SOURCE: BioDrain Medical Inc.

BioDrain Medical Inc.

July 26, 2011 08:00 ET

BioDrain Medical Signs on Fifth Independent Sales Representation Firm and Announces Completion of 400 Surgeries Using the Streamway® System

Coverage Now Includes, New York, California, Minnesota, Florida, Virginia, Michigan, Ohio, Kentucky, and Indiana

MINNEAPOLIS, MN--(Marketwire - Jul 26, 2011) - BioDrain Medical, Inc. (OTCBB: BIOR) (OTCQB: BIOR), producer of the FDA cleared Streamway® System for automated surgical fluid disposal, today announced it has signed an independent sales group to expand sales in four Midwestern states. Simultaneously, the company announced that 400 surgeries have now been completed using the Streamway System.

Kevin Davidson, CEO of BioDrain Medical, Inc., stated, "The use of our Streamway System is rapidly expanding, as 400 surgeries have now been completed using our system. Increasing the sales coverage of our company is a key factor for future growth. We now are represented in nine states by five well established organizations. The latest firm to come on board, O.E. Meyer Co., with over 150 employees and 14,000 active customers, adds materially to the number of sales people offering our Streamway System to hospitals and surgery centers. This growing network of independent representation firms brings with it well established relationships with hundreds of hospitals that will afford us the most rapid ramp up of exposure and sales of our system, and excellent preservation of cash flow."

Mr. Davidson continued, "As hospitals and surgical centers discover the safety and efficiency of the Streamway System's continuous, automated and cost effective process, our order pipeline is steadily building and we will continue to expand our sales force to create further demand. Recently we announced a multi-unit purchase order for a large East Coast facility, totaling approximately $90,000. We have also identified opportunities in Florida, California, New York, Virginia and Ohio, in addition to the Midwestern states that are our base. Significant recurring revenues accrue to the purchase of each Streamway unit, and we believe this will enable us to improve our financial performance in the near term."

About BioDrain Medical, Inc.

BioDrain Medical, Inc. has a fully automated, patented, FDA cleared, surgical fluid disposal system that virtually eliminates operating room workers' exposure to blood, irrigation fluid and the related germs, viruses and diseases that are potentially found in the surgical environment. Today's manual surgical fluid handling methods of hand-carrying filled surgical fluid canisters and emptying these canisters is an exposure risk and an antiquated approach to the handling of surgical fluid waste. BioDrain's Streamway system fully automates the collection, measurement and disposal of surgical fluids resulting in: 1) reducing overhead costs to hospitals and surgical centers, 2) improving the Occupational State and Health Association (OSHA) and other regulatory compliance, and 3) improving the efficiency of the operating room (and thereby making surgeries more profitable).

BioDrain's Streamway System is eco-friendly as it contributes to cleaning up the environment. Currently, approximately 50 million bloody, potentially disease infected, canisters go to landfills annually in the United States. These tainted canisters can remain in landfills for years to come. With the installation of BioDrain's Streamway system, the number of canisters can be significantly reduced. BioDrain Medical, Inc. makes the operating room and our environment safer, cleaner, and better. BioDrain products are currently being represented by independent professional sales representatives that cater to the needs of hospitals and ambulatory surgical centers across the country. For additional information, please visit: www.biodrainmedical.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 10-Q and related 8-K filings.

Contact Information

  • Investor Relations Contact:
    Stanley Wunderlich
    Consulting for Strategic Growth 1 Ltd.
    Tel: 800-625-2236 ext. 7770
    Email: Email Contact