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Bioject

This article was originally published in The Gray Sheet

Executive Summary

Developer of needleless drug delivery systems completes $15 mil. round of equity financing, firm announces May 24. Offering included the placement of about 1.5 mil. shares at $10 each and warrants to purchase approximately 225,000 shares at $11. The Portland, Oregon-based firm will use the proceeds to scale up production to meet the needs of biotech partners Amgen and Serono, and to expand R&D efforts, including the development of a pre-filled intradermal device. Other R&D initiatives include investigation of the mmune response of certain vaccines delivered with Bioject devices. The equity round was led by Merlin Biomed Group and Pequot Cpital Management; Leerink, Swann & Co. acted as placement agent for the deal, which brings Bioject's cash position to about $28 mil
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