BioDrain Announces Medical Advisory Board Comprised of Top Doctors and Healthcare Executive As Sales of the STREAMWAY® System Continue To Increase Sharply, Company Puts into Place Top Advisory Board
MINNEAPOLIS, July 29, 2013 /PRNewswire/ -- BioDrain Medical, Inc. (OTCQB: BIOR) (the "Company"), producer of the FDA approved STREAMWAY® System for automated, direct-to-drain surgical fluid disposal that reduces the risk of exposure to hazardous waste, today announced the formation of its new medical advisory board, comprised of leading doctors in orthopedic surgery, dentistry and urology as well as a healthcare executive.
"BioDrain's sales have been on an upward growth trajectory these past few months – we have seen sales rapidly increase during the last two quarters and are confident that the momentum will continue to pick-up and this will be reflected in our upcoming earnings reports," said Josh Kornberg, Chief Executive Officer at BioDrain Medical. "We have created this best-in-class advisory board, comprised of some of the nation's top medical experts and healthcare advisors, to ensure that our products meet the mark. Not only will our products function optimally in the OR and surgical centers, they will also serve as a solid investment for these hospitals and centers which will ultimately help lower healthcare costs, keep staff safe and generate a high ROI for our customers after installation."
Kornberg continued, "As the Company itself continues to evolve and expand, both in the U.S. and internationally, I look forward to working closely with these four industry leaders to make sure we are always keeping our eye on the goal: contributing to the creation of a safer, more environmentally friendly and cost conscious healthcare industry."
BioDrain's Medical Advisory Board members include:
Dr. Alan J. Wein – Dr. Wein is an expert in the field of urology who has been practicing for more than 45 years. He is currently a Professor and Chief of the Division of Urology at the University of Pennsylvania and is Chief of Urology and Director of the Residency Program in Urology at Penn Medicine. He has written almost one thousand published pieces and has penned, edited, and co-edited more than 30 books on urology.
Dr. Herbert Lepor – Dr. Lepor has been in the medical field for more than 35 years and is currently the Chairman of the Department of Urology at New York University's Langone Medical Center where he is also a Professor of Urology and Pharmacology. Dr. Lepor's primary clinical and basic research interests are related to the prostate; currently, his clinical practice is devoted exclusively to surgical management of prostate cancer. Dr. Lepor has served on the editorial boards of four major urological journals and has authored more than 191 peer-reviewed articles, 50 book chapters, and 12 books. He is also the co-founder and editor of Reviews in Urology.
Dr. Carl Schwartz – Dr. Schwartz has more than 25 years of experience in the field of dentistry; he currently owns and manages his own dental groups in Burton, Mich. and Grand Blanc, Mich. He previously owned and served as the chief operations officer of Plastics Research Corporation, one of the largest structural foam plastics company in the world. He also served on the board of Delta Dental Corporation of Michigan, was a member of the Michigan Advisory Board for Liberty Mutual Insurance and was a member of the Board of Trustees of the Museum of Contemporary Art in Fla.
James A. Fitzgerald Jr. – Mr. Fitzgerald has more than 35 years in the healthcare and investment space. He is a currently a Senior Advisor for Clayton Associates, an investment firm that serves as a leading source of equity capital for early-stage companies in the Southeast, where he advises the firm itself as well as FCA Venture Partners, its portfolio companies and prospective investments. Fitzgerald is also a partner with Clayton Advisors, a consulting firm specializing in healthcare. He is the former President of HealthTrust Purchasing Group where he oversaw the initial formation of HealthTrust in 1999, its financial and operational functions and managed the contracting for clinical supplies, pharmaceuticals and capital equipment, totaling approximately $20 billion annually.
BioDrain's flagship technology, the STREAMWAY System, has gained traction in 2013 as customer trials increase with a 100 percent conversion to sales. Currently, there are numerous trials of the STREAMWAY System running in hospitals and surgical centers throughout the United States.
About BioDrain Medical
BioDrain Medical, Inc. produces a fully automated, patented, FDA cleared, surgical fluid disposal system that virtually eliminates operating room workers' exposure to blood, irrigation fluid and other potentially infectious fluids 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 is not an optimal approach to the handling of surgical fluid waste. BioDrain's STREAMWAY System fully automates the collection, measurement and disposal of surgical fluids and is designed to result in: 1) reducing overhead costs to hospitals and surgical centers, 2) improving Occupational State and Health Association (OSHA) and other regulatory compliance agencies' safety concerns, and 3) streamlining 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.'s STREAMWAY System is designed to make 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.
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, inability to raise sufficient additional capital to operate our business; unexpected costs and operating deficits, and lower than expected sales and revenues, if any; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; 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, which are available for review at www.sec.gov. 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 Annual Report on Form 10-K, as amended, and subsequent 8-K and other filings at www.sec.gov.
Public Relations Contact:
KCSA Strategic Communications
Investor Relations Contacts:
Phil Carlson / Josh Dver
KCSA Strategic Communications
212-896-1233 / 212-896-1239
SOURCE BioDrain Medical, Inc.