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.
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:
Consulting for Strategic Growth 1 Ltd.
Tel: 800-625-2236 ext. 7770
Email: [email protected]
SOURCE BioDrain Medical, Inc.