- ----------- Total assets $ 17,989 $ 9,814 =========== =========== LIABILITIES AND - --------------- SHAREHOLDERS' EQUITY - -------------------- Current liabilities: Accounts payable and accrued liabilities $ 830 $ 881 Deferred revenue 102 97 ----------- ----------- 932 978 ----------- ----------- 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) ----------- ----------- 16,674 8,836 ----------- ----------- Total liabilities and shareholders' equity $ 17,989 $ 9,814 =========== =========== 4 -----END PRIVACY-ENHANCED MESSAGE-----