Financings in Brief: Bioject Medical Technologies
This article was originally published in The Gray Sheet
Bioject Medical Technologies: Equity investment of $3 mil. in Bioject common stock by Elan Corporation, plc is included in an agreement to form a joint venture for research, development and commercialization of a continuous glucose level monitoring system for diabetics. The system, for which clinical trials are anticipated to commence in "early 1998," will incorporate a "patch-like sensor," and "a wrist watch-type monitoring device," Bioject explains. The two firms will also cooperate in the development of a pre-fill, needle-free injection format for Elan drugs using Bioject technology; an additional $500,000 Elan investment will go towards its development. Established as a majority owned subsidiary of Bioject (19.9% owned by Elan), the joint venture "will license on an exclusive basis certain manufacturing and marketing rights to Elan's glucose monitoring technology for an initial payment of $15 mil.," Bioject notes...
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