NEW YORK, March 02, 2020 (GLOBE NEWSWIRE) — Daxor Corporation (NYSE MKT: DXR) an investment company with innovative medical instrumentation and biotechnology operations focused on blood volume measurement today filed a Form N-CSR disclosing its schedule of portfolio holdings as of December 31, 2019.
For the third straight year on a double-digit pace, Daxor reported that kit sales rose over 7% year-on-year in the cardiology segment (22.7% excluding a supplier disruption in q4 of 2019), driven by increasing awareness of the value of blood volume analysis to improve heart failure outcomes through reduced mortality and readmissions, as well as five new hospital systems under contract. Daxor continued to execute strongly in its diagnostic business while maintaining its strong capital base of over $12.7M dollars and no share dilution during the fiscal year.
In addition, Daxor successfully completed its first SBIR with the DOD for the procurement of blood volume analyzers and looks forward to subsequent government contracts. New studies highlighting the merits of Daxor’s technology were published in the fields of critical care, surgical blood loss and heart failure. “We are gratified that results such as this new study and our contract work are benefiting our sales efforts and we remain focused on accelerating our commercialization strategy,” said Michael Feldschuh, CEO of Daxor. “The COVID crisis, ICU mortality in general, and HF hospital admissions of over 1 million per year show the urgent need for our technology to improve outcomes in our health system while driving substantial cost savings.”
In November 2018, the Company announced a joint research program with CHF Solutions (Nasdaq: CHFS) to explore the potential synergies between the BVA-100 measurement device and their Aquadex fluid removal system. A formal trial was initiated in Q3 of 2019 and enrollment and completion of the study are anticipated in the first half of 2020.
In the areas of innovation, research and development, Daxor received funding from the Department of Defense for a research grant to create a next-generation combat-capable blood volume analyzer, reviewers at the DOD scored this very favorably and this has led to additional work with the DOD. Daxor continues to invest in further research and development and has an active development program focused on the next generation of products beyond the military uses, focused on inpatient and outpatient use. The Company filed new patents relating to its key technology of blood volume measurement and has an active R&D pipeline that is set for further innovations in 2020. “Years of efforts in this area are bearing fruit in the form of both intellectual property and next generation design for our technologies which promise to make our product faster, easier, and more valuable to clinicians,” said Jonathan Feldschuh, Daxor’s Chief Scientific Officer.
About Daxor Corporation
Daxor Corporation (Nasdaq: DXR) is an innovative medical instrumentation and biotechnology company focused on blood volume measurement. We developed and market the BVA-100® (Blood Volume Analyzer), the first diagnostic blood test cleared by the FDA to provide safe, accurate, objective quantification of blood volume status and composition compared to patient-specific norms. The BVA technology has the potential to improve hospital performance metrics in a broad range of surgical and medical conditions including heart failure and critical care by better informing treatment strategies, resulting in significantly better patient outcomes. Our mission is to partner with clinicians to incorporate BVA technology into standard clinical practice and improve the quality of life for patients. For more information please visit our website at https://www.daxor.com
Certain statements in this release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the impact of hiring sales staff and expansion of our distribution channels. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risk associated with our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, FDA regulatory actions, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and additional other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Daxor does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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