ORCHARD PARK, NY, March 28 MINRAD International,Inc. (Amex: BUF) today announced its Board of Directors approved theappointment of David T. DiGiacinto as President and Chief Operating Officer,effective April 1, 2008, when he will take over the day-to-day operations ofthe Company. Mr. DiGiacinto's appointment is the first step in a transitionin which he will become Chief Executive Officer of the Company beginning onJanuary 1, 2009. William H. Burns, Jr. will continue to serve as ChiefExecutive Officer through the end of the year and has agreed to continueserving as Chairman of the Board of Directors until the Company's 2009 annualmeeting, on terms and conditions which have not been finalized but which areexpected to be determined within the next two months. It is anticipated hewill also continue to serve on the Scientific Advisory Board of the Companyduring the transition and after his term as Chairman expires.
Mr. DiGiacinto is joining Minrad from Spencer Trask & Co., a privateequity firm based in New York City, where he served as a Senior ManagingDirector. Spencer Trask invests primarily in early stage companies withtechnologies in a variety of market segments. Mr. DiGiacinto was mainlyfocused on Healthcare, Specialty Chemicals, Nutritionals and Food Ingredients.Spencer Trask Specialty Group LLC, an affiliate of Spencer Trask & Co., was anearly stage investor in Minrad, Inc. in 1999 and provided the primaryfinancing to Minrad through 2002. Mr. DiGiacinto currently serves as anadvisor to the Company and has been a member of the Board of Directors since2004. He will continue to serve as a director of the Company after assuminghis new position.
Prior to joining Spencer Trask in 2000, Mr. DiGiacinto spent 18 years atPfizer, Inc. While with Pfizer, he performed several operational andmanagement functions both in the U.S. and Internationally. These includedserving as its Director of Marketing in charge of a variety of products,including bulk antibiotics; profit and loss responsibility over its LatinAmerican Division; and management of it's Worldwide Brewery and DairyDivision, which included both manufacturing and packaging sites.Mr. DiGiacinto is a graduate of the U.S. Military Academy at West Point.After graduation, he spent nearly seven years serving as a pilot in the U.S.Air Force. After leaving the service, he flew for a year commercially beforejoining Pfizer.
In order to ensure an orderly transition and to assist Mr. DiGiacinto inhis new role, William H. Burns, Jr. will continue to serve as Chief ExecutiveOfficer through the end of the year. In addition to assisting Mr. DiGiacintoin his transition to Chief Executive Officer, Mr. Burns will continue to beresponsible for strategic initiatives of the Company, including the expansionof its international operations, its conscious sedation program andimplementing the strategy to secure the anesthesia business of the grouppurchasing organizations in the United States. Mr. DiGiacinto stated "BillBurns and I have worked together over the past eight years to help Minrad movefrom an early stage company to a company publicly traded on the American StockExchange. I am excited to begin this new role at Minrad, and look forward toour working together over the next year to continue the company's development.
About the Company
MINRAD International, Inc. is an interventional pain management companywith real-time image guidance and anesthesia and analgesia product lines. Thereal-time image guidance products facilitate minimally invasive surgeryespecially for pain management and have broad applications in orthopedics,neurosurgery, and interventional radiology. These devices enable medicalprofessionals to improve the accuracy of interventional procedures and reduceradiation exposure. MINRAD International also manufactures and marketsgeneric inhalation anesthetics for use in connecti