For the first time since its founding 16 years ago, BioSphere Medical Inc. (NSDQ:BSMD) will have to do without the services of William Cousins Jr., who’s stepping down from its board of directors.
BioSphere said Cousins, president of the consulting firm that bears his name, will step down as of May. The Rockland, Mass.-based company hired Levin & Co. Inc. to help find his replacement and is interviewing candidates.
"Bill was involved in BioSphere‘s formation, and served as a member of the audit (chairman), compensation, and nominating and corporate governance committees," chairman David Southwell said in a prepared statement.
BioSphere, which asked the Food & Drug Administration to consider an investigational device exemption for its QuadraSphere liver cancer treatment in October, moved closer to breaking even during the third quarter, posting sales of $7.7 million during the three months ended Sept. 30, 2009, up 6.8 percent compared with the same period last year. Net losses narrowed 84.6 percent to $216,000, compared with net losses of $1.4 million during the third quarter of 2008. The company is slated to reveal its fourth-quarter results Feb. 11.
