MINRAD International, Inc. Receives Notice That NYSE Alternext Intends to File Delisting Application With Securities and Exchange Commission
ORCHARD PARK, N.Y., Feb. 6 /PRNewswire-FirstCall/ -- MINRAD International, Inc. -- On February 2, 2009, the Company received a notice from NYSE Alternext US LLC (the "Exchange") stating that the Exchange intends to strike the common stock of the Company from the Exchange by filing a delisting application with the Securities and Exchange Commission pursuant to Section 1009(d) of the NYSE Alternext US Company Guide. By letter dated December 11, 2008, the Exchange had advised the Company that the Company was not in compliance with certain provision of the Exchange's Company Guide (the "Company Guide"), namely Section 1003(a)(i), with stockholders' equity of less than $2,000,000 and losses from continuing operations and net losses in two out of its three most recent fiscal years; 1003(a)(ii), with stockholders' equity of less than $4,000,000 and losses from continuing operations and net losses in three out of its four most recent fiscal years; 1003(a)(iii), with stockholders' equity of less than $6,000,000 and losses from continuing operations and net losses in its five most recent fiscal years; and 1003(a)(iv) in that it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether it will be able to continue operations and/or meet its obligations as they mature.
By letter dated December 26, 2008 the Company notified the staff it had entered into a definitive merger agreement with Piramal Healthcare, Inc., Piramal Healthcare Limited and Mayflower Acquisition Corp. for the acquisition of the Company and requested that the Exchange continue to list the Company's stock until consummation of that merger, at which time the Company would voluntarily delist. The Exchange has advised the Company that this response did not constitute a plan of how it intends to regain compliance with the Exchanges listing standards and that therefore, there is no basis for the Exchange to provide a listing extension. It advised the Company it is therefore subject to immediate delisting proceedings. The Company intends to exercise its right to request an oral hearing to review with the Exchange its determination. There can be no assurance that the Company's request for continued listing will be granted.
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 support the transfer of these procedures to the outpatient setting. The Company is in the process of developing a drug/drug delivery system for the use of halogenated ethers as inhalation analgesics for conscious sedation.
Forward-Looking Statements
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.
CONTACT: Charles R. Trego, Jr. Executive Vice President and CFO of MINRAD
International, Inc., +1-716-855-1068
Web site: http://www.minrad.com/