BUFFALO, N.Y., Oct. 6 /PRNewswire-FirstCall/ -- MINRAD International (MNRD.OB) a manufacturer of acute care medical devices and pharmaceuticals (www.minrad.com) announced today that the company signed six new inhalation anesthetic contracts during the quarter ended September 30, 2005. Anticipated annual minimums to remain exclusive under these new agreements reach almost $7 million by 2008 and bring the total of MINRAD's 35 agreements to $109 million by 2008. (Annual minimums are derived based on the expected drug approval date in the contracted market. Similar to dealings with the United States Food and Drug Administration "FDA," approval dates can and will vary from their anticipated timing.)
$ Millions 2006 2007 2008 New Agreements 3.6 5.5 6.8 Prior Agreements 27.1 72.7 102.4 Total 30.7 78.2 109.2
The new agreements cover Costa Rica, Egypt, France, the Philippines, South Korea and an industrial customer for the anesthetic chemistry.
For more information please contact Bill Bednarski, COO, at 716-855-1068 or via email at bbednarski@minrad.com.
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 statement. Investors should not place undue reliance on the 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 or to reflect the occurrence of anticipated or unanticipated events or circumstances. Forward-looking statements are based on assumptions and estimates and are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those identified in the forward-looking statements in this news release include changes in general economic and political conditions and currency exchange rates; market factors, including competitive pressures and changes in pricing policies; changes in interpretations of existing legislation or the adoption of new legislation; loss of major customers; the occurrence of litigation or claims; natural and manmade disasters, including acts of terrorism or war; and other factors described in the "Risk Factors" and "Cautionary Factors That May Affect Future Results" sections of Minrad International's Form 10-KSB, filed with the Securities and Exchange Commission on March 31, 2005, which are incorporated herein by reference.
CONTACT: Bill Bednarski Chief Operating Officer E-mail: Bbednarski@minrad.com 716-855-1068
MINRAD InternationalCONTACT: Bill Bednarski, Chief Operating Officer of MINRAD International,+1-716-855-1068 or Bbednarski@minrad.com
Web site: http://www.minrad.com/
