DAXOR ANNOUNCES COOPERATIVE RESEARCH AND DEVELOPMENT PHASE II AGREEMENT WITH THE UNIFORMED ARMED SERVICES UNIVERSITY FOR THE DEVELOPMENT OF A NON-NUCLEAR BLOOD VOLUME ANALYSIS (BVA) DEVICE

Rhea-AI Summary

Daxor Corporation (Nasdaq: DXR) has entered a Cooperative Research and Development Agreement with The Uniformed Services University and The Henry M. Jackson Foundation. The collaboration aims to develop a non-nuclear blood volume diagnostic device, enhancing the existing BVA-100 technology. This device is designed for both military and civilian use, targeting conditions like trauma and heart failure. Extensive studies validate Daxor's technology, showing a potential for improved patient outcomes by significantly enhancing fluid management in critical care.

Positive

• Daxor signed a CRADA with USU and HJF to develop a non-nuclear blood volume diagnostic device.
• The new device aims to enhance accuracy, safety, and ease of use over current technology.
• Daxor's existing BVA-100 technology has demonstrated a 66% reduction in patient mortality in some studies.

Negative

• None.

New BVA Device Aims to Possess Gold Standard Accuracy and Reproducibility with Increased Safety, Access, Ease of Use, and Frequency of Testing Afforded by a Non-Nuclear Tracer

Oak Ridge, TN, June 27, 2022 (GLOBE NEWSWIRE) -- Daxor Corporation (Nasdaq: DXR), the global leader in blood volume measurement technology, announces today that it has signed a Cooperative Research and Development Agreement (“CRADA”) with The Uniformed Services University (“USU”), a medical school affiliated with all military branches of the United States, and The Henry M. Jackson Foundation for the Advancement of Military Medicine (HJF) under the leadership of David Burmeister, PhD, Department of Medicine, USU and Brandon W. Popper, MD FACS, Department of Surgery, USU.

In collaboration with USU and a grant received from AFWERX, a Technology Directorate of the Air Force Research Laboratory (AFRL) and the innovation arm of the Department Air Force, Daxor is developing an updated diagnostic device and tracer system to replace the current I-131 nuclear tracer used in the BVA-100^® Blood Volume Analyzer.

“Our non-nuclear fluorescent BVA device will be a state-of-the-art blood volume diagnostic that will have medical performance capability in both the combat casualty and civilian emergency department settings,” said Jonathan Feldschuh, Chief Scientific Officer at Daxor. “A number of features will be designed especially for Defense use, including reduced weight and size, ruggedization, longer battery life, extreme ease of use, and rapid test turnaround time. The upgraded device will be made available to non-Defense customers in parallel, where the modifications are expected to significantly facilitate commercial adoption.”

“This collaboration supports work on the next generation BVA device currently in development under a contract with the Department of Defense,” said Michael Feldschuh, CEO and President of Daxor. “Target indications include hemorrhage, burn, trauma, sepsis and acute respiratory distress syndrome with the objective of saving the lives of American soldiers and translating the results to civilian care including areas such as heart failure, post-surgical care, and syncope.”

Extensive peer-reviewed medical literature has validated Daxor’s BVA's enhancement of interventions through reliable and accurate blood volume measurement. Most relevant to military medicine is a prospective randomized controlled trial which demonstrated that, compared to standard care, actionable BVA-100 information changed surgical intensive care unit (SICU) fluid and red blood cell interventions by 44% of cases while reducing patient mortality by 66%. Additionally, it cut patients’ length of stay and days on a ventilator.

About Daxor Corporation

Daxor Corporation (Nasdaq: DXR), is the global leader in blood volume measurement technology focused on blood volume testing innovation. 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. Over 60,000+ tests have been performed at leading hospital centers across the U.S., enhancing hospital performance metrics in a broad range of surgical and medical conditions, including significantly reducing mortality and readmissions in heart failure and critical care. Daxor has several ongoing multicenter trials in the areas of COVID-19 and heart failure treatment with support from the NIH and is under contract developing analyzers to improve combat casualty care with the U.S. Department of Defense. Daxor's mission is to advance healthcare by enabling optimal fluid management with blood volume analysis. Daxor’s vision is optimal blood volume for all. For more information, please visit our website at Daxor.com.

About HJF

The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc. (HJF) is a global nonprofit organization with the mission to advance military medicine. HJF’s scientific, administrative and program operations services empower investigators, clinicians, and medical researchers around the world to make discoveries in all areas of medicine. With more than 35 years of experience, HJF serves as a trusted and responsive link between the military medical community, federal and private partners, and the millions of warfighters, veterans, and civilians who benefit from military medicine. For more information, visit hjf.org.

Forward-Looking Statements
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.

Investor Relations Contact:
Bret Shapiro
Sr. Managing Partner, CORE IR
1-516-222-2560
brets@coreir.com

FAQ

What is the purpose of Daxor's new device?

Daxor's new device aims to replace the I-131 nuclear tracer with a non-nuclear system for improved blood volume diagnostics.

Which organizations are collaborating with Daxor on the new device?

Daxor is collaborating with The Uniformed Services University and The Henry M. Jackson Foundation.

What conditions will the new BVA device target?

The new BVA device will target conditions such as hemorrhage, burn, trauma, sepsis, and acute respiratory distress syndrome.

What is the stock symbol for Daxor Corporation?

Daxor Corporation's stock symbol is DXR.

What are the expected benefits of Daxor's new diagnostic device?

The expected benefits include increased accuracy, reduced weight, longer battery life, and rapid test turnaround time.