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SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

SCHEDULE 13G

(Rule 13d-102)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO § 240.13d-2

 

(Amendment No._________)*

 

 

BioDrain Medical, Inc.

--------------------------------------------------------------------------------

(Name of Issuer)

 

 

Common Stock, $.01 par value

--------------------------------------------------------------------------------

(Title of Class of Securities)

 

 

09071P 109

--------------------------------------------------------------------------------

(CUSIP Number)

 

March 12, 2013

--------------------------------------------------------------------------------

(Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

£ Rule 13d-1(b)

 

T Rule 13d-1(c)

 

£ Rule 13d-1(d)

 

______________________________________

 

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

 

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 
 

 

CUSIP No.  09071P 109 13G Page 2 of 5 Pages  

 

1

NAME OF REPORTING PERSONS

 

Carl I. Schwartz

    
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

 

 

(a)

(b)

 

    
3

SEC USE ONLY

 

 

    
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

USA

    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

 

 

 5

SOLE VOTING POWER

 

14,202,808

    
6

SHARED VOTING POWER

 

0

        
7

SOLE DISPOSITIVE POWER

 

14,202,808

            
8

SHARED DISPOSITIVE POWER

 

0

              
9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

14,202,808

            
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

 

 ☐               
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

11.15%

            
12

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

            
                                       

 

 
 

 

CUSIP No.  09071P 109 13G Page 3 of 5 Pages  

 

________________________________________________________________________________

Item 1(a). Name of Issuer:

 

BioDrain Medical, Inc.

________________________________________________________________________________

Item 1(b). Address of Issuer's Principal Executive Offices:

 

2915 Commers Drive, Suite 900, Eagan, MN 55121

________________________________________________________________________________

Item 2(a). Name of Person Filing:

 

Carl I. Schwartz

________________________________________________________________________________

Item 2(b). Address of Principal Business Office, or if none, Residence:

 

20155 N.E. 38th Court, Unit 3104, Aventura, FL 33180

________________________________________________________________________________

Item 2(c). Citizenship:

 

Mr. Schwartz is a citizen of the United States.

________________________________________________________________________________

Item 2(d). Title of Class of Securities:

 

Common Stock, $.01 par value

________________________________________________________________________________

 

Item 2(e). CUSIP Number:

 

09071P 109

________________________________________________________________________________

 

Item 3. If This Statement is Filed Pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:

 

(a) £ Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o);

 

(b) £ Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);

 

(c) £ Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c);

 

(d) £ Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

 

(e) £ An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

 

(f) £ An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

 

(g) £ A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

 

(h) £ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

 
 

 

(i) £ A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3);

 

(j) £ A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J);

 

(k) £ Group, in accordance with ' 240.13d-1(b)(1)(ii)(K).

 

If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution: __________________.

 

Item 4. Ownership.

 

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

 

(a) Amount beneficially owned:

 

14,202,808 shares of Common Stock, which includes 7,140,904 shares of common stock subject to restrictions under Rule 144 and 7,061,904 warrants to purchase shares of common stock.

______________________________________________________________________

(b) Percent of class:

 

11.15%

 

(Based upon 120,303,418 shares of Common Stock outstanding as of 3/20/2013 as reported by the Issuer in its most recently filed report on Form 10-K)

______________________________________________________________________

(c) Number of shares as to which such person has:

 

The reporting person has voting and dispositive power over all 14,202,808 shares (subject to the restrictions).

________________________________________________________________________________

 

Item 5. Ownership of Five Percent or Less of a Class.

 

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to the beneficial owner of more than 5 percent

of the class of securities, check the following: 

_______________________________________________________________________________

 

Item 6. Ownership of More Than Five Percent on Behalf of Another Person.

N/A

________________________________________________________________________________

 

Item 7. Identification and Classification of the Subsidiary Which Acquired the

Security Being Reported on by the Parent Holding Company or Control

Person.

 

N/A

________________________________________________________________________________

 

Item 8. Identification and Classification of Members of the Group.

N/A

 

 
 

 

________________________________________________________________________________

 

Item 9. Notice of Dissolution of Group.

 

N/A

________________________________________________________________________________

 

Item 10. Certifications.

 

(a) Not applicable

 

(b) Not applicable

 

(c) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

 

 

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: March 29, 2013

 

 

 

 

 

 

 

By:__ /s/ Carl I. Schwartz______________

Carl I. Schwartz