MINNEAPOLIS, May 9, 2011 /PRNewswire/ -- BioDrain Medical,
Inc. (OTC Bulletin Board: BIOR), producer of the FDA-cleared
Streamway™ System for automated surgical fluid disposal, announced
today that it has retained EKN Financial Services, Inc. ("EKN"), a
New York-based registered
broker/dealer, as its exclusive financial advisor and placement
agent.
Under the terms of the agreement, EKN will assist the Company in
completing a new equity financing of approximately $2 million to accelerate the Company's
commercialization of its innovative technology for automatic,
continuous evacuation of potentially infectious fluids during
surgery and other applications.
Kevin Davidson, President of
BioDrain Medical, commented, "With EKN as our financial partner, we
are confident that we can move forward aggressively with our plans
to install our Streamway™ System in hospitals, surgery centers and
other healthcare facilities around the country. EKN and its
investment banking team has a strong track record of advising
clients on structured capital market transactions and we believe
their decades of experience, particularly in the medical device
area, will assist us in accessing the capital we need to move
forward with our growth strategy."
EKN Managing Directors of Investment Banking, Robert J. Giordano said, "We are pleased to
leverage our broad industry contacts to assist BioDrain Medical,
Inc. in financing the initial commercialization of its patented,
FDA-cleared Streamway™ System. We believe many investors will
be interested in supporting a company offering an innovative
market-ready product that addresses the needs of approximately
40,000 operating rooms and surgical centers in the U.S."
About BioDrain Medical, Inc.
BioDrain Medical, Inc. ("BMI") is focused on the development of
innovative products that safely dispose of fluids generated from
surgical procedures. Its patented, FDA cleared Streamway™
System provides hospitals and ambulatory surgical centers (ASCs)
with an automatic, efficient and cost-reducing means to safely
dispose of potentially infectious fluids (eg. blood) generated in
operating rooms ("ORs"). The Streamway™ System protects
hospital workers from exposure to such fluids, reduces handling
costs, improves hospitals' regulatory compliance, and is
environmentally friendly. Since receiving FDA clearance, the
Company has completed beta testing and has scheduled customer
evaluations. BMI is now in the product launch phase.
Learn more about BioDrain Medical, Inc. by visiting
www.biodrainmedical.com.
About EKN Financial Services
EKN Financial Services is a New
York-based full service broker dealer and investment banking
firm designed to meet the varied needs of institutional and
individual clients in today's highly volatile markets. It was
founded by a team of Wall Street professionals with many years of
significant financial experience, particularly in the medical
device sector. The firm is a member of the Financial Industry
Regulatory Authority (FINRA) and the Securities Investor Protection
Corporation (SIPC). For more information, please visit:
www.eknstock.com.
Forward-looking Statements:
Certain of the matters discussed in this announcement contain
forward-looking statements that involve material risks to and
uncertainties in the Company's business that may cause actual
results to differ materially from those anticipated by the
statements made herein. Such risks and uncertainties include, among
other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our
ability to possibly license from others patents and patent
applications necessary to develop products; the availability of
financing; the Company's ability to implement its long range
business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary
marketing and/or distribution partners; the impact of competition,
the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company's technology;
and management of growth and other risks and uncertainties that may
be detailed from time to time in the Company's reports filed with
the Securities and Exchange Commission. This is not a solicitation
to buy or sell securities and does not purport to be an analysis of
the Company's financial position. See the Company's most recent
Quarterly Report on Form 10Q and related 8-K filings.
Investor Relations Contact:
Stanley Wunderlich
Consulting for Strategic Growth 1 Ltd.
Tel: 800-625-2236 ext. 7770
Email: info@cfsg1.com
SOURCE BioDrain Medical, Inc.