Minrad reduces work force by 35%
Minrad International will reduce its work force by approximately 35 percent, or by 50 positions.
“We have taken this difficult, but necessary action to reduce our cost structure to conserve our cash in response to our current adverse financial condition, as we discussed in our recently announced third quarter 2008 financial results on Nov. 14,” said Dave DiGiacinto, Minrad’s president and chief operating officer.
The Orchard Park, N.Y.-based company said the reduction in work force will affect positions in company locations, including Pennsylvania, New York and other geographies.
“We have taken this difficult, but necessary action to reduce our cost structure to conserve our cash in response to our current adverse financial condition, as we discussed in our recently announced third quarter 2008 financial results on Nov. 14,” said Dave DiGiacinto, Minrad’s president and chief operating officer.
The Orchard Park, N.Y.-based company said the reduction in work force will affect positions in company locations, including Pennsylvania, New York and other geographies.