RESEARCH TRIANGLE PARK — Biodelivery Sciences International Inc. Senior Vice President and Chief Technology Officer Niraj Vasisht will retire on Feb. 4, according to a filing with the Securities and Exchange Commission.

Vasisht will receive $330,000 gross sum in separation pay.

Vasisht will receive his separation pay in two installments in two equal payments of $165,000. The first installment will be paid on Jan. 19, 2018, with an additional $20,000 “in consideration for the raised management deferred.” The second pay installment will be on April 1, 2018.

The Research Triangle Park, North Carolina based-company said Vasisht entered the retirement agreement of his own choosing “and is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies (including accounting or financial policies) or practices.”

Vasisht joined the company in 2005 as the vice president of product development, until he was promoted in 2008 as senior vice president of product development and chief technical officer. He then was promoted again as chief technology officer in 2016.

Vasisht attended the Indian Institute of Technology for his Bachelor’s degree in Chemical engineering. He then received his MS in chemical engineering at the University of New Hampshire, and his Ph.D. at Rensselaer Polytechnic Institute.

BioDelivery Sciences is a pharmaceutical company that focuses on pain management and addiction medicine. It uses its innovative BioErodible MucoAdhesive and other drug delivery technologies to develop new applications of proven therapies to meet various medical needs.

It’s shares closed Friday at $2.70, unchanged. Its shares have risen 4.85 percent this year.

The SEC filing can be found here.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism