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 dispo