BEDMINSTER, N.J. -- Bioject Medical Technologies, Inc., a leading developer of needle-free drug delivery systems, today announced that it has entered into a development agreement with a leading European biotechnology company whereby Bioject will develop a new needle-free drug delivery system which utilizes the companys B2000 technology exclusively for an undisclosed indication. Terms of the agreement include upfront license and development fees of $550,000 and product development and regulatory milestone payments of approximately $3.5 million to $4 million. The agreement also provides for transfer pricing and royalty payments upon commercialization of the drug with the newly developed product. Assuming successful development of the product, commercialization is currently anticipated in 2008.
We are very enthusiastic about this partnership for the development of a needle-free delivery system in a market which has never utilized needle-free systems said Jim OShea, chairman, president and CEO of Bioject. This collaboration represents a key strategic transaction for Bioject with a high value-added, injected medication and demonstrates the continuing progress we are making in the expansion of uses for our technology.
The newly developed product will utilize Biojects CO2 powered B-2000 technology, which will be modified for the delivery of a specific proprietary application.
Bioject Medical Technologies Inc., based in Bedminster, N.J., with operations in Portland, Ore., is an innovative developer and manufacturer of needle-free drug delivery systems. 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 development mutually beneficial agreements with leading pharmaceutical, biotechnology and veterinary companies.