Bioject Announces Convertible Debt Financing

Mr. Flynn, a private investor and previous Board member of Bioject, has provided additional funding to assist in moving the Company forward as the new CEO pursues new opportunities. The funds will give Bioject financial strength to carry it into the next year, allowing Bioject to expand its needle-free technology with current collaborators as well as to seek new opportunities. In his willingness to rejoin the Board, Mr. Flynn will add years of business experience and insight to Bioject’s Board. In addition, the financial support from the CEO and other executive officers and a member of the Board indicates their commitment to make the Company successful.

“I am pleased to be once again an active participant of the Board of Directors and look forward to being involved in moving Bioject to the next level. I have always supported the Company and believe this technology brings future clinical advancements into use today,” said Mr. Flynn. “With the increase in self injections at home and the need to remove needles as a possible spread of infectious disease, Bioject is positioned to address these issues and improve our health care system for everyone.”

“Mr. Ed Flynn has been a long time supporter, Board member and advocate for Bioject and its needle-free injection therapy (NFIT) systems,” said Ralph Makar, President and CEO of Bioject. “We are very pleased to have Mr. Flynn rejoin our Board of Directors and we sincerely value his significant contributions and business expertise as we move Bioject to the next level.”

In addition to the convertible financing, the Company has requested and successfully entered into a Forbearance Agreement with Partners for Growth, LP (“PFG”) with respect to its outstanding term and convertible debt agreements. PFG has agreed to forbearance until no later than June 1, 2008, and has agreed not to declare an Event of Default or exercise other remedies under the PFG loans with respect to certain specified events. The Company has agreed to pay down $550,000 of its revolving line of credit and to reprice PFG’s convertible debt note and warrants to $0.90 per share.

As anticipated, the Company received Nasdaq Deficiency Letters on November 15, 2007 and November 19, 2007. The November 15 letter indicated that Bioject has failed to comply with stockholders’ equity, market value of listed securities and net loss from continuing operations requirements for continued listing, as set forth in Marketplace Rules(s) 4310c(3). The November 19 letter indicated that Bioject has failed to comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4310c(4) because for 30 consecutive trading days the bid price of Bioject’s common stock has closed below the minimum $1.00 bid requirement. The November 15, 2007, letter states that Bioject has until November 30, 2007 to provide Nasdaq with a specific plan to achieve and sustain compliance with the Nasdaq Capital Market listing requirements. In the event the Company is unable to deliver a plan acceptable to Nasdaq, Bioject would expect to receive notification that its securities will be delisted. At that time, the Company has the option to appeal the Staff's decision to a Nasdaq Listing Qualifications Panel. The November 19, 2007, letter states that Bioject will be provided 180 calendar days, or until May 19, 2008, to regain compliance with the minimum bid price requirement. If, at any time prior to May 19, 2008, the bid price of Bioject’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify Bioject that it is in compliance with the minimum bid requirement.

"In anticipation of the financing requirements and the Nasdaq notification, the Company took a proactive stance by raising capital and beginning to execute on our new customer-focused business strategy, which we believe will allow us to become compliant with the Nasdaq requirements,” said Mr. Makar. “Bioject is currently discussing new opportunities with several new potential partners as well as current partners to expand its technology in new and exciting areas. The dose-sparing clinical studies that are currently under way should be finished and data available next year, which could present some exciting areas for expansion as well as new directions in the delivery of some vaccines. We are very optimistic about our future and are looking forward to a very productive next few years,” said Mr. Makar. We have made many positive changes this year in the Company and feel we are well positioned to move forward with success in the near future.”

Bioject Medical Technologies Inc., based in Portland, Oregon, is an innovative developer and manufacturer of needle-free injection therapy systems (NFITS). NFITS provide an empowering technology and work by forcing medication at high speed through a tiny orifice held against the skin. This creates a fine stream of high-pressure fluid, penetrating the skin and depositing medication in the tissue beneath. The Company is focused on developing mutually beneficial agreements with leading pharmaceutical, biotechnology, and veterinary companies.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the expansion of our relationship with current collaborators and regaining compliance with Nasdaq listing standards. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include, without limitation, the risk that the Company’s products will not be accepted by the market, the risk that the Company will be unable to successfully develop and negotiate new strategic relationships or maintain existing relationships, the risk that Bioject’s current or new strategic relationships will not develop into long-term revenue producing relationships, the fact that Bioject’s business has never been profitable and may never be profitable, uncertainties related to Bioject’s dependence on the continued performance of strategic partners and technology, uncertainties related to the time required for the Company to complete research and development, obtain necessary clinical data and government clearances, the risk that the Company may be unable to produce our products at a unit cost necessary for the products to be competitive in the market and the risk that the Company may be unable to comply with the extensive government regulations applicable to Bioject’s business, the risk that Bioject’s stock price may not increase adequately to satisfy the minimum bid requirement, the risk that Nasdaq does not agree that our proposal to regain compliance with listing standards is likely to achieve success. Readers of this press release are referred to the Company’s filings with the Securities and Exchange Commission, including the Company’s reports on Form 10-K and Forms 10-Q for further discussions of factors that could affect the Company’s business and its future results. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. The Company assumes no obligation to update forward-looking statements if conditions or management’s estimates or opinions should change.

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