Daxor Corporation Awarded New U.S. Defense Health Agency Contract for Added Capabilities to Its Point-of-Care Blood Volume Analyzer

Rhea-AI Summary

Daxor (Nasdaq: DXR), the global leader in blood volume measurement technology, has been awarded a $550K matching-fund extension from the U.S. Defense Health Agency (DHA) to its Phase II SBIR contract. This funding will support the integration of hematocrit measurement into a future generation Blood Volume Analyzer (BVA).

The upgrade aims to streamline the BVA test by eliminating the need for third-party hematocrit testing devices. This marks Daxor's eighth SBIR award, demonstrating the DHA's ongoing commitment to advancing next-generation medical technologies. The company's goal is to make blood volume measurement faster and easier in various settings, from bedside to clinical testing labs and combat zones.

Positive

• Received $550K matching-fund extension from U.S. Defense Health Agency
• Eighth SBIR award, indicating consistent government support
• Development of advanced blood volume measurement technology
• Potential for improved adoption of next-generation analyzer

Negative

• None.

Financial Analyst

The award of the additional $550K matching-fund extension from the U.S. Defense Health Agency (DHA) is a positive financial development for Daxor Corporation. This funding extension indicates strong government backing, which can be a significant driver of future revenue growth. Additionally, the integration of hematocrit measurement into the blood volume analyzer could reduce operational costs by eliminating the need for third-party devices. This move may enhance Daxor’s market position, potentially leading to increased sales and market penetration. Investors should consider this as a sign of confidence in Daxor’s technology and its future profitability.

Medical Research Analyst

The integration of hematocrit measurement into Daxor’s next-generation blood volume analyzer is a critical advancement in medical technology. Hematocrit levels are a key parameter in diagnosing and monitoring various medical conditions, including anemia and polycythemia. By providing a more streamlined and efficient process, Daxor's new analyzer can significantly benefit clinicians and patients by offering quicker and more reliable results. This innovation could set a new standard in blood volume analysis, improving patient outcomes and driving adoption in clinical settings.

Market Research Analyst

Daxor’s receipt of its eighth SBIR award is indicative of the company's strong track record in securing government contracts, which can be a reliable revenue stream. The U.S. Defense Health Agency's support not only enhances Daxor’s credibility but also helps in accelerating the development of their technology. The integration of hematocrit measurement into a single device may differentiate Daxor in a competitive market, potentially leading to a larger market share. This development could also open doors to additional contracts and partnerships, further solidifying Daxor’s position in the medical technology industry.

The Hematocrit Feature Will Be Integrated Into A Future Generation Blood Volume Analyzer (BVA)

Oak Ridge, TN, July 24, 2024 (GLOBE NEWSWIRE) -- Daxor Corporation (Nasdaq: DXR), the global leader in blood volume measurement technology, today announces that Daxor has received a $550K matching-fund extension from the U.S. Defense Health Agency (DHA) to its Phase II SBIR contract. This additional funding will support adding hematocrit measurement to a future generation blood volume analyzer. The upgrade eliminates the need for hematocrit testing from third-party devices to perform the BVA test.

“The DHA's continued support demonstrates their ongoing commitment to advancing next-generation medical technologies like Daxor’s BVA," said Michael Feldschuh, CEO and President of Daxor Corporation. “The addition of built-in hematocrit measurement will streamline our next-generation analyzer's adoption. We aim to make blood volume measurement faster and easier in all settings, from the bedside to clinical testing labs to combat zones.”

“This represents our eighth SBIR award to support the continued development of our next generation technologies,” commented Jonathan Feldschuh, Daxor’s Chief Science Officer. “We have an ongoing commitment to working with government funders to effectively and efficiently develop the most advanced technology for blood volume measurement and its clinical application.”

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 only 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 65,000+ 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 trials in the areas of 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. Sign up to receive news on Daxor’s innovative technology HERE.

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 value of the contract extension Daxor (DXR) received from the U.S. Defense Health Agency?

Daxor (DXR) received a $550K matching-fund extension from the U.S. Defense Health Agency to its Phase II SBIR contract.

What new feature will be integrated into Daxor's (DXR) future generation Blood Volume Analyzer?

Daxor (DXR) will integrate hematocrit measurement into its future generation Blood Volume Analyzer (BVA).

How many SBIR awards has Daxor (DXR) received to date?

Daxor (DXR) has received eight SBIR awards to support the continued development of their next-generation technologies.

What is the main benefit of adding hematocrit measurement to Daxor's (DXR) Blood Volume Analyzer?

Adding hematocrit measurement to Daxor's (DXR) Blood Volume Analyzer will eliminate the need for third-party hematocrit testing devices, streamlining the BVA test process.