Minnesota’s BioDrain Medical raises $1.6 million ahead of IPO

MENDOTA HEIGHTS, Minnesota — BioDrain Medical, which makes a device that manages fluids gathered during surgical procedures, has raised $1.6 million, according to a filing with the Securities and Exchange Commission.

BioDrain is going public and is in its 30-day quiet period, so no one from the company would discuss the fund-raise. The company in April announced FDA approval of its Streamway surgical fluid disposal system, which plugs into an operating room’s existing plumbing to collect suctioned fluids and then dispose of them without handling.

BioDrain is a seven-year-old business with a product that takes on some giant competitors such as Cardinal Health and Stryker, which both have fluid-disposal products. BioDrain thinks its automated system dramatically cuts staff exposure to suctioned fluids, as well as time needed to dispose of them.

There’s no final date for BioDrain’s public offering.

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