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Bioject Clarifies Elan's Holdings of Bioject Stock

BEDMINSTER, N.J., June 21 /PRNewswire-FirstCall/ -- Bioject Medical Technologies Inc. (Nasdaq: BJCT) announced today that one of its shareholders, Elan Pharmaceutical Investments, Ltd., disclosed in filings made with the Securities and Exchange Commission that on June 15, 2004 it sold an aggregate of 2,036,148 shares of Bioject common Stock in open market transactions and currently holds 347,788 shares of Bioject common stock. In addition, Elan owns warrants to purchase 505,334 shares of Bioject common stock at an exercise price of $7.50 per share. These warrants expire on June 30, 2006.

Bioject Medical Technologies Inc., based in Bedminster, New Jersey, with operations in Portland, Oregon, is an innovative developer and manufacturer of needle-free drug delivery systems and vial adapter products. 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, biotechnology, and veterinary companies.

For more information about Bioject, visit:

SOURCE Bioject Medical Technologies Inc.

-0- 06/21/2004

/CONTACT: Cecelia C. Heer, Director, Investor Relations, of Bioject Medical Technologies Inc., +1-908-470-2800, ext. 5103, or

/Web site: /


CO: Bioject Medical Technologies Inc.; Elan Pharmaceutical Investments, Ltd. ST: New Jersey, Oregon IN: BIO MTC HEA SU: -0- Jun/21/2004 22:00 GMT

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