Christopher Price, an executive with pharmaceutical firm Nobex since 1997, is leaving his position as chief executive officer.

Replacing Price as CEO is Charles Dimmler III, the chairman of the Nobex board of directors since April of last year.

Nobex announced the changes on Monday afternoon. The company said Price was leaving to “pursue other business opportunities” and would continue to work with Nobex as a consultant. Nobex was launched in 1993.

“In his new role, Charles will take the lead in the efforts to secure Nobex’s healthy financial future,” said Michael Hsu, a Nobex board member, in a statement. “His day-to-day involvement in financial strategy and execution and expertise in strategic partnership negotiations will be critical to further build on Nobex’s corporate development.”

Nobex has two oral-delivery drugs in clinical trials, one for the treatment of diabetes and the other for heart disease.

“Chris has built a strongly focused foundation in product technology development for Nobex over the last eight years,” Dimmler said. “This organization has benefited greatly by his leadership, vision, and insightful technical guidance. We look forward to his continuing engagement with us in his new consulting role.”

Before joining Nobex, Price was a founder, president and CEO of Larex Incorporated, a specialty chemical and pharmaceutical firm based in Minnesota. Price was also one of five members of the Nobex board.

Dimmler is founder and managing principal of Midnight Sun Capital, a private investment management firm. He also serves on the boards of directors of Gene Logic and Preferred Global Health Ltd as well as other firms. He is chairman of the board of trustees of the Huntington’s disease Society of America.

Nobex closed on a $35 million round of venture capital in 2002 and $23 million in 1999 when the company was called Protein Delivery. The firm’s name was changed to Nobex in 200.

The company also at one time reached a deal with GlaxoSmithKline for an oral insulin project that could have produced more than $280 million for Nobex. That deal was ended in November of 2003 and Nobex reacquired all drug rights involved in the deal.