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): August 5, 2009

BIOJECT MEDICAL TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)

Commission File Number: 000-15360

Oregon	93-1099680
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
20245 SW 95th Avenue Tualatin, Oregon	97062
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (503) 692-8001

Former name or former address if changed since last report:

No Change

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On August 5, 2009, Bioject Medical Technologies Inc. (“Bioject”) issued a press release announcing a net loss allocable to common shareholders of $0.3 million, or $0.02 per share, on revenues of $1.7 million for its second quarter ended June 30, 2009. Bioject also announced a net loss allocable to common shareholders of $0.6 million, or $0.03 per share, on revenues of $3.7 million for the six-month period ended June 30, 2009. A copy of the press release is attached as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is furnished herewith and this list is intended to constitute the exhibit index:

99.1 Press release dated August 5, 2009 announcing Bioject Medical Technologies Inc.’s results for its second quarter ended June 30, 2009.

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.

Date: August 5, 2009	BIOJECT MEDICAL TECHNOLOGIES INC.
	(Registrant)
	/s/    CHRISTINE M. FARRELL
	Christine M. Farrell
	Vice President of Finance
	(Principal Financial and Accounting Officer)

2

EX-99.1

Exhibit 99.1

For Further Information Contact:
Bioject Medical Technologies Inc.
Ralph Makar President and CEO 503-692-8001 ext. 4137	Chris Farrell Vice President of Finance 503-692-8001 ext. 4132

BIOJECT REPORTS SECOND-QUARTER 2009 FINANCIAL RESULTS

Operating loss declines 86% and net loss allocable to common shareholders

decreases by 68% over second quarter 2008 results

PORTLAND, OR, August 5, 2009 - Bioject Medical Technologies Inc. (OTCBB: BJCT), a leading developer of needle-free drug delivery systems, today reported financial results for the second quarter ended June 30, 2009.

Bioject reported revenues of $1.7 million for the quarter ended June 30, 2009, unchanged from the comparable 2008 period. Product sales were $1.6 million in the 2009 period compared to $1.4 million in the comparable 2008 period. License and technology fees were $124,000 for the quarter ended June 30, 2009 compared to $275,000 in the comparable 2008 period. The Company reported an operating loss of $108,000 in the second quarter of 2009 compared to an operating loss of $787,000 in the second quarter of 2008. Included in the current quarter operating loss is $308,000 of non-cash expenses compared to non-cash expenses of $591,000 in the second quarter of 2008. The charges in the 2009 quarter are comprised of non-cash compensation expense related to the fair value of stock-based awards, warrants and stock funding of $121,000 compared to $275,000 in the comparable year ago period, and depreciation and amortization of $187,000 compared to $222,000 in the comparable year ago period. Also included in the second quarter 2008 non-cash charge is $94,000 related to the write-off of goodwill. Net loss allocable to common shareholders for the second quarter of 2009 was $313,000 compared to $989,000 in the comparable 2008 period. Included in the net loss allocable to shareholders in the 2009 period is a $145,000 non-cash charge related to the change in the fair value of derivative liabilities. Cash and cash equivalents at June 30, 2009 totaled $1.3 million.

Basic and diluted net loss per share allocable to common shareholders for the quarter ended June 30, 2009 was $0.02 per share on 17.0 million weighted average shares outstanding compared to a net loss of $0.06 per share on 15.7 million weighted average shares outstanding for the same period of 2008.

For the six months ended June 30, 2009, Bioject reported revenues of $3.7 million compared to revenues of $3.5 million in the comparable period of 2008. The six month 2009 operating loss was $283,000 compared to $1.5 million in the comparable period of 2008. Net loss allocable to common shareholders was $550,000, or $0.03 per share, in the six-month period ended June 30, 2009 compared to $1.8 million, or $0.11 per share, in the comparable period of 2008.

“Results for the second quarter and first six months of 2009 indicate that we are making significant progress during challenging times. We are pleased to report that product sales were up 13% and 12% for the second quarter of 2009 and the first six months of 2009, respectively, as

compared to the prior year periods. In addition, we were able to reduce the operating loss for the second quarter and the first six months of 2009 by 86% and 81%, respectively, as compared to the same periods in 2008. Our determined efforts have also contributed to reductions in total operating expenses of 27% and 20% for the second quarter and year to date, respectively, over the same periods last year. While we continue to make positive improvements to our operational and financial results, we still have work to do in overcoming the challenges ahead, and a priority focus remains to address our debt obligations and improve our cash position,” said Ralph Makar, President and CEO.

The Company will conduct a conference call to review second-quarter results for the quarter ended June 30, 2009 on Thursday, August 6, 2009 at 10:00 a.m. Eastern Daylight Time. Live audio of the conference call will be available to investors, members of the news media and the general public. To participate in the call via telephone, please dial 1-877-407-8037.

Bioject Medical Technologies Inc., based in Portland, Oregon, is an innovative developer and manufacturer of needle-free injection therapy systems (NFITS). NFITS provide an empowering technology and work 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.

For more information about Bioject, visit www.bioject.com

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 operational and financial 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. Such risks, uncertainties and other factors include, without limitation, the risk that the Company will be unable to successfully develop and negotiate new strategic relationships, the risk that the Company may not be able to amend or restructure its existing debt obligations, the risk that additional capital may not be available on acceptable terms, if at all, and the risk that the Company may be unable to comply with the extensive government regulations applicable to Bioject’s business. 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.

[Tables follow]

Bioject Medical Technologies Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Revenue:
Net sales of products	$	1,551		$	1,376		$	3,409		$	3,057
License and technology fees		124			275			252			407
		1,675			1,651			3,661			3,464
Operating expenses:
Manufacturing		978			1,102			2,121			2,290
Research and development		335			545			772			1,138
Selling, general and administrative		470			791			1,051			1,524
Total operating expenses		1,783			2,438			3,944			4,952
Operating loss		(108	)		(787	)		(283	)		(1,488	)
Interest income		3			6			6			24
Interest expense		(51	)		(135	)		(102	)		(329	)
Change in fair value of derivative liabilities		(145	)		—			(146	)		224
Net loss		(301	)		(916	)		(525	)		(1,569	)
Preferred stock dividend		(12	)		(73	)		(25	)		(184	)
Net loss allocable to common shareholders	$	(313	)	$	(989	)	$	(550	)	$	(1,753	)
Basic and diluted net loss per common share allocable to common shareholders	$	(0.02	)	$	(0.06	)	$	(0.03	)	$	(0.11	)
Shares used in per share calculations		16,992,461			15,658,307			16,802,963			15,571,353

Bioject Medical Technologies Inc.

Condensed Consolidated Balance Sheet Data (Unaudited)

(In thousands)

	June 30, 2009			December 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	1,329		$	1,352
Accounts receivable		593			477
Inventories		983			1,007
Other		63			75
		2,968			2,911
Property and equipment, net		1,331			1,609
Other assets, net		1,312			1,277
Total assets	$	5,611		$	5,797
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term notes payable	$	406		$	689
Current portion of long-term debt		674			651
Accounts payable and accrued liabilities		1,548			1,353
Derivative liabilities		169			23
Deferred revenue		474			490
		3,271			3,206
Long term liabilities:
Deferred revenue		1,331			1,348
Other long-term liabilities		373			310
Shareholders’ equity:
Preferred stock		8,052			8,027
Common stock		114,191			113,963
Accumulated deficit		(121,607	)		(121,057	)
		636			933
Total liabilities and shareholders’ equity	$	5,611		$	5,797

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