PORTLAND, Ore., Oct. 20 /PRNewswire-FirstCall/ -- Bioject Medical Technologies Inc. announced today that Mr. Jim O'Shea will be retiring as President and CEO, as well as a director, as of December 31, 2006. Effective today, Mr. O'Shea has resigned as Chairman and Mr. Jerald S. Cobbs, Bioject's Lead Director and Chair of the Nominating Committee, has been elected Chairman.
"I have considered it a privilege to work at Bioject since 1995, and to lead the company as we became the leader in our industry. Due to the hard work and expertise of all of our employees I believe Bioject is well positioned to face the future," said Jim O'Shea, President and CEO. "The Company has six FDA cleared products, a vast intellectual property portfolio, and an impressive product development pipeline and we have made significant inroads into the personal injection market, the animal health market and vaccine delivery. I look forward to working with our Board of Directors during this transition."
The Board of Directors has formed a search committee that will be headed by Mr. Cobbs, a Managing Director of Life Science Opportunities Fund, which is an affiliate of Sanders Morris Harris Group Inc. and Bioject's largest investor. Mr. O'Shea will be available on a consulting basis beyond December 31, 2006, to assist the Company in transitional and related issues.
About Bioject
Bioject Medical Technologies Inc., based in Portland, Oregon, is an innovative developer and manufacturer of needle-free drug delivery systems. Needle-free injection works 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.
For more information about Bioject, visit http://www.bioject.com/.
