ORCHARD PARK, NY, March 28 /PRNewswire-FirstCall/ -- MINRAD International, Inc. (Amex: BUF) today announced its Board of Directors approved the appointment of David T. DiGiacinto as President and Chief Operating Officer, effective April 1, 2008, when he will take over the day-to-day operations of the Company. Mr. DiGiacinto's appointment is the first step in a transition in which he will become Chief Executive Officer of the Company beginning on January 1, 2009. William H. Burns, Jr. will continue to serve as Chief Executive Officer through the end of the year and has agreed to continue serving as Chairman of the Board of Directors until the Company's 2009 annual meeting, on terms and conditions which have not been finalized but which are expected to be determined within the next two months. It is anticipated he will also continue to serve on the Scientific Advisory Board of the Company during the transition and after his term as Chairman expires.
Mr. DiGiacinto is joining Minrad from Spencer Trask & Co., a private equity firm based in New York City, where he served as a Senior Managing Director. Spencer Trask invests primarily in early stage companies with technologies in a variety of market segments. Mr. DiGiacinto was mainly focused on Healthcare, Specialty Chemicals, Nutritionals and Food Ingredients. Spencer Trask Specialty Group LLC, an affiliate of Spencer Trask & Co., was an early stage investor in Minrad, Inc. in 1999 and provided the primary financing to Minrad through 2002. Mr. DiGiacinto currently serves as an advisor to the Company and has been a member of the Board of Directors since 2004. He will continue to serve as a director of the Company after assuming his new position.
Prior to joining Spencer Trask in 20
|SOURCE MINRAD International, Inc.|
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