Daxor Corporation Announces Launch of Proposed Underwritten Public Offering

Rhea-AI Summary

Daxor Corporation (Nasdaq: DXR) announced an underwritten public offering of its common stock, with the lead underwriter Joseph Gunnar & Co., LLC. Daxor may offer an additional 15% of the shares sold, with proceeds intended for working capital, product development, acquisitions, and to repay outstanding debt. The offering's terms are subject to market conditions, and a preliminary prospectus is available through the SEC's website. The company has successfully conducted over 60,000 blood volume tests, showcasing its leadership in this medical field.

Positive

• Daxor plans to use proceeds for working capital, product development, and potential acquisitions.
• The company has performed over 60,000 blood volume tests, indicating strong market acceptance.

Negative

• Offering may cause dilution of existing shares if additional shares are purchased.
• The terms of the offering are subject to market conditions, creating uncertainty for investors.

Oak Ridge, TN, Nov. 14, 2022 (GLOBE NEWSWIRE) -- DAXOR CORPORATION (Nasdaq: DXR) (“Daxor”, or the “Company”), the global leader in blood volume measurement technology, today announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares of common stock are being offered by Daxor. In addition, Daxor intends to grant the underwriter in the offering a 45-day option to purchase up to an additional 15% of the number of shares of common stock offered in the offering at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Joseph Gunnar & Co., LLC is acting as the lead book-running manager for the offering.

Daxor intends to use the net proceeds from the offering for working capital, general corporate purposes, including to develop our products, fund capital expenditures, make investments in or acquisitions of other businesses, solutions or technologies or repay a portion of our outstanding borrowings.

A shelf registration statement on Form N-2 (File Nos. 333-255212 and 811-22684) relating to the securities being offered was filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 13, 2021, and became effective on July 16, 2021. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the shelf registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering have been filed with the SEC and will be available on the SEC's website, located at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained, when available, from Joseph Gunnar & Co., LLC, Attn: Syndicate Department, 30 Broad Street, 11^th Floor, New York, NY 10004, by calling (212) 440-9600. Before you invest, you should read the preliminary prospectus supplement and accompanying prospectus, together with the information incorporated therein, for more complete information about Daxor and the proposed offering. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Daxor:

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.

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 timing, size and expected gross proceeds of the offering, the satisfaction of customary closing conditions related to the offering and sale of securities, the grant to the underwriter of an option to purchase additional shares, and Daxor’s ability to complete the offering. 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 stock offering?

Daxor intends to use the proceeds for working capital, product development, acquisitions, and to repay outstanding borrowings.

What risk does the public offering present for shareholders of Daxor (DXR)?

The public offering may lead to dilution of existing shares if additional shares are sold.

Who is managing Daxor's public stock offering?

Joseph Gunnar & Co., LLC is acting as the lead book-running manager for Daxor's public offering.

When was the registration statement for Daxor's offering filed?

The shelf registration statement relating to the securities was filed with the SEC on April 13, 2021.

How many blood volume tests has Daxor performed?

Daxor has conducted over 60,000 blood volume tests in various medical conditions.