MINNEAPOLIS, June 20, 2011 /PRNewswire/ -- BioDrain Medical, Inc. (OTC Bulletin Board: BIOR), producer of the FDA cleared Streamway® System for automated surgical fluid disposal, today announced the results of the Company’s Annual Shareholder Meeting, held on June 14, 2011.
Shareholders approved an amendment to the Company’s 2008 Equity Incentive Plan to increase the number of authorized shares of common stock from three million (3,000,000) shares to seven million (7,000,000) shares.
In addition, the six members of the Company’s Board of Directors were elected to hold office for another year. They include Lawrence W. Gadbaw, Chairman; Kevin R. Davidson, CEO and CFO; Chad A. Ruwe, COO; and Peter L. Morawetz, Thomas J. McGoldrick, and Andrew P. Redding.
The appointment of Olsen Thielen & Co. Ltd. as the independent registered public accounting firm for the Company was ratified for the fiscal year ending December 31, 2011.
Kevin Davidson, CEO of BioDrain, declared, “This has been a very successful year for BioDrain, and we are pleased to be moving ahead with the same strong leadership team. I am especially excited to announce that the Streamway® system has now been utilized in over 300 medical/surgical procedures in multiple facilities an increase from about 100 procedures approximately one year ago. Although this number of procedures does not yet signal true market acceptance of the Streamway system, it does provide a significant amount of data for the Company to evaluate what will be necessary to achieve market acceptance over time.”
All of the above results of the Annual Meeting are documented in a Form 8-K, filed with the SEC on June 15, 2011.
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.
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.
Investor Relations Contact:
Stanley Wunderlich
Consulting for Strategic Growth 1 Ltd.
Tel: 800-625-2236 ext. 7770
Email: info@cfsg1.com
SOURCE BioDrain Medical, Inc.
