Minrad plans follow-on for 10 million shares via Oppenheimer, KeyBanc, Maxim

By Ronda Fears

Memphis, April 24 - Minrad International, Inc. plans to sell 10 million shares in a follow-on offering via bookrunner Oppenheimer & Co.

KeyBanc Capital Markets and Maxim Group LLC are co-managers.

There is a greenshoe of 1.5 million shares available.

At a price of $3.31 per share, net proceeds are estimated at $30.6 million, or $35.3 million with the greenshoe.

Minrad shares (Amex: BUF) closed Monday higher by 24 cents, or 7.36%, at $3.50.

Buffalo, N.Y.-based Minrad, which focuses on pain management products, plans to use proceeds to expand its Bethlehem facility and capital investment in a new Orchard Park, N.Y., headquarters, the development of new products and to pay down the outstanding balance of $3.1 million under a credit facility with KeyBank.

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