Benzinga | Mar 25, 2021 11:26AM EDT

Daxor Biotech Blood Volume Innovation Is Rapidly Improving Patient Outcomes

Daxor Corporation (NYSE:DXR) President and CEO Michael Feldschuh participated in the Benzinga Biotech Small Cap Conference held on March 24, 2021. He provided an overview on Daxor's business model and growth strategy, including updates on groundbreaking research and product development as well as new prospective medical trials.

Daxor Corporation continues to make news with its breakthrough technology focusing on blood volume measurement innovation. The company developed and markets the BVA-100(r) (blood volume analyzer), the first and only diagnostic blood test cleared by the Food and Drug Administration (FDA). It provides safe, accurate and objective quantifications of blood volume status and composition compared to patient-specific norms for a variety of medical and surgical conditions including heart failure and critical care.

The BVA test is administered at the point of care and samples are sent to the lab to be processed. Within 1 hour or less, results are generated. Over 50,000 blood tests have been performed at leading hospitals across the country since its introduction and has been shown to reduce heart failure mortality by over 80% and readmissions by over 56% in peer-reviewed studies confirming that accurate blood volume measurement enhances hospital performance metrics and leads to better patient outcomes.

Daxor has been officially recognized as meeting all ISO 13485 requirements, including medical devices, Quality Management System Certification ensuring the consistent design, development, production, installation and delivery for the BVA-100 system.

"This ISO certification opens the way for Daxor to international distribution by meeting all its rigorous requirements. This is a proud achievement for us," said Michael Feldschuh, President and CEO of Daxor Corporation. "Being recognized as meeting the "gold standard" for quality enables us to expand the availability of our products outside the U.S. and amplify the efforts currently underway domestically through our salesforce expansion and third-party distribution partners."

Daxor has experienced tremendous success in its recent technology and ongoing research, resulting in:

* Diagnostic division revenue growth of 50% in 2020

* Clean capital structure, strong balance sheet, no warrants and small float

* Development of a rapid, rugged, portable blood volume analyzer slated for FDA submission in 12 months for both military and civilian use as well as a novel patent-pending fluorescent tracer

* Initiation of 2 randomized control trials to guide volume treatment in heart failure and COVID patients -- Duke University and NYU, OHSU and Wake Forest

Daxor has also earned the trust and investment of the Department of Defense (DOD), which has awarded four contracts to the company, totaling more than $2 million for the manufacture of advanced blood volume analyzers for military and civilian applications. The latest is a Phase 2 contract from the U.S. Air Force (USAF) to implement a novel fluorescent tracer and optical sensing technology into a next-generation point-of-care blood volume analyzer.

Almost one in three military deaths are from a blood hemorrhage, and Daxor is developing a rapid, rugged and portable blood volume analyzer slated for FDA submission by 2022 for both military and civilian use.

Daxor was also awarded a grant from CAPCaT for a program run by the Massachusetts Medical Device Development Center (M2D2) and funded by two NIH institutions to develop a smart, point-of-care heart failure diagnostic for quantification of intravascular fluid overload to enable precision diuretic dosing in February 2021. The grant will help further ongoing next-gen product development of point-of-care products that are faster, easier to use and valuable in both military and civilian applications.

Daxor's innovation and research have also led the company to some aggressive patent filings and activity as it continues to look for new patient innovation and subsequent sales opportunities including:

* Six new patents filed by Daxor including the novel fluorescent tracer

* Five new patents anticipated for 2021

* Awarded 4 U.S. patents and 7 patents pending plus numerous international patents (Europe, Japan, Canada, among others via WIPO PCT)

The point-of-care diagnostics market is projected to grow to $46.7 billion by 2024. Factors such as increasing global incidence of target conditions, growing government support, and rising preference for home healthcare drive market growth and position Daxor in an enviable space.

Photo by National Cancer Institute on Unsplash