CUSIP No. 09059T107 13G Page 1 of 5 Pages
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934 1
Bioject Medical Technologies Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
09059T107
(CUSIP Number)
March 31, 1998
-------------------------------------------------------
(Date of Event Which Requires Filing of This Statement)
Check the Appropriate box to designate the rule pursuant to which this schedule
is filed:
[ ] Rule 13d-1(b)
[X ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
<PAGE>
CUSIP No. 09059T107 13G Page 2 of 5 Pages
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
DeSpain & Coby, Inc.
Tax ID# 93-1157255
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Oregon
NUMBER OF 5 SOLE VOTING POWER - 0
SHARES
BENEFICIALLY 6 SHARED VOTING POWER - 2,257,684
OWNED BY
EACH 7 SOLE DISPOSITIVE POWER - 0
REPORTING
PERSON WITH 8 SHARED DISPOSITIVE POWER - 2,257,684
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 2,257,684
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 - 8.1%
12 TYPE OF REPORTING PERSON* - IV
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 09059T107 13G Page 3 of 5 Pages
Item 1(a). Name of Issuer
Bioject Medical Technologies Inc.
Item 1(b). Address of Issuer's Principal Executive
Offices:
7620 SW Bridgeport Road
Portland, OR 97224
Item 2(a). Name of Person Filing
DeSpain & Coby, Inc.
Item 2(b) Address of Principal Business Office or, if
none, Residence:
1011 SW Emkay Drive, Suite 103
Bend, OR 97702
Item 2(c) Citizenship:
Oregon
Item 2(d) Title of Class of Securities:
Common Stock
Item 2(e) CUSIP Number:
09059T107
Item 3. If this statement is filed pursuant to Rules 13d-
1(b), or 13d-2(b), check whether the person filing
is a:
(a)[ ] Broker or Dealer registered under Section 15 of the Act;
(b)[ ] Bank as defined in section 3(a)(6) of the Act;
(c)[ ] Insurance Company registered under section 3(a)(19) of Act;
(d)[ ] Investment Company registered under section 8 of the Investment
Company Act of 1940;
(e)[ ] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f)[ ] Employee Benefit Plan or Endowment plan in accordance with rule
13d-1(b)(1)(ii)(F);
(g)[ ] Parent Holding Company or control person, in accordance with Rule
13d-1(b)(1)(ii)(G);
(h)[ ] A savings association as defined in Section 3(b) of the Federal Deposit
Insurance Act;
(i)[ ] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of 1940:
(j)[ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J)
[X] If this statement is filed pursuant to Rule 13d-1(c), check this box.
<PAGE>
CUSIP No. 09059T107 13G Page 4 of 5 Pages
Item 4. Ownership
(a) Amount Beneficially Owned: 2,257,684 shares of Common Stock, which
includes the right to acquire 1,162,792 shares of Common Stock pursuant to
a currently exercisable warrant. The filer is the general partner of two
limited partnerships. As general partner, the filer has the sole power to
vote or dispose of the shares, as indicated below. Summit Fund Limited
Partnership owns 528,046 shares of Common Stock, which includes the right to
acquire 581,396 shares of Common Stock pursuant to a currently exercisable
warrant. Tiburon Fund Limited Partnership owns 566,846 shares of Common Stock,
which includes the right to acquire 581,396 shares of Common Stock pursuant to
a currently exercisable warrant.
(b) Percent of Class: 8.1%
(c) Number of shares to which such person has:
(i) sole power to vote or to direct the vote: 2,257,684
(ii) shared power to vote or to direct the vote: 0
(iii)sole power to dispose or to direct the disposition of: 2,257,684
(iv) shared power to dispose or to direct the disposition of: 0
Instruction. For computations regarding securities which represent
a right to acquire an underlying security, see Rule 13d-3(d)(1).
Item 5. Ownership of Five Percent or Less of a Class
If the statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group
Note. If a group has filed this schedule pursuant to Rule 13d-1(b)(1)(ii)(J),
so indicate under Item 3(j) and attach an exhibit stating the identity and
Item 3 classification of each member of the group. If a group has filed this
schedule pursuant to Rule 13d-1(d), attach an exhibit stating the identity of
each member of the group.
Not Applicable
<PAGE>
CUSIP No. 09059T107 13G Page 5 of 5 Pages
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
May 11, 1998
____________________________________
(Date)
DeSpain & Coby, Inc.
/s/ Daniel DeSpain
____________________________________
(Signature)
Daniel DeSpain, President
____________________________________
(Name/Title)
