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Bioject Reports Unaudited Year-End And Quarterly 2012 Financial Results

Stocks in this article: BJCT

Bioject Medical Technologies Inc. (OTC Pink:BJCT), a developer and manufacturer of needle-free injection therapy systems, today reported unaudited financial results for the year and quarter ended December 31, 2012. The financial results are unaudited and actual results may vary.

12 Months Ended December 31, 2012

  • Revenue for the twelve months ended December 31, 2012 was $2.0 million, compared to $8.1 million in 2011;
  • Operating expense for 2012 was $3.0 million, compared to $8.9 million in 2011;
  • Operating loss for 2012 was $1.0 million, compared, to $832,000 in 2011; and
  • Net loss allocable to common shareholders for 2012 was $1.2 million, or $(0.06) per share, compared to $983,000, or $(0.05) per share in 2011.

Three Months Ended December 31, 2012

  • Revenue for the quarter ended December 31, 2012 was $111,000 compared to $795,000 in the quarter ended December 31, 2011;
  • Operating expense for the 2012 quarter was $614,000, compared to $2.2 million in the 2011 quarter;
  • Operating loss for the 2012 quarter was $503,000, compared to $1.4 million in the 2011 quarter; and
  • Net loss allocable to common shareholders for the 2012 quarter was $581,000, or $(0.03) per share, compared to $1.4 million, or $(0.08) per share, in the 2011 quarter.

On January 24, 2013, the Company entered into a Purchase Agreement (the “Agreement”) with Life Sciences Opportunities Fund II, L.P., Life Sciences Opportunities Fund (Institutional) II, L.P., Edward Flynn and Mark Logomasini for the purchase of an aggregate of 99,455 shares of its Series H Convertible Preferred Stock at a price of $10.00 per share. Gross proceeds from the sale were $994,550, payable by payment of $850,000 in cash and the cancellation of the $125,000 outstanding principal amount of and $19,550 accrued interest through January 24, 2013, on two Convertible Promissory Notes, dated June 29, 2011, issued by the Company to Messrs. Flynn and Logomasini, along with the cancellation of 131,580 related warrants held by Messrs. Flynn and Logomasini. Each share of Series H Preferred Stock is convertible, at any time at the option of the holder, into shares of Common Stock at a conversion rate of $0.035 (subject to anti-dilution adjustments) or approximately 285.71 shares. In consideration of the Agreement, on January 24, 2013, Albert Hansen and Ralph Makar tendered Convertible Promissory Notes dated June 29, 2011, issued by the Company to Messrs. Hansen and Makar, aggregating $115,645 in principal and accrued interest, for repayment by the Company, along with 105,264 related warrants for cancellation.

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