MINNEAPOLIS, March 14, 2012 /PRNewswire/ -- BioDrain Medical, Inc. (OTCBB: BIOR, OTCQB: BIOR), producer of the FDA cleared STREAMWAY System for automated surgical fluid disposal, announced today that it has appointed Joshua Kornberg to the Company's Board of Directors.
Kevin Davidson, Chief Executive Officer of BioDrain, commented, "We are thrilled to bring Josh onboard. As cofounder of Atlantic Partners Alliance, a healthcare and biotechnology fund dedicated to bridge financing of companies in search of short-term capital, Josh brings to our Board an excellent understanding of how to help an early stage company progress. We are confident that his consulting expertise in regards to sales, marketing, and strategic development, as well as in technical strategies such as regulatory adherence, clinical staging and product evaluation, will be extremely valuable in building out our operations and increasing awareness in the medical device community of the benefits of our unique STREAMWAY System."
Mr. Kornberg is also President and founding partner of GPF, a private equity fund based in New York. Prior to founding GPF, Mr. Kornberg served as Chief Investment Officer of The Lightstone Group, a national private equity firm, and Director of the Lightstone Value Plus REIT, a public company focused on commercial real estate. Additionally, Mr. Kornberg served as Director of Acquisitions and Development at ARK Realty Investors, a real estate investment and development firm. He also worked in the capital markets group at Morgan Stanley and served as Vice President at The RREEF Funds, a leading global pension fund advisor.
About BioDrain Medical, Inc.
BioDrain Medical, Inc. has a fully automated, patented and 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. Current 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 however 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 presents a sustainable solution to fluid disposal in operating rooms. Presently, around 50 million bloody, potentially disease infected canisters go to landfills in the United States annually. Moreover, these tainted canisters can remain in landfills for years. With the installation of BioDrain's STREAMWAY System, the number of these canisters can be significantly reduced, making both the operating room and our environment safer and cleaner. Independent professional sales representatives that cater to the needs of hospitals and ambulatory surgical centers across the country are currently representing BioDrain products. 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.
Investor Relations Contact:
Mr. Kevin Fickle, President
NUWA Group LLC
Consulting for Strategic Growth 1 Ltd.
Tel: 800-625-2236 ext. 7770
SOURCE BioDrain Medical, Inc.