EX-99.1 2 d33599dex991.htm EX-99.1 EX-99.1

EXHIBIT 99.1

BIOJECT REPORTS UNAUDITED THIRD QUARTER 2015 FINANCIAL RESULTS

Tigard, OR – November 27, 2015 Bioject Medical Technologies Inc. (OTC Pink: BJCT), a developer and manufacturer of needle-free injection therapy systems, today reported unaudited financial results for the third quarter ended September 30, 2015. The financial results are unaudited and actual results may vary.

Bioject reported revenues of $184,000 for the quarter ended September 30, 2015, compared to revenues of $458,000 in the quarter ended September 30, 2014. Operating expenses were $270,000 for the third quarter of 2015, compared to $581,000 in the third quarter 2014. The Company reported an operating loss of $86,000 in the third quarter of 2015, compared to an operating loss of $123,000 in the third quarter of 2014. Net loss allocable to common shareholders for the third quarter of 2015 was $154,000, compared to $189,000 in the comparable 2014 period.

Operating results were negatively affected by one customer’s unexpected delay of orders due to its excess inventory, resulting in $223,000 less in revenues and $210,000 less in operating expenses for the third quarter of 2015. The Company is working with the customer to determine its remaining orders for 2015.

Basic and diluted net loss per share allocable to common shareholders for the quarter ended September 30, 2015 was $0.00 per share on 39.1 million weighted average shares outstanding compared to a net loss of $0.01 per share on 32.4 million weighted average shares outstanding for the same period in 2014.

For the nine months ended September 30, 2015, Bioject reported revenues of $714,000, compared to revenues of $1,312,000 in the comparable period of 2014. Operating loss for the nine months ended September 30, 2015 was $515,000, compared to $657,000 in the comparable period of 2014. Net loss allocable to common shareholders was $757,000, or $0.02 per share on 39.0 million weighted average shares outstanding, in the nine-month period ended September 30, 2015 compared to $836,000, or $0.03 per share on 25.7 million weighted average shares outstanding, in the comparable period of 2014.

Bioject Medical Technologies Inc., based in Tigard, Oregon, USA, is a developer and manufacturer of needle-free injection therapy systems (NFITS). NFITS 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. Bioject is focused on developing mutually beneficial agreements with leading pharmaceutical, biotechnology, and veterinary companies, as well as research, global health and government organizations.

Readers and potential investors are cautioned that an investment in the Company’s securities involves an EXTREMELY high degree of risk. Such risks include, without limitation: the risk that audited financial results may differ materially from the unaudited results reported in this press release; the risk that the Company may be unable to continue operations and may file bankruptcy; the risk that the Company’s products will not be accepted by the market; the risk that the Company will be unable to successfully develop and negotiate new strategic relationships; the risk that the international distributor agreements will not be successful; uncertainties related to the time required for the Company to complete research and development and obtain necessary clinical data and government clearances; the risk that additional capital may not be available on acceptable terms, if at all; the risk that the Company may not receive orders, whether anticipated or unanticipated; the risk that the Company’s supply chain management process may not improve the Company’s cash position or cash flows; and the risk that the Company may be unable to comply with the extensive government regulations applicable to the business.

Bioject (OTC Pink: BJCT) trades on the OTC Pink tier of the OTC market.

Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com. For more information about Bioject, visit www.bioject.com


Bioject Medical Technologies Inc.

Selected Condensed Consolidated Statements of Operations Data (Unaudited)

(In thousands, except share and per share data)

 
     Three months ended
September 30,
     Nine months ended
September 30,
 
     2015      2014      2015      2014  

RESULTS OF OPERATIONS:

           

Revenue and Expense:

           

Net sales

   $ 184       $ 458       $ 714       $ 1,312   

Operating expenses

     270         581         1,229         1,969   
  

 

 

    

 

 

    

 

 

    

 

 

 

Operating loss

     (86      (123      (515      (657

Other expense, net

     (68      (66      (242      (135
  

 

 

    

 

 

    

 

 

    

 

 

 

Net loss

     (154      (189      (757      (792

Preferred stock dividend

     —           —           —           (44
  

 

 

    

 

 

    

 

 

    

 

 

 

Net loss allocable to common shareholders

   $ (154    $ (189    $ (757    $ (836
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic and diluted net loss per common share allocable to common shareholders

   $ (0.00    $ (0.01    $ (0.02    $ (0.03
  

 

 

    

 

 

    

 

 

    

 

 

 

Shares used in per share calculations

     39,140,972         32,370,408         38,982,181         25,676,688   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Bioject Medical Technologies Inc.

Selected Condensed Consolidated Balance Sheet Data (Unaudited)

(In thousands)

 
     September 30,
2015
     December 31,
2014
 

ASSETS

 

Current assets

   $ 1,273       $ 2,026   

Property and equipment, net

     60         71   

Other assets, net

     1,312         1,367   
  

 

 

    

 

 

 

Total assets

   $ 2,645       $ 3,464   
  

 

 

    

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

             

Current liabilities

   $ 1,924       $ 1,511   

Long term liabilities

     3,120         3,145   

Shareholders’ equity (deficit):

     

Preferred stock

     2,469         2,416   

Common stock

     124,100         124,603   

Accumulated deficit

     (128,968      (128,211
  

 

 

    

 

 

 

Total shareholders’ deficit

     (2,399      (1,192
  

 

 

    

 

 

 

Total liabilities and shareholders’ deficit

   $ 2,645       $ 3,464