Penny stock medical device manufacturer raised 55% of its mezzanine offering

BioDrain Medical, Inc., hit the market with a $1 million mezzanine offering. Brookline Group, a Birmingham AL based brokerage firm, placed $550,000 with four investors. The company raised an estimated $5.3 million via private placements since 2009. $80,000 and $50,000 of the gross proceeds are earmarked for the payment of sales commissions and salaries respectively.

BioDrain trades on the OTC market under ticker BIOR with a $22 million market capitalization. The security currently trades at $0.18 and traded between $0.05 and $0.28 over the last 52 weeks.

The company develops and markets an environmentally safe system, called “streamway”, for the collection and disposal of infectious fluids. Streamway is a waste fluid disposal system comprised of suction ports, fluid chambers, vacuum adjustments, pumps, and display screens for the collection and disposal of waste fluids during medical procedures and post-operative care.

BioDrain, located in Eadan MN, was founded in 2002 and its 2012 revenues stood at $189,000. It is lead by Joshua Kornberg (CEO), David Orrin Johnson (COO) and Robert L. Myers (CFO).


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