BioDrain Medical, Inc. Implements Initiatives to Position Itself for Sustained Growth
MINNEAPOLIS, June 13, 2012 /PRNewswire/ -- BioDrain Medical, Inc. (OTCBB: BIOR, OTCQB: BIOR), producer of the FDA-cleared automated surgical fluid disposal device, the STREAMWAY® System, announced today that under new management it has implemented several initiatives to better position the Company for future growth.
"We are continuing to build an infrastructure that we believe will facilitate and support the rapid sale of STREAMWAY Systems to operating rooms across the U.S.," said Joshua Kornberg, President and Chief Executive Officer of BioDrain. "In particular, we recently enhanced the present design of the STREAMWAY System to increase suction capacity as well as improve overall efficiency. We also established several new relationships with cost-effective manufacturers and distributors to help improve our margins. Moreover, our team is diligently working to create unique marketing programs with additional sales teams and independent contract sales forces throughout the nation."
Helping head BioDrain's sales initiatives is Philip Posa, who was appointed as the Company's Vice President of Sales and Marketing in April 2012, and has over 28 years of experience in the pharmaceutical and diagnostic industry with Abbott Laboratories. BioDrain believes that Mr. Posa's expertise in negotiating contracts with independent sales representative groups and distributors will be invaluable in establishing STREAMWAY Systems in additional hospitals and surgery centers.
"Our goal is to build a best in class national sales force through established independent sales rep groups, several of which we have already started training," said Mr. Posa. "We are also making a concerted effort to gain access to a significant number of hospitals and surgical centers through one or more Group Purchasing Organizations. In providing unlimited surgical fluid disposal capacity, STREAMWAY reduces overhead costs to hospitals and surgical centers, increases compliance rates with the Occupational State and Health Association and other regulatory agencies, and improves efficiency in the operating room. We are confident that we have a superior technology that provides a substantial benefit to our customers."
Further supplementing BioDrain's management team is David Johnson and Bob Myers, whom were recently named the Company's Acting Chief Operating Officer and Chief Financial Officer, respectively. Mr. Johnson has over 35 years of experience in executive, operations and management training positions in rapid growth medical device organizations, directing growth domestically and internationally with products ranging from consumer based disposable commodity items to class III implantable devices. Mr. Myers, formerly a public accountant with the international firm Laventhol & Horwath, has over 30 years of experience in multiple industries focusing on medical device, service and manufacturing.
"As CEO, and a stockholder of BioDrain, I am very mindful of enhancing long-term shareholder value, and I believe that we now have the right people and strategies in place to drive our recurring revenue model and in effect, better reward BioDrain whom stay the course," added Mr. Kornberg. "By restructuring our operations, we are now prepared to support and execute the sales effort of STREAMWAY Systems on a larger scale. This is a very unique, innovative, patented technology that is easy to install and use, and provides hospitals with substantial safety, efficiency and environmental benefits that we believe will have a significant impact in the industry."
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 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 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.
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.
Mr. Kevin Fickle, President
NUWA Group LLC
SOURCE BioDrain Medical, Inc.
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