lan Into Bioject Convertible Preferred Stock Up to $4 Million in Additional Convertible Preferred Stock Authorized to Assist in Funding Glucose Monitoring Development PORTLAND, Ore., Feb. 24 /PRNewswire/ -- Bioject Medical Technologies (Nasdaq: BJCT) announced today that its shareholders overwhelmingly approved a proposal to exchange a $12 million note to Elan Corporation, plc. (NYSE: ELN) for approximately 832,000 shares of newly authorized Series A and Series B convertible preferred stock of Bioject. Shareholders also authorized the issuance of up to $4 million of Series C convertible preferred stock to Elan to fund glucose monitoring development. The vote finalizes financing arrangements related to a joint venture and licensing agreement between Bioject and Elan announced in October, 1997. The joint venture -- 80.1 percent owned by Bioject and 19.9 percent owned by Elan -- was established to research, develop and commercialize a continuous glucose level monitoring system for diabetics. The licensing agreement provides the joint venture with exclusive manufacturing and marketing rights from Elan relating to its glucose monitoring technology. Said Jim O'Shea, chairman and chief executive officer of Bioject Medical Technologies: "Our shareholders have given us a strong vote of confidence in the joint venture and affiliation with Elan, and we now have appropriate financing in place to build on the progress we've made on the testing and development of our glucose monitoring device." The Bioject/Elan joint venture is focused on an ambulatory monitoring system that will comprise a patch-like sensor coupled with a wrist watch-type monitoring device that continuously and precisely measures glucose levels on a 24-hour basis. This real-time monitoring system, whose sensor should require changing only once daily, is expected to serve as the preferred alternative for diabetics who now rely on static glucose monitoring systems requiring self-administered finger-prick readings at least four times daily. Bioject develops, manufactures and markets jet injection systems for needle-free drug delivery. The company's advanced injection management system, the Biojector 2000, has received the Seal of Acceptance from the Alliance of Children's Hospitals, Inc. and is being marketed to hospitals, public health clinics, and physician offices. The company is also developing a system for Hoffmann-La Roche to market specifically with their products. SOURCE Bioject Medical Technologies -0- 02/24/98 /CONTACT: Jim O'Shea or Peggy Miller of Bioject Medical Technologies, 503-639-7221; or Bob Gonnelli of Bioject/Elan Joint Venture, 201-818-1724/ (BJCT ELN) CO: Bioject Medical Technologies; Elan Corporation, plc ST: Oregon IN: MTC SU: -0- (PRN) Feb/24/98 09:55 EOS (PRN) Feb/24/98 09:55 86 â -0- (PRN) Feb/24/98 10:10
BIOJECT SHAREHOLDERS APPROVE CONVERSION OF $12 MILLION NOTE DUE
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