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Dutton Associates continues coverage of Minrad International (Nasdaq:BUF) maintaining a strong buy rating and a price target of $5.85. The 13-page report by Dutton senior analyst William R. Prather, R.Ph., M.D., is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. On October 30, 2006, Minrad International reported its three and nine month financial results ending September 30, 2006. Following the release of these results, the Company conducted a conference call to update the investment community on its two complementary segments: (1) anesthesia and analgesia, especially conscious sedation, and (2) real-time surgical image guidance. Revenues for Q3-06 totaled approximately $5.3 million and represented an increase of over 270% from Q3-05. Although this revenue gain did not meet our published estimate of approximately $7.6 million, we believe this apparent shortcoming was primarily our responsibility, as we did not appropriately adjust our estimate to account for the revised contract with RxElite, Inc., Minrad’s U.S. distributor for its anesthetic agents, which reduced RxElite’s required minimum purchase commitments. Minrad’s market value has approximately doubled since we initiated coverage in February 2006, and we believe the Company’s value will continue to appreciate. We anticipate Minrad will post huge revenue and earnings gains as its generic inhalation anesthetic business blossoms and successes occur in the development of its conscious sedation and real-time imaging programs. With our belief that Continued appreciation in Minrad’s market value is forthcoming, we are reiterating our Strong Buy investment rating with a 12-month price target of $5.85. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $39,500 prepaid before commencement of our research activities. We received $35,000 from the Company for 4 reports and requisite Research Notes commencing 2/02/2006, and do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way relate to the specific ratings or views contained in this research report or note.
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