SOURCE: Daxor Corp.

Daxor Corp.

February 29, 2016 12:11 ET

Daxor Corporation Announces Upcoming Filing of Form N-CSR for December 31, 2015 and Recent Developments

NEW YORK, NY--(Marketwired - Feb 29, 2016) -  Daxor Corporation, (NYSE MKT: DXR) an investment company with medical instrumentation and biotechnology operations, expects to be filing a Form N-CSR within the next week disclosing its schedule of portfolio holdings as of December 31, 2015. Copies of the form will be mailed to the Company's shareholders and will be available after the form has been filed with the SEC on the Company's website at http://www.daxor.com/pdfs/daxor-form-n-csr-12312015.pdf.  

The Company has made a decision to focus primarily on its operations and reduce its dependence on income from short term stock market investing. The Company has always considered itself to be primarily an operating company. While it is currently classified as an investment company and understands why the SEC has required the Company to be designated as an investment company, our primary focus has always been on our operational objectives. The Company anticipates that as income from operations increases that it will, at a future time, request a change back to its previous designation as an operating company and report accordingly.

Blood volume measurement is a fundamental tool for accurate diagnosis and treatment in a variety of medical and surgical conditions such as congestive heart failure, critical care medicine and intensive care unit medicine, hypertension, syncope, pre-operative blood screening for hidden anemia, anemia in cancer patients, kidney failure, and hyponatremia, as well as additional conditions. Despite the fact that blood volume derangements are commonly encountered in these conditions, treatment is based on indirect measurements and clinical signs that are, at best, crude guesstimates of what a patient's actual blood volume status is. Despite having a unique technology with obvious significant utility that should be in every hospital in the United States, we nevertheless have to drive adoption with a combination of education and research studies skillfully presented by our sales force.

Earlier this month, Nebraska Medicine purchased a BVA-100 Blood Volume Analyzer. Nebraska Medicine represents the clinical integration of the Nebraska Medical Center; the state's largest and highest rated hospital, Bellevue Medical Center and UNMC Physicians. This newly integrated organization provides patients with access to more than 1,000 physicians and 676 licensed hospital beds as well as approximately 40 specialty and primary care clinics in Omaha and the surrounding area.

The Company had 66 BVA-100 Blood Volume Analyzers placed at client sites on December 31, 2015 versus 68 at December 31, 2014. Some of the facilities that have the BVA-100 are the Cleveland Clinic in Weston, Florida and Cleveland, Ohio and the Mayo Clinic in Phoenix, Arizona and Rochester, Minnesota. There are also BVA-100 Blood Volume Analyzers placed at the NYU Medical Center and Columbia Presbyterian Medical Center in Manhattan.

The Company also recently installed a BVA-100 on a trial basis at one Medical Center which is part of a multi-hospital chain. The staff at the Medical Center will be evaluating the BVA-100 in order to determine if it can help lower their readmission rates for heart failure. The passage of the Patient Protection and Affordable Care Act (PPACA) in March 2010 gave Centers for Medicare and Medicaid Services (CMS) the authority to penalize hospitals for excess readmission rates for heart failure beginning on January 1, 2013. This has important financial implications for hospitals, as it effectively penalizes them for not optimally treating patients at their initial visits. This highlights a significant opportunity for Daxor. The BVA-100 may be used to identify patients at higher risk of hospital readmission due to undetected blood volume overload.

Dr. Feldschuh, the Chairman of the Board of Directors of Daxor added the following: "We are focused on outreach to our client hospitals and members of the medical community so that understanding of the need for measuring patient's blood volume precisely to improve outcomes will become more widespread. The precise knowledge of a patient's blood volume is essential for optimally treating critically ill medical and surgical patients. Our goal is to make our method of blood volume measurement the standard of care for any patient experiencing a blood volume derangement."

Daxor Corporation manufactures and markets the BVA-100 blood volume analyzer, which is used in conjunction with a single-use diagnostic kit. The BVA-100 is the only FDA approved semi-automated instrument to provide this test. Preliminary results can be available in 30 minutes and complete results in under an hour.

Contact Information

  • Contact Information:

    Daxor Corporation:
    Michael Feldschuh
    (212)330-8500
    (Acting President and Chief Executive Officer)
    mfeldschuh@daxor.com

    David Frankel
    212-330-8504
    (Chief Financial Officer)
    dfrankel@daxor.com

    Diane Meegan
    212-330-8512
    (Investor Relations)
    dmeegan@daxor.com