Publicly traded BioDrain Medical (OTC:BIOR) has been collecting some small private investments as it works to build buzz for its automated surgical fluid disposal device in U.S. hospitals and surgery centers.
Following a small round of private financing in January, the company just raised another $500K, as disclosed in a new SEC filing. Company executives declined to comment on the funding.
BioDrain’s device, the Streamway System, plugs into an operating room’s existing plumbing, electrical and vacuum systems and automates the collection, measurement and disposal of surgical fluids. According to the company, the system virtually eliminates workers’ exposure to blood and other potentially infectious fluids in the OR, meanwhile making the process more efficient and cutting overhead costs.
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With a new management team put in place last year, BioDrain appears to be making a push to gain U.S. market share from competitors in the surgical waste management space like Stryker and Cardinal Health. A recent press release touts sales of the device in hospital and surgical centers in New York, Michigan, Minnesota and Pennsylvania.
Stryker, for one, may actually be helping BioDrain’s cause, as it has recently encountered some regulatory hiccups with its Neptune Waste Management System. The FDA has recommended that providers use “alternative legally marketed devices” instead, a move that may open some doors for BioDrain in U.S.
The Minnesota-based company says it’s also planning meetings with distributors in Europe, Canada and Asia to being global expansion of the device.
[Photo from BioDrain]
