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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C.&nbsp;&nbsp;20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):&nbsp;<B>March
28, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BioDrain Medical, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Minnesota</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold; text-align: center">333-155299</TD>
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold; text-align: center">33-1007393</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2060 Centre Pointe Boulevard, Suite 7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mendota Heights, Minnesota 55120</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices
and Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(651) 389-4800&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651)
389-4800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font: 10pt Wingdings">&uml;</TD>
    <TD STYLE="width: 93%; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font: 10pt Wingdings">&uml;</TD>
    <TD STYLE="width: 93%; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font: 10pt Wingdings">&uml;</TD>
    <TD STYLE="width: 93%; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font: 10pt Wingdings">&uml;</TD>
    <TD STYLE="width: 93%; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 Entry into a Definitive Material Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD><B>Entry into a Definitive Material Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Convertible Note Purchase Agreement
with SOK Partners, LLC. </I></B>On March 28, 2012, BioDrain Medical, Inc. (the &ldquo;Company&rdquo;), entered into a Convertible
Note Purchase Agreement, dated as of March 28, 2012 (the &ldquo;SOK Purchase Agreement&rdquo;) between the Company and SOK Partners,
LLC (&ldquo;SOK Partners&rdquo;), an investment partnership. Josh Kornberg, who is a member of the Company&rsquo;s Board of Directors,
and Dr. Samuel Herschkowitz are affiliates of the manager of SOK Partners. Pursuant to the SOK Purchase Agreement, the Company
issued a 20.0% convertible note due August 2012 in the principal amount of up to $600,000. Principal and accrued interest on the
note are due and payable on August 28, 2012. The Company&rsquo;s obligations under the note are secured by the grant of a security
interest in substantially all tangible and intangible assets of the Company. The SOK Purchase Agreement and the note include customary
events of default that include, among other things, non-payment defaults, covenant defaults, inaccuracy of representations and
warranties, cross-defaults to other indebtedness and bankruptcy and insolvency defaults. The occurrence of an event of default
could result in the acceleration of the Company&rsquo;s obligations under the note, and interest rate of twenty-four (24%) percent
per annum accrues if the note is not paid when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 28, 2012, the Company received
an advance of $84,657 under the note, including a cash advance of $60,000 net of a prepayment of interest on the first $300,000
in advances under the note. The holder of the note is entitled to convert the note into shares of common stock of the Company at
an initial conversion price per share of $0.065 per share, subject to adjustment in the event of (1) certain issuances of common
stock or convertible securities at a price lower than the conversion price of the note, and (2) recapitalizations, stock splits,
reorganizations and similar events. In addition, the Company is required to issue two installments of an equity bonus to SOK Partners
in the form of common stock valued at the rate of $0.065 per share. In April 2012, the Company issued the first equity bonus to
SOK Partners, consisting of 4,615,385 shares of common stock, with a second installment due within five business days after SOK
Partners has made aggregate advances under the note of at least $300,000. Until the maturity date of the note, if the Company obtains
financing from any other source without the consent of SOK Partners, then the Company is required to issue additional bonus equity
in an amount equal to $600,000 less the aggregate advances on the note made prior to the breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As long as any amount payable under the
note remains outstanding, SOK Partners or its designee is entitled to appoint a special advisor to the Company&rsquo;s Board of
Directors, who will be appointed as a member of the Board upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description does not purport
to be complete and is qualified in its entirety by the terms and conditions of the SOK Purchase Agreement, including the form of
note, which is filed as an exhibit to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Amended and Restated Note Purchase
Agreement with Dr. Herschkowitz. </I></B>On March 28, 2012, the Company signed an Amended and Restated Note Purchase Agreement,
dated as of December 20, 2011, with Dr. Samuel Herschkowitz (as amended, the &ldquo;Herschkowitz Purchase Agreement&rdquo;). Pursuant
to the Herschkowitz Purchase Agreement, the Company issued a 20.0% convertible note due June 20, 2012 in the principal amount of
$240,000 for previous advances under the note. The Company&rsquo;s obligations under the note are secured by the grant of a security
interest in substantially all tangible and intangible assets of the Company. The Company has previously issued to Dr. Herschkowitz
an equity bonus consisting of 1,546,667 shares of common stock. An additional 7,500,000 shares are required to be transferred to
Dr. Herschkowitz upon the occurrence of an event of default on the note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As long as any amount payable under the
note remains outstanding, Dr. Herschkowitz or his designee is entitled to appoint a special advisor to the Company&rsquo;s Board
of Directors, who will be appointed as a member of the Board upon request. Pursuant to this authority, Josh Kornberg was appointed
to the Board on March 9, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description does not purport
to be complete and is qualified in its entirety by the terms and conditions of the Herschkowitz Purchase Agreement, including the
form of note, which is filed as an exhibit to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off&minus;Balance Sheet Arrangement of a Registrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See disclosure under Item 1.01 of this report,
which is incorporated by reference in this Item 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.02 Unregistered Sales of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See disclosure under Item 1.01 of this report,
which is incorporated by reference in this Item 3.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(d) Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Exhibit<BR> No.</TD>
    <TD STYLE="width: 90%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">10.23</TD>
    <TD>Convertible Note Purchase Agreement between the Company and SOK Partners, LLC dated March 28, 2012, including the form of Convertible Promissory Grid Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">10.24</TD>
    <TD>Amended and Restated Note Purchase Agreement between the Company and Dr. Samuel Herschkowitz dated as of December 20, 2011, including the form of Convertible Promissory Note (issued in the amount of $240,000)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 3, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">BIODRAIN MEDICAL, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid">/s/&nbsp;Kevin R. Davidson</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Kevin R. Davidson</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer,</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March
28, 2012
BioDrain Medical, Inc.
(Exact name of Registrant as Specified in
its Charter)
Minnesota
(State or Other Jurisdiction of Incorporation)
333-155299
33-1007393
(Commission File Number)
(IRS Employer Identification No.)
2060 Centre Pointe Boulevard, Suite 7
Mendota Heights, Minnesota 55120
(Address of Principal Executive Offices
and Zip Code)
(651) 389-4800              (651)
389-4800
(Registrant's telephone number, including
area code)
Not Applicable
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Definitive Material Agreement.
(a)
Entry into a Definitive Material Agreement
Convertible Note Purchase Agreement
with SOK Partners, LLC.
On March 28, 2012, BioDrain Medical, Inc. (the "Company"), entered into a Convertible
Note Purchase Agreement, dated as of March 28, 2012 (the "SOK Purchase Agreement") between the Company and SOK Partners,
LLC ("SOK Partners"), an investment partnership. Josh Kornberg, who is a member of the Company's Board of Directors,
and Dr. Samuel Herschkowitz are affiliates of the manager of SOK Partners. Pursuant to the SOK Purchase Agreement, the Company
issued a 20.0% convertible note due August 2012 in the principal amount of up to $600,000. Principal and accrued interest on the
note are due and payable on August 28, 2012. The Company's obligations under the note are secured by the grant of a security
interest in substantially all tangible and intangible assets of the Company. The SOK Purchase Agreement and the note include customary
events of default that include, among other things, non-payment defaults, covenant defaults, inaccuracy of representations and
warranties, cross-defaults to other indebtedness and bankruptcy and insolvency defaults. The occurrence of an event of default
could result in the acceleration of the Company's obligations under the note, and interest rate of twenty-four (24%) percent
per annum accrues if the note is not paid when due.
On March 28, 2012, the Company received
an advance of $84,657 under the note, including a cash advance of $60,000 net of a prepayment of interest on the first $300,000
in advances under the note. The holder of the note is entitled to convert the note into shares of common stock of the Company at
an initial conversion price per share of $0.065 per share, subject to adjustment in the event of (1) certain issuances of common
stock or convertible securities at a price lower than the conversion price of the note, and (2) recapitalizations, stock splits,
reorganizations and similar events. In addition, the Company is required to issue two installments of an equity bonus to SOK Partners
in the form of common stock valued at the rate of $0.065 per share. In April 2012, the Company issued the first equity bonus to
SOK Partners, consisting of 4,615,385 shares of common stock, with a second installment due within five business days after SOK
Partners has made aggregate advances under the note of at least $300,000. Until the maturity date of the note, if the Company obtains
financing from any other source without the consent of SOK Partners, then the Company is required to issue additional bonus equity
in an amount equal to $600,000 less the aggregate advances on the note made prior to the breach.
As long as any amount payable under the
note remains outstanding, SOK Partners or its designee is entitled to appoint a special advisor to the Company's Board of
Directors, who will be appointed as a member of the Board upon request.
The foregoing description does not purport
to be complete and is qualified in its entirety by the terms and conditions of the SOK Purchase Agreement, including the form of
note, which is filed as an exhibit to this Current Report on Form 8-K.
Amended and Restated Note Purchase
Agreement with Dr. Herschkowitz.
On March 28, 2012, the Company signed an Amended and Restated Note Purchase Agreement,
dated as of December 20, 2011, with Dr. Samuel Herschkowitz (as amended, the "Herschkowitz Purchase Agreement"). Pursuant
to the Herschkowitz Purchase Agreement, the Company issued a 20.0% convertible note due June 20, 2012 in the principal amount of
$240,000 for previous advances under the note. The Company's obligations under the note are secured by the grant of a security
interest in substantially all tangible and intangible assets of the Company. The Company has previously issued to Dr. Herschkowitz
an equity bonus consisting of 1,546,667 shares of common stock. An additional 7,500,000 shares are required to be transferred to
Dr. Herschkowitz upon the occurrence of an event of default on the note.
As long as any amount payable under the
note remains outstanding, Dr. Herschkowitz or his designee is entitled to appoint a special advisor to the Company's Board
of Directors, who will be appointed as a member of the Board upon request. Pursuant to this authority, Josh Kornberg was appointed
to the Board on March 9, 2012.
The foregoing description does not purport
to be complete and is qualified in its entirety by the terms and conditions of the Herschkowitz Purchase Agreement, including the
form of note, which is filed as an exhibit to this Current Report on Form 8-K.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off−Balance Sheet Arrangement of a Registrant
See disclosure under Item 1.01 of this report,
which is incorporated by reference in this Item 2.03.
Item 3.02 Unregistered Sales of Equity Securities
See disclosure under Item 1.01 of this report,
which is incorporated by reference in this Item 3.02.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit
No.
Description
10.23
Convertible Note Purchase Agreement between the Company and SOK Partners, LLC dated March 28, 2012, including the form of Convertible Promissory Grid Note
10.24
Amended and Restated Note Purchase Agreement between the Company and Dr. Samuel Herschkowitz dated as of December 20, 2011, including the form of Convertible Promissory Note (issued in the amount of $240,000)
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 3, 2012
BIODRAIN MEDICAL, INC.
By:
/s/ Kevin R. Davidson
Kevin R. Davidson
Chief Executive Officer,