Daxor Corporation Acquires Volumex® and Megatope® From Its Existing Supplier Along With Glofil® to Enhance Existing Suite of Diagnostics
25 March 2024 - 11:00PM
Daxor Corporation (Nasdaq: DXR),
the global leader in blood volume measurement technology, announces
today it has entered into a definitive agreement to acquire
exclusive and worldwide rights and intellectual property to
manufacture from its existing supplier for Volumex and Megatope
from privately-held Iso-Tex Diagnostics, Inc. Daxor has also
acquired the exclusive rights to Glofil, a drug that measures
glomerular filtration rate (GFR), which Iso-Tex has been selling
directly to its customer base.
Daxor projects the acquisitions to be cash flow
positive and accretive to earnings immediately upon transfer of the
manufacturing. This is due to the embedded revenue streams of the
drugs and significantly higher margins that will be achieved with
internalized production.
“Bringing the manufacturing of these
radiopharmaceutical diagnostics in-house at our Oak Ridge facility
is a game-changer for Daxor that will substantially increase our
margins on blood volume analysis (BVA) test kits as we scale up,”
said Michael Feldschuh, President and CEO of Daxor. “Acquiring
Glofil gives us a new product to cross-sell into our growing
customer base."
“Glofil, a trusted GFR diagnostic, shares a user
base that overlaps with Daxor's core hospital customers. Adding
Glofil allows Daxor to offer a compelling combined product suite
for measuring both blood volume and kidney function creating an
additional revenue stream for the company,” said Senior Vice
President of Commercialization and Customer Experience, Jean
Oertel.
The deals have been structured with
seller-provided financing on favorable terms. No payments will come
due until manufacturing is fully transitioned to Daxor over the
next 6-9 months. The total transaction value will then be paid in
monthly installments over two years from that point, with payments
anticipated to be supported by the revenue from Glofil and
cost-savings from in-house manufacture of BVA test kits.
The transaction is subject to customary
conditions, including receipt of applicable regulatory
approvals.
About Iso-Tex Diagnostics, Inc.
Founded in 1975 by Tom Maloney, Iso-Tex
manufactures radiopharmaceuticals for diagnostic and therapeutic
applications for Daxor and other customers. Iso-Tex is
headquartered in Pearland, Texas.
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 ShapiroSr.
Managing Partner, CORE IR1-516-222-2560brets@coreir.com
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