SOURCE: Daxor Corp.

Daxor Corp.

March 17, 2015 12:58 ET

Daxor Receives Notification of Patent Approval and Issues an Update on its Stock Buyback Program

NEW YORK, NY--(Marketwired - Mar 17, 2015) - Daxor Corporation (NYSE MKT: DXR), a medical instrumentation and biotechnology company, announced the approval of a patent and an update on its stock buyback program.

Daxor has received notification from the U.S. Patent Office that its patents for the total body albumin analyzer and its supplementary patent on its Blood Volume Analyzer filed on October 25, 2011, have been approved.

The actual patent is expected to be issued within the next 30 to 60 days. The patents for the total body albumin analyzer are the first patents ever issued for an instrument to measure the total albumin within the human body. Albumin is the major carrier molecule in the human body for hundreds of metabolic products such as hormones. Albumin is also the major protein responsible for maintaining blood pressure within the body. Many diseases such as congestive heart failure, diabetes, kidney disease, involve loss of albumin concentration within a person's circulation. When this occurs, a drop in blood pressure occurs resulting in a shift of fluid from the circulation into the fluid space between individual body cells. Patients with low albumin frequently develop peripheral edema. The most dangerous derangement is pulmonary edema which leads to water in the lungs and is particularly problematic when someone has heart failure. Albumin is a vastly underutilized therapeutic agent derived from human blood. The ability to precisely quantify the total amount of albumin in an individual patient should provide opportunities for its therapeutic use in the conditions where its absence leads to major blood volume derangements. The total body albumin measurement is performed in conjunction with a blood volume measurement. 

The company will begin production of the BVA-200 which will enable hospitals to obtain both total body blood volume and total body albumin measurements. Hospitals with the existing BVA-100 will be able to obtain upgrades which will enable them to perform this test. The major producer of albumin in the U.S. is Baxter International Inc.

At the American College of Cardiology conference held in San Diego from March 13th through March 17th, Dr. Wayne Miller of the Mayo Clinic presented research data on congestive heart failure patients utilizing the blood volume analyzer for advanced diagnostic evaluation. 

On March 16th, the Company repurchased 44,145 shares of its common stock. The total amount of shares held by insiders and institutional investors as of March 17th is 3,447,779. Of this amount, 3,168,846 shares are held by insiders and 278,933 shares are held by institutional investors. The company has in place a program which allows it to repurchase up to 250,000 shares each year. Since January 1st, the company has repurchased 84,627 shares of its common stock. 

As of December 31, 2014, the Company had net assets of $24,580,735 or $6.16 per share.

To learn more about Daxor, please visit www.Daxor.com.

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