Needle-free drug delivery company Bioject Medical Technologies (OTC:BJCT) announced the departure of its president & CEO "for cost-cutting reasons" on the heels of major cuts to its workforce.
Ralph Makar, who took the corner office at Bioject four years ago, ceded his role to board member Mark Logomasini, who will serve as interim president & CEO, effective immediately.
The news follows a seemingly stellar third-quarter earnings report, in which the company touted doubled sales. However, the sales spike was temporary as all one-time orders had been filled and another important client had lowered its order expectations.
There are "no new sources of revenue apparent in the near term," Marak said in a press release.
Bioject reported in its earnings that it had axed 38 percent of its workforce, leaving behind 20 employees who had also had their work week reduced.
"The company intends to reduce additional staff as necessary in the future," Marak said in the earnings release. "Further, the company and board of directors are considering a wide range of options including restructuring the company to allow it to continue until new commercial agreements are entered into or to adopt a new business model and/or a sale of the company"
Here’s the latest personnel changes from medical device, diagnostics and life science companies around the nation. For more recent hirings and firings, check out MassDevice’s compilation of the latest personnel moves.
- Trans1 VP of international operations moves to contract role
Trans1 Inc. VP of international operations Robert Martin will step down from his role by the end of the year, transitioning to a position as independent sales agent for the company in Europe.
- Former FDA device compliance head joins Becker & Associates Consulting
Becker & Associates Consulting Inc. named Tim Ulatowski, former director of the office of compliance within the Center for Devices & Radiological Health of the FDA the director of medical devices on the Becker Consulting expert advisory committee.
- Aperio names new president & futurist
California digital pathology company Aperio named founder Dirk Soenksen president & futurist.
- Elron appoints new director
Israeli company Elron Electronic Industries Ltd. named Hadar Udler director.
- AcuNetx swaps out chief officer
AcuNetx Inc. replaced CEO Robert Corrigan, who will also resign from the board of directors, with Joel Ciniero.
- Linden Capital adds operating partner
Linden Capital Partners, a Chicago-based private equity firm that focuses on middle market leveraged buyout investments in the health care sector, announced the addition of Chris Kolber as an operating partner.
- CareView names new CFO
CareView Communications Inc. (OTC: CRVW), an information technology provider to the health care industry, named Anthony Piccin its new chief financial officer upon the resignation of John Bailey.
- Kinetic Concepts selects global president of active healing solutions
Kinetic Concepts Inc. announced the selection of Joseph Woody as global president of active healing solutions, the company’s advanced wound healing business.
- Vicor Technologies appoints new director
Vicor Technologies Inc. named Jeffrey Langan its new class I director, an independent position as determined by Nasdaq requirements.
- Merit Medical adds two directors
Merit Medical Systems Inc. (NSDQ:MMSI), manufacturer and marketer of proprietary disposable devices used primarily in cardiology, radiology and endoscopy, announced that it appointed A. Scott Anderson and Nolan Karras to serve as directors.