Files registration statement with the Securities and Exchange Commission for a proposed secondary offering of 2,610,000 shares of common stock. Of the shares, 2,509,344 would be offered by the company and 100,656 would be offered by selling shareholders. The company intends to use about $3 mil. of the net proceeds "to automate and expand manufacturing systems," approximately $4 mil. for sales and marketing expansion, $500,000 for capital equipment and the remainder for "working capital and general corporate purposes." Pacific Growth Equities is underwriting. The Portland, Oregon firm began marketing its Biojector 2000 CO[2], powered jet injection system for needle- free drug delivery in the U.S in January. Cleared via 510(k) in 1987, the device sells for $995 and expels medication "rapidly through a precision molded, small diameter orifice in a thin stream at pressures sufficient to penetrate the skin and force the medication into the tissue at the desired level," according to the prospectus. The firm also is developing a "self-injection" system for insulin delivery under an agreement with Lilly ("The Gray Sheet" May 25, 1992, p. 17).
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