Bioject Medical reports first quarter results

Revenues of $1.2m compared to $2m reported in the comparable year-ago quarter.

Bioject Medical Technologies, a developer of needle-free drug delivery systems, has reported revenues of $1.2m for the first quarter ended March 31, 2010, compared to $2m reported in the comparable year-ago quarter.

Bioject Medical has reported a first quarter 2010 net loss allocable to common shareholders of $568,000 compared to net loss allocable to common shareholders of $237,000 in the comparable year-ago quarter. Operating loss was $507,000 compared to an operating loss of $176,000 in the prior year comparable period.

Ralph Makar, president and CEO of Bioject, said: "We reduced operating expenses by 22 per cent as compared to the same period last year and paid in full the remainder of our debt with Partners for Growth, with the result that the company is now debt free. Although revenues for the quarter were lower than the same time period last year, we have an active plan which we believe will yield improved results during the latter half of the year.

"We are pleased that during the first quarter, we met the final milestone in our license, development and supply agreement with Merial for their new spring powered device for feline leukemia and canine melanoma vaccinations and we initiated the first product shipments of this new device at the end of the first quarter.

"We have also hired a full time national sales manager, who is focused on increasing sales with, and meeting the needs of, customers in the military and public-health markets. Equally important, we established a new strategic alliance with MPI Research, which includes seeking new business development opportunities."