ORCHARD PARK, N.Y., Nov. 20 /PRNewswire-FirstCall/ -- MINRAD International, Inc. (Amex: BUF), announced effective today it will reduce its workforce by approximately 35% or 50 positions.
Dave DiGiacinto, President and Chief Operating Officer, said, "We have taken this difficult, but necessary action to reduce our cost structure to conserve our cash in response to our current adverse financial condition as we discussed in our recently announced third quarter 2008 financial results on November 14, 2008. We appreciate the dedication and past efforts of those employees affected by today's announcement and thank them for their contributions."
This reduction in workforce will affect positions in company locations including Pennsylvania, New York and other geographies.
Contact: Charles R. Trego, Jr., Executive Vice President & Chief Financial Officer firstname.lastname@example.org (716) 855-1068 www.minrad.com
About the Company
The Company is an interventional pain management company with three focus areas: (1) anesthesia and analgesia, (2) real-time image guidance, and (3) conscious sedation. The Company's products are sold throughout the world. The anesthesia and analgesia business currently manufactures and sells generic inhalation anesthetics that are used for human and veterinary surgical procedures. The Company manufactures patented real-time image guidance technologies that facilitate minimally invasive surgery. The SabreSource(TM) system and the accompanying Light Sabre(TM) disposable products have broad applications in orthopedics, neurosurgery, interventional radiology and anesthesia. They enable improved accuracy and reduced radiation in interventional procedures and supp
|SOURCE MINRAD International, Inc.|
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