The last two sessions have been incredibly successful for BioDrain Medical Inc (OTC:BIOR) as it managed to double its value both last Friday and yesterday. Moreover, BIOR stock has now enjoyed six positive price movements in the last six sessions. As a result, BIOR stock has now jumped from $0.08 to $0.70 per share.
While the reason behind last week’s trend has remained undisclosed, it is the latest press release that pushed BIOR stock up 106% yesterday on a volume of 320 thousand.
According to the update, the producer of the FDA-approved Streamway (R) system for automated surgical fluid disposal had now received a multi-unit purchase order. Expected to be executed within the next ten weeks, the order might turn out to be a significant revenue source for BIOR.
BioDrain Medical, Inc. has developed the Streamway system to eliminate operating room workers’ exposure to blood, viruses and diseases that might be present in surgical environment. The company is also a regular financial information provider that has been reporting with the SEC for a while. According to the latest 10-Q form, BIOR concluded the first calendar quarter of 2011 with:
- $330K in cash;
- working capital deficit of $1.4 million;
- zero revenue and a net loss nearing the $0.5 million mark.
As it seems, if BIOR succeeds in bringing the purchase order mentioned above to a successful end, the company will start generating revenue in the immediate future. However, the next couple of months will be indicative of any further development.
