Navigation Links
MINRAD International, Inc. Announces $40.0 Million Private Placement
Date:5/5/2008

ORCHARD PARK, N.Y., May 5 /PRNewswire-FirstCall/ -- MINRAD International, Inc. (Amex: BUF) today announced that it has entered into agreements to issue and sell an aggregate of $40.0 million of senior secured convertible notes with a group of institutional accredited investors in a private placement. The notes pay an 8% coupon, have a 3 year maturity and a conversion price of $2.65 a share. The aggregate net proceeds of the notes, after deducting the placement agents' fees and estimated offering expenses payable by MINRAD, are expected to be approximately $36.7 million. The Company plans to use the net proceeds of the financing to retire its obligations under its current $15.0 million senior notes with Laminar Direct Capital L.P. and for working capital and general corporate purposes. Lehman Brothers served as placement agent for MINRAD in the transaction.

The securities offered in the private placement were not registered under the Securities Act of 1933, as amended (the "Act") or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act and applicable state securities laws. Pursuant to the purchase agreements with the investors, the Company will file a registration statement with the U.S. Securities and Exchange Commission covering the resale of the shares of common stock issuable upon the conversion of the notes, subject to certain terms and conditions.

In connection with the private placement, the Company is reaffirming its previous guidance that revenue for the first quarter of 2008, which ended March 31, 2008, will be in the range of $11.5 to $12.0 million.

Contact: Charles R. Trego, Jr., Chief Financial Officer

ctrego@minrad.com

(716) 855-1068

http://www.minrad.com

About the Company

MINRAD International, Inc. is an interventional pain management company with real-time image guidance, anesthesia and analgesia, conscious sedation product lines. The real-time image guidance products facilitate minimally invasive surgery especially for pain management and have broad applications in orthopedics, neurosurgery, and interventional radiology. These devices enable medical professionals to improve the accuracy of interventional procedures and reduce radiation exposure. MINRAD International also manufactures and markets generic inhalation anesthetics for use in connection with human and veterinary surgical procedures. The company is developing a drug/drug delivery system for conscious sedation, which, similar to nitrous oxide in dental surgery, provides a patient with pain relief without loss of consciousness. Additional information can be found at the company's website, http://www.minrad.com.

The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Factors that may cause actual results to differ materially from those expressed or implied by its forward-looking statements include, but are not limited to, Minrad International's limited operating history and business development associated with being a growth stage company; its dependence on key personnel; its need to attract and retain technical and managerial personnel; its ability to execute its business strategy; the intense competition it faces; its ability to protect its intellectual property and proprietary technologies; its exposure to product liability claims resulting from the use of its products; general economic and capital market conditions; financial conditions of its customers and their perception of its financial condition relative to that of its competitors; as well as those risks described under the heading "Risk Factors" of Minrad International's Form 10-KSB/A, filed with the Securities and Exchange Commission on April 21, 2008. Although Minrad International, Inc. believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.


'/>"/>
SOURCE MINRAD International, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. MINRAD International, Inc. Announces Appointment of David T. DiGiacinto as President and Chief Operating Officer
2. Corium International, Inc., Announces $40 Million Financing led by Essex Woodlands Health Ventures
3. JPMorgans Principal Investment Management Group to Invest in Chindex International, Inc.
4. Corium International, Inc. Announces Appointment of Phyllis Gardner, M.D. and Daniel G. Welch to Board
5. China Pharma Holdings, Inc. Retains HC International, Inc. to Implement Investor Relations Program
6. Chindex International, Inc. to Present at 2008 UBS Global Healthcare Services Conference
7. Cryo-Cell International, Inc. Reports Results for Fiscal 2007
8. Bio-Clean International, Inc. to Present at Bluechip Capital Investment Forum
9. VWR International, LLC Acquires Jencons (Scientific) Ltd, UK
10. Sangui BioTech International, Inc., Reports Sales Increase, Continued Losses
11. Cryo-Cell International, Inc. Reports First Quarter 2008 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/22/2017)... ... 22, 2017 , ... The Academy of Model Aeronautics (AMA) ... 29, 2017, to promote AMA’s programs, member services, and the model aviation hobby. ... but not limited to model aviation and other RC activities. , Thousands are ...
(Date:9/21/2017)... ... (PRWEB) September 21, 2017 , ... The 3rd ... to review the latest knowledge on these products, which are increasingly used in ... the impact of Biostimulants on Plant Nutrition, Abiotic Stresses, Plant Growth and Development, ...
(Date:9/21/2017)... ... September 21, 2017 , ... When a downtown ... response was swift and efficient thanks to the continuing efforts of members of ... of more than 50 stakeholders, including officials from area counties and cities, Renewable ...
(Date:9/20/2017)... (PRWEB) , ... September 20, 2017 , ... ... today that it has appointed Vishwas Paralkar to the role of chief scientific ... targeting technology. He will report to Cybrexa’s president and CEO, Per Hellsund. , ...
Breaking Biology Technology:
(Date:3/28/2017)... 2017 The report "Video Surveillance ... Servers, Storage Devices), Software (Video Analytics, VMS), and Service ... Forecast to 2022", published by MarketsandMarkets, the market was ... projected to reach USD 75.64 Billion by 2022, at ... base year considered for the study is 2016 and ...
(Date:3/24/2017)... , Mar 24, 2017 Research and ... Access System Market Analysis & Trends - Industry Forecast to 2025" ... ... to grow at a CAGR of around 15.1% over the next ... This industry report analyzes the market estimates and forecasts for all ...
(Date:3/22/2017)... VILNIUS, Lithuania , March 21, 2017 /PRNewswire/ ... identification and object recognition technologies, today announced the ... development kit (SDK), which provides improved facial recognition ... safety cameras on a single computer. The new ... algorithms to improve accuracy, and it utilizes a ...
Breaking Biology News(10 mins):