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): March 17, 2010

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 March 17, 2010, Bioject Medical Technologies Inc. (“Bioject”) issued a press release announcing a net loss allocable to common shareholders of $0.4 million, or $0.02 per share, on revenues of $1.5 million for its fourth quarter ended December 31, 2009. Bioject also announced a net loss allocable to common shareholders of $1.1 million, or $0.07 per share, on revenues of $6.7 million for the year ended December 31, 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 March 17, 2010 announcing Bioject Medical Technologies Inc.’s results for its fourth quarter ended December 31, 2009.

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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: March 17, 2010	BIOJECT MEDICAL TECHNOLOGIES INC.
	(Registrant)
	/s/ CHRISTINE M. FARRELL
	Christine M. Farrell
	Vice President of Finance
	(Principal Financial and Accounting Officer)

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EX-99.1

Exhibit 99.1

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

BIOJECT REPORTS DECEMBER 31, 2009 RESULTS

Operating loss and net loss allocable to common shareholders

decrease 65% compared to fiscal 2008

PORTLAND, OR – March 17, 2010 – Bioject Medical Technologies Inc. (OTCBB: BJCT), an innovative developer and manufacturer of needle-free injection therapy systems, today reported financial results for the year and quarter ended December 31, 2009.

For the year ended December 31, 2009, Bioject reported revenues of $6.7 million compared to revenues of $6.5 million in 2008. Product sales were $6.1 million in 2009 compared to $5.8 million in 2008. License and technology fees for 2009 were $599,000 compared to $667,000 in 2008. The Company reported an operating loss of $884,000 and net loss allocable to common shareholders of $1.1 million for 2009, compared to an operating loss of $2.5 million and net loss allocable to common shareholders of $3.3 million for 2008, representing a 65% decrease in both operating loss and net loss allocable to common shareholders. Included in the 2009 operating loss was $374,000 in non-cash compensation expense related to the fair value of options, restricted stock and other stock issuances and $728,000 of depreciation, amortization and write-off of patents compared to $922,000 in non-cash compensation expense and $964,000 of depreciation, amortization and write-off of goodwill and patents in 2008. Cash at December 31, 2009 was $1.1 million.

Basic and diluted net loss per share allocable to common shareholders for the year ended December 31, 2009 was $0.07 per share on 17.0 million weighted average shares outstanding compared to a net loss per share allocable to common shareholders of $0.20 per share on 15.9 million weighted average shares outstanding for 2008.

For the quarter ended December 31, 2009, Bioject reported revenues of $1.5 million, compared to revenues of $1.4 million in the comparable year ago quarter. Product sales were $1.3 million compared to fourth quarter 2008 product sales of $1.2 million. The Company reported a quarterly operating loss and a net loss allocable to common shareholders of $390,000 and $395,000, respectively, in the fourth quarter of 2009 compared to an operating loss and a net loss allocable to common shareholders of $484,000 and $448,000, respectively, in the comparable year ago period.

Basic and diluted net loss per share allocable to common shareholders for the quarter ended December 31, 2009 was $0.02 per share on 17.2 million weighted average shares outstanding compared to a net loss of $0.03 per share on 16.2 million weighted average shares outstanding for the same period last year.

“While 2009 was a very challenging year for the Company, we continued to advance by reducing total operating expenses over the prior year-ago time period by $1.4 million, or 16%. Bioject was also successful in reducing the operating loss by 65% for the full year 2009, as compared to 2008.

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In addition, we eliminated over $1.36 million in debt during 2009, $660,000 in cash and $702,000 from the conversion of debt into preferred shares. We were also able to secure an additional $500,000 of new capital investment by year-end 2009,” said Bioject’s President and Chief Executive Officer, Ralph Makar. “While we have taken positive steps to manage expenses wisely and expand partnership discussions with new organizations, we continue to explore a number of strategic opportunities to increase our revenues and to address our need for additional capital in 2010. Recent positive events, such as the announcement of our strategic alliance with MPI Research, the elimination of our existing debt and the additional cash infusion, are encouraging as we strive for a better future and to increase shareholder value. However, we must work diligently in order to close on new opportunities while also trying to minimize the ongoing business risk in this new year,” said Makar.

The Company will conduct a conference call to review fourth quarter and year-end results for the year ended December 31, 2009, on Thursday, March 18, 2010 at 10:00 a.m. Eastern Daylight Time. A 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.

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 new or additional agreements with strategic partners, strategic opportunities, revenues, the Company’s ability to raise capital, and increased shareholder value. 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’s products, including the cool.click™, SeroJet™, Vetjet^® and Vial Adapter, will not be accepted by the market, the risk that the Company will be unable to successfully develop and negotiate new strategic relationships, uncertainties related to the time required for the Company to complete research and development, obtain necessary clinical data and government clearances, 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.

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

[Tables follow]

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Bioject Medical Technologies Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

	Three months ended December 31,						Year ended December 31,
	2009			2008			2009			2008
RESULTS OF OPERATIONS:
Revenue
Net sales of products	$	1,254		$	1,236		$	6,093		$	5,806
Licensing and technology fees		243			122			599			667
		1,497			1,358			6,692			6,473
Expenses
Manufacturing		945			823			4,068			4,195
Research and development		482			542			1,563			2,173
Selling, general and administrative		460			477			1,945			2,602
Total operating expenses		1,887			1,842			7,576			8,970
Operating loss		(390	)		(484	)		(884	)		(2,497	)
Interest expense, net		(45	)		(50	)		(185	)		(471	)
Loss on extinguishment of debt		—			—			—			(598	)
Change in fair value of derivative liabilities		56			98			(10	)		522
Net Loss		(379	)		(436	)		(1,079	)		(3,044	)
Preferred stock dividend		(16	)		(12	)		(53	)		(209	)
Net loss allocable to common shareholders	$	(395	)	$	(448	)	$	(1,132	)	$	(3,253	)
Basic and diluted net loss per common share	$	(0.02	)	$	(0.03	)	$	(0.07	)	$	(0.20	)
Shares used in per share calculations		17,241,082			16,183,726			17,027,748			15,933,486

-more-

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Bioject Medical Technologies Inc.

Condensed Consolidated Balance Sheet Data (Unaudited)

(In thousands)

	December 31,
	2009			2008
ASSETS
Current assets:
Cash	$	1,146		$	1,352
Accounts receivable		899			477
Inventories		868			1,007
Other		21			75
		2,934			2,911
Property and equipment, net		1,070			1,609
Other assets, net		1,252			1,277
Total assets	$	5,256		$	5,797
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term notes payable	$	125		$	689
Current portion of long-term debt		—			651
Accounts payable and accrued liabilities		1,805			1,353
Derivative liabilities		32			23
Deferred revenue		276			490
		2,238			3,206
Long term liabilities:
Deferred revenue		1,222			1,348
Other long-term liabilities		348			310
Shareholders’ equity:
Preferred stock		9,282			8,027
Common stock		114,355			113,963
Accumulated deficit		(122,189	)		(121,057	)
		1,448			933
Total liabilities and shareholders’ equity	$	5,256		$	5,797

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