DAXOR CORPORATION AWARDED GRANT FROM THE CENTER FOR ADVANCING POINT OF CARE TECHNOLOGIES (CAPCAT) TO DEVELOP A POINT-OF-CARE BLOOD VOLUME ANALYZER

Rhea-AI Summary

Daxor Corporation (NYSE: DXR) has received a grant from the Center for Advancing Point of Care Technologies to develop a smart heart failure diagnostic for intravascular fluid overload. This funding accelerates Daxor's R&D of next-generation devices for blood volume measurement, a critical need as heart failure affects over 6 million Americans annually. The point-of-care diagnostics market is projected to reach $46.7 billion by 2024, driven by a rising incidence of heart conditions and a shift towards home healthcare.

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• Awarded a grant for developing heart failure diagnostic, which enhances R&D efforts.
• Potential to tap into the growing $46.7 billion point-of-care diagnostics market.

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• None.

NEW YORK, Feb. 05, 2021 (GLOBE NEWSWIRE) -- Daxor Corporation (NYSE MKT: DXR), the global leader in blood volume measurement technology, announces today that it has been awarded a grant from the Center for Advancing Point of Care Technologies (CAPCaT), a program run by the Massachusetts Medical Device Development Center (M2D2) funded by the National Heart, Lung, and Blood Institute and the National Center for Complementary and Integrative Health, both part of the National Institutes of Health (NIH), to develop a smart, point-of-care heart failure diagnostic for quantification of intravascular fluid overload to enable precision diuretic dosing.

“This exciting award accelerates our active research and development program for our next-generation devices to make precise blood volume measurement both easier and quicker to perform, whether in a hospital lab, at the bedside, or even in the patient’s own home,” said Michael Feldschuh, President and CEO of Daxor.

Heart failure treatment innovations are urgently needed to improve outcomes and reduce the cost of care. Over 6 million Americans suffer from heart failure, one of the most common and deadly diseases in the United States, leading to nearly 1 million deaths and 1 million hospitalizations annually. The point-of-care diagnostics market is projected to grow to $46.7 billion by 2024. Factors such as increasing incidence of target conditions, growing government support, and rising preference for home healthcare across the globe are driving the growth of the market.

“Daxor submitted an excellent proposal to our most recent call for applications and rose to the top of a very competitive field,” said David McManus, Co-Principal Investigator of CAPCaT and Professor and Chair of the Department of Medicine at UMass Medical School. “We look forward to working with them to advance their product toward the commercial market.”

This work is being funded by NIH grant 1U54HL143541.

About Daxor Corporation

Daxor Corporation (NYSE: DXR) is the global leader in blood volume measurement technology focused on blood volume testing innovation (organized as an investment company with fully-owned innovative medical instrumentation and biotechnology operations). 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 enhances hospital performance metrics in a broad range of surgical and medical conditions, including heart failure and critical care, by informing treatment strategies, resulting in significantly improved multiple measures of patient outcomes. 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 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
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516-222-2560
brets@coreir.com