BUFFALO, N.Y., Jan. 4 /PRNewswire-FirstCall/ -- MINRAD International Inc. , a leader in interventional pain management (www.minrad.com), announced today four additional contracts for inhalation anesthetics and two contracts for its real time image guided medical devices. These contracts became effective in the quarter ended December 31, 2005. Annual minimums to remain exclusive under these new agreements are anticipated to exceed $7 million by 2008.
Anesthesia & Analgesia
In the company’s anesthesia & analgesia product line new agreements in Pakistan, Peru, South Africa and with an industrial customer require annual minimum purchases to remain exclusive of $5.3 million by 2008 and increase the number of company’s anesthesia & analgesia agreements to 37 contracts. Anticipated totals under these agreements now represent $114 million during 2008.
$ Millions 2006 2007 2008 New Agreements 1.2 4.8 5.5 Prior Agreements 24.5 73.3 108.8 Total 25.7 78.1 114.3
It should be noted, however, that similar to dealings with the United States Food and Drug Administration “FDA,” approval dates can and will vary from their anticipated timing.
Image Guidance
At the same time, MINRAD is announcing its first international image guidance contracts. The company has already signed contracts in Taiwan and China which total $2.1 million by 2008.
$ Millions 2006 2007 2008 Europe NA NA NA Latin America NA NA NA Pacific Rim 0.1 1.1 2.1 Total 0.1 1.1 2.1
The acceptance process for image guidance products varies by market place and may include product as well as quality system acceptance. On average, these acceptances take six to twelve months but may be longer. MINRAD will be initiating acceptance processes in key international markets in the first and second quarter of 2006.
The company anticipates that it will begin signing international partnering agreements for its image guided line as it goes forward and will announce these quarterly, similar to what it has done in the anesthesia & analgesia product line.
Contact: Ken Kiyama, Vice President Marketing 716-855-1068 Kiyama@minrad.com About the Company
MINRAD International, Inc. is a leader in interventional pain management. Key product lines include anesthesia pharmaceuticals, real time image-guidance and a program to develop a conscious sedation drug/drug delivery system.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as “may,” “intend,” “might,” “will,” “should,” “could,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “project,” “potential,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control) and assumptions and may be affected by changes in economic, business, competitive, technological and/or regulatory factors, and other factors affecting the operation of MINRAD’s business. More detailed information about these factors may be found in filings by MINRAD with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB. Investors should not place undue reliance on forward-looking statements contained in this news release. Each forward-looking statement speaks only as of the date on which it is made, and except as required by law, MINRAD International undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
MINRAD International, Inc.
CONTACT: Ken Kiyama, Vice President Marketing of MINRAD International,Inc., +1-716-855-1068 or Kiyama@minrad.com
Web site: http://www.minrad.com/
