Dec 21 2009
Bioject Medical Technologies Inc. (OTCBB:BJCT), a leading developer of
needle-free injection therapy systems, today announced that on December
18, 2009, it completed a Series G Preferred Stock financing with each of
Life Sciences Opportunities Fund II, L.P., Life Sciences Opportunities
Fund (Institutional) II, L.P. (collectively, the “LOF”), and Edward
Flynn for the purchase of an aggregate of 92,448 shares of its Series G
Convertible Preferred Stock at a price of $13.00 per share. Gross
proceeds from the sale were $1,201,834, payable by payment of $500,000
in cash and the cancellation of the $600,000 outstanding principal
amount of and $101,834 accrued interest through December 18, 2009, on
those two Convertible Subordinated Promissory Notes, dated as of
December 5, 2007, issued by the Company to LOF. Each share of Series G
Preferred Stock is convertible into 100 shares of common stock.
“We are pleased to have completed the conversion of approximately
$700,000 of debt held by LOF and the addition of $500,000 in cash from
LOF and director Ed Flynn”
A condition of the financing was that the Company’s Board of Directors
be reduced to six members, two of whom to be designated by LOF.
Accordingly, effective at the closing of the financing, Joseph Bohan,
Randal Chase, John Ruedy and Brigid Makes resigned from the Board of
Directors and Al Hansen and Mark Logomasini were appointed as directors.
Mssrs. Hansen and Logomasini join remaining directors David Tierney, Ed
Flynn, Jerry Cobbs and Ralph Makar. Mr. Hansen is expected to be elected
Chairman of the Board of Directors. Mr. Hansen is a principal of Signet
Healthcare Partners (formerly Sanders Morris Harris) (“Signet”), which
is the manager of LOF. Mr. Logomasini is the Director of Business
Development for the Government Sector Group of SAFC/Sigma-Aldrich
Corporation. He is responsible for developing the strategic plan for
Federal programs and coordinating business development activities across
SAFC business units.
“We are pleased to have completed the conversion of approximately
$700,000 of debt held by LOF and the addition of $500,000 in cash from
LOF and director Ed Flynn,” said Mr. Ralph Makar, President and CEO of
Bioject. “We appreciate the commitment that Signet and Mr. Flynn
continue to demonstrate with their investment in and positive support
for Bioject. We also wish to thank those Board members who resigned in
order to allow the transaction to close and to help improve the
Company’s chances for long-term success. The hard work and significant
contributions of both outgoing board members and those continuing on is
appreciated.”
“With the addition of Al Hansen and Mark Logomasini to the Board of
Directors, the Company gains additional significant experience in
business, operations, finance, government affairs, contract
manufacturing and biologics. We welcome them both and look forward to
the valuable experience they add to the Board. We believe that with a
new Board in place, elimination of the largest portion of our debt and
additional capital, the Company is now much better positioned for the
future,” said Mr. Makar.
SOURCE Bioject Medical Technologies Inc.