LOS ANGELES COUNTY - News from Sept. 29, 1988

Michael M. Chaffee has resigned as president, chief executive and chairman of Applied Biomedical Sciences, Long Beach. He will remain as a director and consultant. James M. Pachence has been named interim president and chief executive, and John M. Dutton has been named interim chairman. Pachence is also president and chief executive of MediMatrix Inc., a wholly owned subsidiary of ABS. Dutton is president of Corsair Asset Management Inc., an investment advisory firm in Los Angeles. Pachence and Scott Fine, vice president-sales of First Albany Corp., Albany, N.Y., had previously been elected directors of ABS.

J. Robert Randolph has resigned as a director, executive vice president and secretary, and Raymond C. Baptista has resigned as a director, chief financial officer and treasurer. The restructuring is related to the previously announced acquisition of MMI and the completion of a $1-million private placement with Corsair Asset Management. MMI is a biomaterials research and development corporation with headquarters in Princeton, N.J.