SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549
                 

                              Form 10-K
              Annual Report Pursuant to Section 13 or 15(d)
                 of the Securities Exchange Act of 1934
                 

    FOR THE FISCAL YEAR ENDED                  COMMISSION FILE NUMBER
        December 31, 1996                               0-12248

                               Daxor Corporation
           (Exact name of Registrant as specified in its charter)
 
                    New York                      13-2682108
      (State or other jurisdiction of             (IRS Employer
       incorporation or organization)             Identification Number)

                                350 Fifth Avenue
                                   Suite 7120
                            New York, New York  10118
             (Address of principal executive offices) (Zip Code)

                Registrant's telephone number: (212) 244-0555

          Securities registered pursuant to Section 12(b) of the Act:
                        Common Shares, $.01 par value
                              (Title of Class)

        Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
and (2) has been subject to such filing requirements for the past
90 days.

                         Yes (X) No ( )

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-X is not contained herein,
and will not be contained, to the best of registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any
amendment to this form 10-K.  [  ]   
                    ----------------------------------
As at March 27, 1997, the aggregate market value of the voting
stock held by non-affiliates of the Registrant was $ 14,842,230.
The market value of Common Stock of the Registrant, par value
$.01 per share, was computed by reference to the closing price of
one share on such date, as reported by the American Stock
Exchange, which was $ 9.75.
                    ----------------------------------
The number of shares outstanding of the Registrant's Common
Stock, par value $.01 per share, as of March 27, 1997:  4,712,709
shares.
                    -----------------------------------
Documents incorporated by reference:  The information required by
Part III is incorporated by reference from the proxy statement
for the 1996 Annual Meeting of Shareholders.
          
<PAGE>
PART I.
Item 1.  Business

 The Daxor Corporation (the "Company") was formed in 1971, to
 develop cryopreservation technology for the freezing techniques
 of human semen.  The Company's Idant Laboratory division
 ("Idant"), was the first human semen bank developed in the
 United States for general public use.  In 1985, Idant developed
 the first autologous blood bank in the United States where
 individuals could store their own blood.  In 1985, the Company
 also initiated the development of an instrument for the
 measurement of the total amount of blood in the human body, the
 Blood Volume Analyzer (BVA-100).
 The Company has completed successful testing the BVA-100.  The
 instrument utilizes an isotope (Albumin I-131) which is injected
 into a patient from whom blood samples are drawn at timed
 intervals.  The instrument provides an accurate and rapid
 measurement of the total volume of blood in the human body.  The
 technique currently employed takes 4-8 hours and is rarely
 performed in most hospitals.  The BVA-100 will provide
 preliminary results within 20 minutes and complete results
 within 35 minutes.  The instrument will also calculate the
 normal blood volume of a specific  individual.  It will, for
 example, provide a very accurate measurement of the amount of
 blood lost by a patient during surgery.  Current methods of
 estimating blood loss are frequently inaccurate, and many have
 errors as large as 35%.  At the present time, there is no
 similar instrument on the market.  The instrument will require
 the use of a separate kit which will require FDA approval.  The
 isotope in the kit has previously been specifically approved by
 the FDA for the measurement of blood volume.  On March 20, 1996,
 the Company received approval for its U.S. patent application
 for the injection kit.  The patent is for an injection syringe
 which will be used to provide a fixed quantitative amount of
 isotope for use with the BVA-100.  To date over 300 patients
 have had their blood volumes measured utilizing these
 measurement techniques.  The repeatability of the test is
 estimated to be + 2%.  In 1991, the Company received a U.S.
 patent for the Blood Volume Analyzer itself and is the first
 U.S. patent issued for an instrument which successfully measures
 the total amount of blood in the human body.  In November 1992,
 the Company received a European patent for its Blood Volume
 Analyzer covering 12 countries.  On March 26, 1996, the Company
 received a Japanese patent for its BVA-100.  This is the first
 patent ever issued in Japan to measure human blood volume.  On
 July 18, 1996, the Company reached an agreement with Oxford
 Instruments, Inc., NMG. (Oxford) to manufacture the Blood Volume
 Analyzer for Daxor at the Oak Ridge, TN facility of Oxford. 
 Oxford is an international corporation
 specializing in precision instrumentation.  Daxor established an
 engineering division in Oak Ridge, headed by Vice
 President of Engineering, Ronald H. Baldry.

 The introduction and approval of the Company's Blood Volume
 Analyzer has been delayed by the lack of Albumin I-131.  Squibb
<PAGE>

 Pharmaceuticals, who was the only U.S. F.D.A.-approved
 manufacturer who was producing the isotope Albumin I-131 ,
 transferred its license to Iso-Tex Diagnostics.  Iso-Tex has
 experienced multiple delays in the approval process of the
 isotope.  In 1996, Iso-Tex received FDA approval for the
 manufacturing of Albumin I-131, after a delay of eight years.

 In 1985, the Company established the first facility in the
 United States for long-term autologous (self-storage) blood
 banking. The Company began exploring the possibility of
 long-term blood storage by utilizing freezing technology in
 1974.  However, market surveys indicated that the public
 underappreciated the risk free alternative of autologous blood
 banking because of a misperception that the traditional blood
 banking system was safe despite evidence that there were many
 risks from blood transfusions.  The blood banking industry is a
 group of for-profit and not-for-profit corporations whose total
 revenue is estimated to exceed six billion dollars.  These
 groups have a large financial stake in the continuity of the
 current system and have vigorously opposed the creation of
 autologous frozen blood banks.

Utilizing cryobiology technology, frozen blood has been shown to
 be capable of being stored for up to 20 years.  The present
 donor systems of blood transfusions presents risks to those
 individuals receiving blood.  A risk which can be avoided by
 utilizing one's previously stored  blood. There are
 approximately 12 - 15 million blood transfusions administered
 annually. One third of the blood utilized in New York City is
 imported from sources outside of NYS and overseas because of
 severe shortages.  At the present time, an individual has a
 1-in-50 chance of contracting hepatitis from transfused blood
 and a much smaller but still real risk of contracting AIDS.  A
 new hepatitis virus contaminant, Hepatitis G, has just been
 discovered to be present in thousands of blood transfusion
 products.  Autologous storage of blood protects an individual
 against these and other multiple problems associated with
 transfusions.  The concept that the "safest blood is one's own"
 is specifically endorsed by the American Medical Association, a
 committee of the National Institute of Health, and transfusion
 committees of multiple hospitals.

Daxor's Idant division was formed in 1971, and established the
 world's first human sperm bank for storage of human semen and
 donor semen for artificial insemination.  Idant provides frozen
 semen to physicians for use in artificial insemination.  The
 semen is obtained from third-party donors who are anonymous to
 the recipients.  The donors are recruited and screened by Idant
 with their physical characteristics matched to the extent
 practicable to the needs of the recipient.  Idant also offers
 its "sperm bank" storage facilities for use by men undergoing
 vasectomies and patients undergoing chemotherapy and radiation
 treatment, who are in danger of becoming sterile. This division
 also provides fertility testing services. The Company maintains
 the largest human sperm bank in the U.S.

<PAGE>
From August 21, 1995 through May 16 1996, the Idant semen bank
 and blood bank had been operating on a partial storage basis
 only.  On August 21, 1995, Daxor's New York State licenses were
 revoked without a hearing.  Some of these licenses date back 25
 years and the Company has responded with multiple lawsuits,
 which are more completely described in the Legal Proceedings
 section of this report. (section 5)  On May 16, 1996, the New
 York State Appellate Court, First Department ordered in a
 unanimous 5 - 0 decision that Daxor's facilities be reopened. 
 The Company has filed a $100 million RICO/anti trust suit
 against the  New York Blood Center and certain New York State Department
 of Health officials.


BLOOD BANKING

In December 1985, Daxor received the first FDA registration in
 the U.S. for long-term frozen autologous blood banking.  The
 Company has had research interests in the cryobanking of blood
 for over 20 years.  The current donor system of blood banking
 exposes a transfusion recipient to the dangers of infections
 such as AIDS and hepatitis.  There are over 50,000 cases of
 hepatitis from transfusions annually despite testing, of which a
 significant number develop into major illnesses.  The current
 system of AIDS screening does not completely eliminate AIDS
 carriers as donors; it only reduces the risk of an AIDS carrier
 donating blood.  Other viral diseases, such as the cytomegalo
 virus, are also transmitted via blood transfusion and are not
 detected by current screening methods.  Blood matching of minor
 subtypes is never done and an individual has less than one
 chance in 100,000 of receiving a perfect match from an unrelated
 stranger.  Approximately 5% of all transfusions result in
 transfusion reactions.  Another major problem is the fact that
 diseases such as hepatitis and AIDS my be undetectable for six
 months or longer in healthy appearing, infected carriers.  In
 March 1996, the NY Times reported a case of a blood donor
 infected with AIDS who donated 33 times before his condition was
 ever detected.  Daxor introduced the quarantine concept to both
 sperm banking and blood banking.  Under the quarantine concept,
 donated blood and sperm specimens are frozen and stored for a
 minimum of six months and the donor is then retested for
 infectious diseases such as AIDS and hepatitis before his
 donation can be released for use.  In 1987, Daxor signed the
 first U.S. corporate contract with Warner Communications to
 develop a pool of frozen autologous blood and frozen quarantined
 donor blood.  Frozen quarantined donor blood, is blood from
 donors which has been stored for a minimum of 6 months and the
 donors then retested for AIDS and hepatitis.  Infected carriers
 of AIDS and hepatitis may be undetectable by standard antibody
 tests for periods of up to six months (and on rare occasions
 even longer).  Quarantined frozen blood provides a much safer
 form of donated blood than refrigerated blood in which the donor
 is tested once and the blood must be used within 42 days or
 less.  The utilization of frozen quarantined blood also permits
 transfusion of multiple units of blood from a single donor. 
 This significantly diminishes the risk as compared to when the
 same quantity is obtained from multiple donors.

<PAGE>

Compounding the risks of infection and other complications, is
 the frequent withholding of blood from severely anemic patients
 by their physicians because of these known risks of transfusion. 
 It is a common medical practice to replace the first three pints
 of lost blood with three pints of sterile salt water or the
 equivalent.  This problem has not been brought to public
 attention, but is widely known among physicians who have treated
 patients who have lost blood.  The number of patients who suffer
 major complications, including sudden death, from
 undertransfusion is unknown but significant.

These complications and problems can be avoided by autologous
 storage (self-storage) of blood by individuals.  The Company
 believes that a considerable educational process will be
 required to establish the desirability of autologous blood
 storage and to overcome opposition to any change in the current
 blood banking system from established tax-exempt (non-profit)
 and profit-making entities who have great financial stakes in
 insuring  the continuity of the present donor system.  The
 Company views its entry into this field as a major long-term
 commitment.  The current blood banking system is a monopoly, or
 semi-monopoly, in most areas and is controlled by tax-exempt
 organizations.  One such non-taxpayer had "excess revenues"
 (i.e. profits) in excess of 50 million dollars in a recent year. 
 These organizations, while maintaining a public posture of
 altruism, have been very aggressive in trying to maintain a
 monopoly on the supply of blood resources and the income derived
 from these blood banking activities.  In N.Y.S., the prime
 supplier of blood in the lower NYS, Long Island and NYC region
 is the New York Blood Center.  In the upper region of NYS, the
 Red Cross is the prime supplier of blood.  Some individual
 hospitals have small in-house blood banks which provide a small
 portion of the hospitals transfusion needs.  All hospitals
 within the region are dependent for their blood banking needs
 from the regional blood center structure in their geographic
 area.  

Under the present system, it is a common practice to fractionate
 or separate whole blood into red blood cells, platelets, and
 plasma.  Plasma contains the clotting elements of blood plus
 antibodies.  Sometimes patients continue to bleed because they
 are transfused with red cells and salt water and no clotting
 factors.  This can cause the patient to require even more
 transfusions than if they had been initially transfused with
 whole blood.  Anyone who bleeds loses all of these components
 simultaneously. However, they regularly receive only partial
 replacement.  As a result, when a patient receives complete
 replacement of one pint of blood, for example, he could receive
 red cells from one donor, platelets from another donor and
 plasma from yet another donor.  A patient who requires complete
 replacement of 3 units of whole blood could be exposed to 9
 different donors, each of whom is capable of transmitting an
 infection such as AIDS or hepatitis.  The Red Cross and others
 have claimed that directed donation (i.e. a donation from a
 known source) is not safer than blood from an unknown source. 
 Under the frozen quarantined blood banking system that Idant
 developed, directed donations will be far safer.  This is
 because instead of having 9 donors the recipient would receive 3
 units of whole blood from one donor.  In addition, the risk of
 sensitization which increases with each donor would also be
 reduced by the same amount when blood from a single donor is
 used.  Also, the use of doubly tested quarantined donor blood
 significantly reduces infection risks as compared to single
 tested donor blood.
<PAGE>

Another major problem addressed by Daxor's blood program is the
 severe shortage of blood.  At the present time, 1/3 of the blood
 and blood products used in the New York region are imported from
 Europe, and out of state sources.  France, Germany and Japan
 have been rocked by blood banking scandals in which AIDS
 contaminated blood was transfused despite knowledge by officials
 that the blood was dangerous. In France, senior blood banking
 officials have been sentenced to jail terms. The shortage of
 blood compounded by the risk from blood transfusion have made it
 a common practice to replenish individuals who have lost as much
 as 3 pints of blood with only salt water.  In some cases
 individuals who have lost as much as 4 pints of blood are
 replaced only by salt water.  The human body, depending on its   
 size, holds only 7 to 12 pints of blood.  The practice of
 replacing blood with salt water, widely known to physicians, is
 almost unknown to the public at large.  This practice of
 replacing blood with water leads to a significant number of
 unreported heart attacks, strokes, and sudden deaths every year. 
 Some patients who receive salt water instead of blood develop a
 condition called pulmonary edema, where their lungs fill up with
 water.  Patients who develop these complications rarely have
 their complications attributed to the severe undertransfusion
 they have received.  In the case of sudden death, the autopsy
 will reveal the heart attack or stroke which will usually be
 listed as the cause of death instead of the real cause, which is
 inadequate replacement of blood.  Blood volume depletion is very
 difficult to prove as a cause of death.  In animals bled
 experimentally, death comes rapidly and with almost no warning
 as the brain is deprived of blood, with sudden loss of
 consciousness followed by sudden death.  The practice of keeping
 patients, including elderly patients, severely blood- depleted,
 would end if a safe and adequate source of blood were available.

The Company plans to develop a nationwide network of autologous
 blood banks.  This would possibly eliminate the shortage of
 blood, and the blood would be virtually AIDS-free and would be
 markedly less likely to transmit infection than the current
 system of donor blood transfusion.  The special features of the
 Idant blood bank would include quarantined doubly tested frozen
 donor blood.  The major Daxor advance is the provision of
 multiple units of donor blood from a single donor.  These
 concepts could provide significant competition for the current
 blood banking system which has serious risks because diseases
 such as AIDS and hepatitis may be undetectable for periods as
 long as six months from infected individuals, and occasionally
 even longer.  The Company's concept faces fierce opposition from
 tax-exempt blood banks which have often held a geographic
 monopoly position. (see RICO/anti trust lawsuit)
<PAGE>
 In the late 1980's, the use of autologous blood was encouraged
 by increasing numbers of hospitals.  These programs, however,
 are short-term programs in which liquid blood (unfrozen) is kept
 up to 42 days prior to use.  In these programs individuals who
 face elective surgery are encouraged to store between 2-5 pints
 of blood in a 5-week period prior to surgery.  Some patients are
 even bled 72 hours prior to surgery.  This practice usually
 results in a patient being operated upon in an anemic
 (blood-thinned) or blood-depleted state because almost no one is
 able to replace blood at the rate at which it has been removed. 
 It is generally  acknowledged that the more blood-depleted an
 individual is, the greater the risk of a complication.  The
 decision to operate on individuals in a blood-depleted state is
 a compromise between increasing the risk of surgery in a
 blood-depleted state and the risks from donor transfusions.  It
 is significant that the FDA guidelines for donors will not
 permit blood donations more frequently than once in 8 weeks,
 except in certain circumstances.  These new practices of self
 donation violate these medical guidelines and may place the
 patients at greater risk than if non-autologous donors had been
 used.

 Under Daxor's program these risks are eliminated by obtaining
 blood donations which are frozen over an extended period of
 time, instead of days and weeks, just prior to surgery. 
 Therefore, the patient  does not become depleted.  Patients
 undergoing surgery who had stored blood under the Company's
 program would not begin their surgery in a blood-depleted state
 as contrasted to patients who had their blood taken just prior
 to surgery.

 In 1991, the Company's president, Dr. Joseph Feldschuh, authored
 a book entitled "Safe Blood" which was published by the Free
 Press division of Macmillan Publishers.  This book provides a
 detailed exposition of the problems and risks of the current
 blood banking system as well as an explanation of the mechanics
 of a family frozen blood program.  The book details the use of
 quarantined donor blood and the advantages of obtaining multiple
 units of blood from a single donor.  The book was specifically
 written to counter the false and misleading information which is
 provided to the public by the so-called 'non-profit' blood
 collecting agencies.  This practice of splitting blood into
 multiple components further increases the risk of multiple
 exposure for a specific quantity of blood.
<PAGE>
 The current blood supply is and has been dangerous because there
 have been no competitive alternatives to the current monopoly
 structure.  A blood transfusion is the most intimate contact one
 can have with another human being.  It is more intimate than
 sexual contact, yet the public has almost no control or choice
 from whom transfusions are obtained.  At the present time only a
 few states in the Unites States have so called "Safe Blood"
 acts.  These legislative changes provide individuals such basic
 rights as the right to have access to ones own stored blood as
 well as the right to choose a donor.

 In 1993 and 1995, a bill had been introduced in the New York
 State legislature to guarantee these rights.  It was also
 lobbied against by New York State blood bank regulators.  It was
 blocked by intensive lobbying efforts of the blood banking
 industry's representatives.  This bill, called the
 Vellela-Weisenberg-Polonetsky Safe Blood Act, will be
 reintroduced.  Presently, in New York, a hospital may take a
 patient's blood prior to surgery and give that blood to another
 patient without the first patients' permission even if that
 patient is left blood depleted.  Blood banks may skim off the
 plasma without a patient's knowledge or permission and transfuse
 only the red cells.  Blood banking monopolies are also protected
 in many states from liabilities by special blood shield laws
 which often protect them from lawsuits of negligence and their
 false claims about the safety of their blood supply.  The
 proposed New York State Safe Blood Act, if enacted, will mandate
 informed consent disclosure of the risks of transfusion and the
 alternatives available to a transfusion candidate.

 Daxor family blood banking programs provide for donor exposure
 reduction by the following steps: 1) Storage of an individual's
 whole blood (i.e. both the red blood cells and the plasma). 2)
 Donor Reduction Program.  Utilization of multiple units of
 frozen blood from a single donor where additional blood is
 necessary.  For example, a person who has stored 2 units of
 whole blood comprising 2 units of red cells and 2 units of
 plasma could provide that blood to another individual who would
 be exposed to only a single donor for the quantity of blood
 which would currently be directed from four separate donors.  3)
 Utilization of Quarantined, Doubly Tested Blood.  In 1985,
 Daxor's Idant Laboratory division was the first sperm bank in
 the United States to initiate the concept of quarantined sperm
 to reduce the risk of AIDS and hepatitis.  The public is unaware
 that the current tests for the AIDS virus does not actually test
 for the virus, but is only a test for the antibodies to the
 virus which usually take months to appear.  A blood or sperm
 donor recently infected with AIDS therefore will test negative
 on the standard test, but will be capable of transmitting AIDS
 to the recipient of the donation.  A blood donor receiving a
 blood product from someone infected with the AIDS virus has
 almost a 100% guarantee of becoming infected.  Some of these
 people, in turn, will infect other members of their family with
 the AIDS virus.  Elizabeth Glazer is an example of a widely
 publicized case of a woman who received a single AIDS infected
 unit of blood and then, in turn, infected two of her children. 
 There have been many cases where an individual infected from a
 transfusion infects other family members.

<PAGE>

 To prevent this problem, in 1985, Daxor's Idant laboratory
 division started the first quarantine in the United States (and
 possibly the world) for sperm donors whereby a sperm donor's
 semen was stored for a minimum of six months and the donor
 retested a second time.  Most AIDS infected individuals will
 develop antibodies within 6 months so that a second negative
 test would indicate that the six month old semen was AIDS free. 
 This concept was adopted by the American Association of Tissue
 Banks in 1986, and is now the law in states which regulate sperm
 banking.  In 1987, Idant adopted a similar concept for its blood
 bank, encouraging individuals to be retested so that their blood
 would meet the criteria for "quarantined blood".  Daxor was the
 first blood bank in the United States to offer this service.  It
 is the only blood bank in New York State to provide such blood
 and may possibly be the only facility in the United States
 providing this type of blood.  At the present time, there is a
 95% chance that an individual will require a transfusion within
 one's lifetime.  The utilization of autologous storage combined
 with a quarantined donor blood program, could reduce the risk of
 donor exposure by over 90%.

 There is an important parallel between sperm banking and blood
 banking.  In the 1970's, Idant was alone in advocating frozen
 semen in the use in artificial insemination.  It was not until
 the 1980's when the safety and advantages of sperm banks
 (whereby donors could be properly tested before their semen was
 released) was appreciated by the general medical community. 
 Today, frozen semen is the standard in the land and the use of
 untested fresh donor semen is illegal in many states.

 To date, privately held blood banking companies focusing
 primarily on storage facilities have not been profitable.  The
 many factors behind the slow acceptance of the concept have
 been: 1) Monopoly practices of tax-exempt blood suppliers. 2)
 The use of exclusive supply contracts between these
 organizations and their hospitals.  Some of these contracts may
 be in violation of anti trust laws.  3) Relationships between
 regulators and blood bank monopolies enforcement activities of
 some regulatory agencies which provide extremely difficult entry
 barriers to innovators wishing to provide competing or
 alternative services.  Some individuals within the regulatory
 agencies have been openly and aggressively hostile towards
 services such as frozen blood banking which Daxor provides.  
 The passage of "Safe Blood" acts by various states is a major
 step towards protecting the rights of the public.  We believe a
 federal law will provide uniform protection to patients
 throughout the United States. 
<PAGE>

 It is a goal of the Company to develop a network of Family
 Frozen Blood Banks which will also have sperm banking
 capabilities throughout the United States.  The Company believes
 that as the public becomes increasingly aware of the deceptions
 about the safety and inadequacy of current blood transfusion
 practices, that individuals will seek to provide this essential
 form of insurance for themselves.  The anti trust suit has the
 potential for ending the regional blood bank monopoly structure
 within the United States.

 In March 1994, Daxor assisted the development of U.S. Cryobanks
 of Florida which provides both semen and blood banking.  Daxor
 has a 29% interest in U.S. Cryobanks of Florida, which is under
 independent management.

Measurement of Human Blood Volume

 The diagnostic data to be provided by the Company's blood volume
 measurement equipment would be usable by physicians in a variety
 of medical fields, including critical care, cardiology,
 pediatrics and surgery, to identify and quantify the amount of
 blood loss the patient has suffered, to determine the percentage
 of red blood cells or hemoglobin the patient has lost, and to
 help to determine the need for continuing treatment.  An
 estimated 12 million blood transfusions per year are performed
 in U.S. hospitals.  The Company believes that, if its blood
 volume measurement equipment were available in a hospital, it
 would be feasible for the hospital to routinely perform a blood
 volume test on every patient for whom a blood transfusion
 appeared to be indicated.  Blood volume measurement would also
 provide a valuable diagnostic tool in treating certain types of
 heart and kidney disease.  At the present time multiple medical
 conditions are associated with inadequate blood volume and
 occasionally excess blood volume.

 The ability to accurately measure the quantity or volume of
 blood in an individual would be expected to be particularly
 useful in surgical situations.  The standard methods of
 estimating the amount of blood an individual has are called the
 hematocrit or hemoglobin.  

 These tests actually measure the thickness of or quantity of red
 blood cells in an individual's blood rather than the blood
 volume itself.  Blood is composed of cells, primarily red cells
 for carrying oxygen, white cells for fighting infections, and
 platelets, small cells used for clotting purposes.  The
 remainder of the blood is called the plasma, which is primarily
 water in which are suspended the cells with various clotting
 factors and special blood proteins.  When an individual bleeds,
 the body will attempt to maintain the same total blood volume by
 the transfer of water from other parts of the body into the
 circulatory system.  This process causes a thinning of the blood
 called anemia.  The thinning process may take hours or many days
 to occur or may never occur completely.  When the blood thinning
 process has not occurred completely, the hematocrit will
 overestimate the amount of blood the individual actually has.

<PAGE>

 The more rapid the blood loss, the less likely the hematocrit
 will reflect the true picture of the patient's blood volume. 
 For example, an individual who has just donated a pint of blood
 (usually over a 6-10 minute period) obviously has one pint less
 blood at the end of the donation than at the beginning.  Yet a
 hematocrit measurement at the beginning and at the end of the
 donation may be almost unchanged, therefore giving no indication
 that the individual has just lost a pint of blood.  Surgery is a
 situation in which individuals lose relatively large quantities
 of blood in a short time.  Despite infusion of saline (salt
 water) and other blood substitutes, the hematocrit is frequently
 very misleading at the end of surgery as to the quantity of
 blood lost.  Patients may have lost 25 to 35 percent more blood
 than estimated from hematocrit measurement and the weighing of
 blood-soaked sponges.  Patients losing more than 3 pints may
 have circulatory collapse when undergoing anesthesia.  Even the
 loss of 1-2 pints in an individual with heart disease may have
 serious consequences.

 The Blood Volume Analyzer, BVA-100, will permit patients to have
 their blood volume measured to within an estimated accuracy of
 PLUS or MINUS 2% prior to surgery.  It will also permit
estimates of +or
 -5% during surgery within 20 minutes and +2% within 35 minutes.

 The instrument will also calculate the normal blood volume for a
 specific individual.  The normal blood volume for an individual
 is related to a complex interplay of height and weight.  The
 instrument will provide these calculations.  The instrument will
 calculate the deficit or excess of both the red cells and the
 plasma.  The provision of this type of data in the opinion of
 the Company will provide critical information in a timely
 fashion  not only in surgery but in other conditions such as
 heart failure and kidney failure.

 The Company has developed a special injection kit which is used
 with the machine for each test.  The injection system provides a
 quantitative highly precise injection.  The system can be used
 in this situation where a precise injection is needed.  The
 injection system received the first United States patent ever
 issued for such a kit on March 20, 1996.  The Company, in 1991,
 received a U.S. patent on the instrument itself, 12 European
 patents the following year, and a Japanese patent on March 26,
 1996.  On May 23, 1996, after an eight year delay the Company
 obtained an FDA approved source for Albumin I-131.  Iso-Tex
 Diagnostics received the license for production of Albumin I-131
 and will supply the product to the Company.  This development
 permitted the Company to proceed with an agreement for the
 manufacturing of the Blood Volume Analyzer. 

 The Company believes that the most significant market for its
 blood volume measurement equipment consists of the approximately
 8,000 hospitals and large clinics in the United States and other
 hospitals outside the U.S.  The Company believes that there is
 an international market of 10 - 14 thousand potential users of
 its BVA-100.  In addition, many physicians conducting extensive
 practices in cardiology, radiology or internal medicine might
 purchase equipment and related test kits for diagnostic use.

 The Company plans to demonstrate its blood volume equipment at
 trade shows across the United States and to market the equipment
 to the nation's hospitals on both an outright sale and lease
 basis.  The Company will use its own capital to develop lease
 programs where hospitals will not purchase the equipment, but
 will commit to use a minimum number of kits per week.  This
 marketing approach has been successfully used by other medical
 technology equipment manufacturers.  The Company may possibly be
 in a position to market the BVA-100 overseas before final
 approval in the United States.  In addition, the Company may
 attempt to enter into distribution contracts with one or more
 large hospital supply companies.  The Company will train
 hospital technicians to utilize its products and expects to
 supply test kits to users of its equipment on a continuing
 basis.

<PAGE>

 The Company will have the BVA-100 manufactured by Oxford
 Instruments, Inc., N.M.G. on a sub- contract basis.  The Company
 is in the process of retaining the service of a syringe
 manufacturer for its quantitative injection kit.  The Company
 plans to manufacture its own kits, but is also considering the
 possibility of working with a radio-pharmaceutical corporation
 to dispense the kits.

Patent and Copyright Protection


 The Company in 1991, after a five-year application period,
 received a United States patent on its Blood Volume Analyzer
 (BVA-100).  This is the only patent ever issued for an
 instrument dedicated to the measurement  of total human blood
 volume for a specific individual.  In 1992, the Company received
 a European patent covering 12 countries.  On March 26, 1996, the
 Company received a Japanese patent for the BVA-100.  The patent
 application was originally filed in 1989, and is the first
 patent ever issued in Japan to measure human blood volume.  The
 Japanese patent provides protection until the year 2009.  The
 instrument is designed to work with an injection kit to be
 manufactured by the Company.  It is theoretically possible to
 use the Blood Volume Analyzer without the kit by preparing the
 reagents used for the test.  However, the cost and time for such
 preparations would be uneconomical and it is unlikely that a
 purchaser of the instrument would use it without purchasing the
 reagent kit.  On March 20, 1996, the Company received approval
 for its U.S. patent application for injection kit, which is
 specifically designed to be used with the instrument.  This is
 the first United States patent ever issued for a system which
 permits a fixed quantitative amount of isotope to be injected
 for diagnostic purposes.  The injection system was specifically
 designed for use with the BVA-100.  However, it can be used for
 other diagnostic test purposes where a precise complete
 quantitative injection of a diagnostic reagent is required. 
 Patent protection will extend for 17 years from the official
 date of issuance.


Idant Laboratory Division

 Idant pioneered both the technology and the commercial
 application of long-term preservation of human sperm for use in
 artificial insemination.  The division provides frozen semen and
 services to physicians worldwide.  As of February 1, 1997, Idant
 held approximately 55,000 human semen units in long-term storage
 at its central New York City facility. The Company maintains the
 largest human sperm bank in the United States.  The Company's
 sperm banking services were particularly closed from August 21,
 1995 to May 16, 1996.  During this timeframe the Company could
 only maintain the stored specimens of its existing clients but
 could not accept new client depositors.  The sperm bank and
 blood bank has returned to full operation after a unanimous 5 -
 0 decision of the Appellate Court, First Department to reopen
 Idant's facilities.  The Company recently had an inspection by
 the American Association of Tissue Banks (AATB).  At the present
 time there are only 5 semen banks, out of approximately 300+
 semen banks, in the United States that are accredited by the
 AATB.  The Company is awaiting the results of this inspection. 
 At the present time none of the licensed New York State sperm
 banks have passed the AATB accreditation process.

<PAGE>

Use of Frozen Sperm for Artificial Insemination by Donors

 Idant, in 1985, was the first semen bank to institute an AIDS
 quarantine period for frozen semen.  In 1989, New York State and
 a number of other states enacted laws requiring sperm banks to
 freeze and quarantine sperm for a minimum of six months with
 donors being tested at the beginning and at the end of the
 six-month period. By storing semen from a large cross- section
 of sperm donors, Idant can closely match the physical
 characteristics of the sperm donor (the Company maintains a
 complete physical description of each donor on file and matches
 multiple physical characteristics and additional special
 characteristics sought by the family) to those of the sterile
 father. The Company also provides, on request, special screening
 for rare hereditary recessive genetic traits.  The increased
 likelihood of a child who resembles his recipient father can
 make the child, who results from artificial insemination, much
 more psychologically acceptable to the father.  In February,
 1988, the Centers for Disease Control and the American Fertility
 Society both officially endorsed frozen semen as the only
 recommended form of semen for use in artificial insemination.

 By eliminating the requirement of immediate donor availability,
 a physician utilizing frozen semen can more precisely match
 ovulation and insemination times.  In addition, the use of
 frozen semen may enable a couple to utilize the same donor for
 future children, regardless of the availability of the donor at
 the time they desire a future child.

 The Company is very selective in its choice of donors and
 estimates that only 5 - 10 percent of all donors are ultimately
 accepted as semen donors.  Idant recruits these donors from the
 approximately 130 colleges and schools of advanced learning in
 the New York metropolitan area and does not accept donors from
 the public at large.  Prospective donors are also screened on
 the basis of a three-generation family medical history and a
 battery of over 30 blood tests, including tests for AIDS and
 multiple forms of hepatitis.  All semen specimens are checked
 for viability of sperm, cultured to insure germ-free condition
 and screened for various forms of hereditary and metabolic
 disorders.  Idant also screens semen for genetic diseases common
 to persons of the prospective donor's racial or ethnic
 background.  The Company, upon request, also screens for rare
 genetic traits.  Doctors who use fresh semen face potentially
 large lawsuits from patients who become infected.  Fresh semen
 always involves the risk of infection.

<PAGE>

 The FDA has instituted tissue bank regulations.  Semen banking
 is considered a form of tissue banking, therefore, in the near
 future the FDA will develop specific regulations for semen
 banks.  The FDA regulations are expected to be extremely strict
 with regard to Quality Assurance, i.e. tracking systems.  The
 Company believes that many smaller semen banks will not be able
 to comply with these regulations.  This may result in a
 consolidation within the industry.


Storage of Sperm for Personal Use

 The Company's sperm bank facilities contain stored sperm
 specimens which should remain viable for many years.  Semen
 stored for 23 years, at minus 321 degrees, has shown minimal
 change when a small amount of a sample was thawed and examined
 (the Company has had documented normal births from semen stored
 16 years).  The Company's facilities are used by men who, for a
 variety of reasons, anticipate impairment of their ability to
 father children and by men who have been found to be marginally
 fertile.  These men may now be able to have children by use of
 techniques that increase their fertility by treating their sperm
 to artificially inseminate their partners.  The facilities are
 also used by men who plan to undergo sterilization by vasectomy,
 but who believe that they might desire children in the future. 
 Artificial insemination using stored sperm is much more
 effective and less expensive than present techniques of
 vasectomy reversal.  In addition, patients with a variety of
 diseases, including many types of cancer, store semen prior to
 undergoing treatment by chemotherapy or radiation.  By utilizing
 cryogenic preservation facilities, these patients, who are
 frequently in their teens or twenties, will be able to father
 their own children after treatment despite the high risk of
 sterility and birth defects associated with treatments.  The
 Company receives referrals for these services from multiple
 sources, primarily physicians.

<PAGE>
 
 Different technologies and methods have been used for freezing
 semen.  Historically, sperm banking had a poor reputation for
 effective preservation of human semen.  However, the Company's
 preservation techniques and methods overcame the difficulties
 associated with freezing human semen.  Dr. Jack Shuber of Mount
 Sinai Hospital of Toronto reported almost identical pregnancy
 rates with frozen semen as with fresh semen based on treatments
 of 193 patients verifying the effectiveness of Idant techniques. 
 In addition, Dr. I. Ray King of Knoxville, Tennessee, completed
 an independent study which showed markedly higher pregnancy
 ratios in artificial inseminations using Idant semen as opposed
 to semen obtained from competing semen bank.  In Dr. King's
 study, Idant semen produced a 17.5% rate of pregnancy per
 insemination cycle and a 67.1% cumulative percentage of
 pregnancies over 11 cycles, as opposed to results of 10.3% and
 42.3%, respectively, for its competitor.  These results are
 significant when compared to studies using frozen semen from a
 variety of sources, which showed pregnancy rates from artificial
 insemination by thawed donor sperm to be much lower than results
 of artificial insemination by "fresh" donor sperm.  Idant
 periodically spot- checks its bank storage to test viability of
 selected specimens of stored semen; results of  these
 spot-checks have shown sperm samples held in excess of 23 years
 to have almost no loss in viability or change in condition.

 A major, recent development has been the ability to achieve
 pregnancy by injecting a single sperm into a human egg. The
 fertilized egg is then placed within the uterus. This means that
 individuals with very low sperm counts may still be able to have
 their own children.

 The Company is engaged in an area which requires a high degree
 of diligence.  The Company utilizes a semen identification and
 quality control program which has 21 check points for
 identification and verification from the time the specimen is
 received from a patient storing his specimen and its eventual
 use by the patient's wife.  A key part of the identification
 system is a numbering and labeling system in which the patient's
 specimen receives a unique (used only once) code number.  The
 patient participates in the identification and labeling of his
 own specimen.  This unique number is placed on the patient's
 aluminum storage canister and on the plastic straw containers
 which contain the patient's semen.  The patient collects his
 semen in a special container with this code number.  The
 patient's semen is mixed with a cryoprotective agent which
 prevents damage when the specimen is frozen.  There is only a
 single physical transfer from the collection container to the
 storage straws.  There are a total of 21 check points before the
 specimen is ready for long-term storage.  Idant's system is
 designed so that the original storage straws can be used
 directly for insemination.  When specimens are shipped to the
 physician there are an additional five check points with two (2)
 initial checks at the time of receipt of the specimen.  Prior to
 use the physician should go through another triple  check:  (a)
 the shipping documents  (b) the tags on the semen holder which
 contain the patient's code number, his name and social security
 number and most significantly (c) the plastic straws themselves. 
 In fact patients can participate with their physician in this
 checking process.  Utilized as designed the Idant semen
 collection system is virtually fool-proof.

<PAGE>

Proprietary Technology and Procedures

 The Company uses a customized carousel canister system in its
 sperm bank storage system.  This permits retrieval of specimens
 from lower levels without removal of upper specimens.  Only a
 few other sperm banks in the U.S. are known to have such a
 system.  Most other banks use a "rack and cane" pull-up system
 which requires removal of upper specimens from the tank to
 retrieve specimens at lower levels.  In such a bank, a specimen
 may be exposed to a temperature change of -321 degrees
 Farenheight (the temperature of the liquid nitrogen) to room 
 temperature of 78 degrees farenheight
 more than 100 times during its storage lifetime.  This will
 result in a gradual degradation  of the specimen.  In the Idant
 system the specimen remains under liquid nitrogen almost
 continuously while in storage.

 Research into preservation of human sperm has shown that without
 tightly controlled conditions, a marked drop-off in viability of
 sperm (i.e., the number of live, active sperm in a sample which
 could be expected to fertilize an egg) occurs within one to two
 years of storage.  In addition, frequent handling of specimens
 decreases the viability of sperm.  Based on this research, Idant
 has developed technology and complex procedures designed to
 minimize exposure of the sperm to the dangers of rise in
 temperature and handling.  For its long-term sperm storage,
 Idant utilizes a non-patented proprietary technique of staged
 freezing combined with the use of Cryopreservation agents, prior
 to storage of the semen in liquid nitrogen at -321 degrees
 Farenheight.  Levels of liquid nitrogen in its sperm bank storage tanks are 
 continuously monitored.  The liquid nitrogen tanks can maintain their
 temperature for over one week without additional liquid
 nitrogen.  The Company has technicians on call during night
 hours as back-up for emergencies.  The freezing systems do not
 require electric power for maintenance of temperature levels. 
 In addition, the Company has established and follows a complex
 procedure for collection, processing and retrieval designed to
 minimize the handling of specimens.  The Company also uses
 liquid nitrogen in connection with its shipments of sperm as a
 means of maintaining stable, low temperature.  The Company
 believes that its quality control and strict adherence to
 shipping, storage and handling procedures designed to minimize
 the exposure of its stored sperm to changes which would impair
 viability are major reasons for Idant's recognition in the
 industry as a major source for effective, viable frozen semen.
<PAGE>
Marketing

 Idant markets its sperm banking services directly to physicians,
 primarily through attendance at medical trade shows and
 conferences at which its services are described.  In addition,
 Idant offers education services in the use of frozen semen and
 advances in artificial insemination.  The Company's work in both
 semen preservation and blood banking has been featured multiple
 times on all national television networks as well as
 international networks and in national magazine and major
 newspapers.  The Company's frozen blood banking program has been
 marketed to a minimal extent due to the legal battles with the
 New York State Department of Health (NYSDOH).  The department of
 health's actions have severely damaged the Company's attempt to
 market its innovative, frozen blood banking program.  The
 Company's recent court victories will place the Company in an
 improved position to market its blood banking products.  The New
 York Blood Center has recently been the target of intensive FDA
 investigation due to improper blood banking practices.  Blood
 products, some dating as far back to 1991, which were
 distributed by the NY Blood Center have been recalled by the
 FDA.  Most of these blood products have already been transfused
 into patients, therefore, cannot be recalled.  The NY Blood
 Center and key officials in the NYSDOH who control blood banking
 are being sued under RICO/anti trust laws by Daxor.  The Company
 believes that the attempts to destroy private frozen blood
 banking  have failed.  The continuing revelations about the
 dangers of the current system will enable the Company to better
 market its blood banking programs.  With regard to marketing its
 frozen blood banking program, the Company will focus on two
 themes, (a) "that the only safe blood is one's own," and (b)
 "that in the event that one does not have his/her own blood
 stored, the safest option is quarantined, donor blood which has
 been doubly tested.  Daxor's blood storage clients undergo a
 broader testing profile than the standard minimum required tests
 by the FDA.  The Company intends to emphasize these differences.

 The Company intends to market its Blood Volume Analyzer on both
 a sale and loaner basis to potential users, which are expected
 to primarily be hospitals and surgi-centers.  The Company
 anticipates utilizing a loaner plan coupled with utilization of
 a specific number of blood volume measurement kits per week. 
 This type of marketing approach is common in the laboratory
 equipment industry and will permit hospitals to test the Blood
 Volume Analyzer without first making a commitment to purchase an
 instrument.  The Company will supply  technicians to each user
 for educational and training purposes.  The Company has also
 received indications of interest from other medical device
 distributors to market the BVA-100 when it is approved.  The
 Company will evaluate whether it is optimal for Daxor to do its
 own  marketing, or to market with a major distributor to
 facilitate rapid market penetration.  One of the objectives of
 the Company in the marketing program will be to document the
 accurate measurement of blood volume as cost-effective in
 situations where blood transfusions are required.  The current
 medical environment is highly oriented towards the concept of   
 cost-effectiveness.  The Company believes that accurate
 measurement of blood volume will prevent catastrophic
 complications, such as strokes or heart attacks, in patients who
 have been under transfused.  Surgical patients who have suffered
 strokes or heart attacks due to under transfusion may require
 increased days of hospitalization.  There are approximately 4
 million Americans who receive blood transfusions annually.  The
 Company will focus its marketing theme on the concept that if a
 patient is being considered for a blood transfusion, which could
 be potentially lethal, then that patient should have an accurate
 blood volume measurement taken.
<PAGE>
Consultation, Laboratory Management and Training Program

 Daxor provides consultation with regard to the requisite
 personnel, equipment and facilities for small specialized
 medical laboratories and blood banks, and offers on a contract
 basis, to design, staff and manage such facilities.  Where Daxor
 provides management services for laboratories on an on-going
 basis, it employs and supervises laboratory personnel,
 establishes and maintains procedures and provides additional
 continuing services.

Competition

 The medical technology market is intensely competitive. 
 However, there are no competing instruments manufactured or
 marketed which perform semi-automatic blood volume analysis,
 such as the BVA-100.  The Company believes that its receipt of a
 United States, European and Japanese patent for its blood volume
 analyzer provides significant protection against any future
 potential competition in the blood volume analysis field.  The
 receipt of the U.S. patent for the injection kit system provides
 significant additional protections as the Company believes that
 the kits will be a major source of revenue.  The Company
 believes that its main hindrance to market acceptability will be
 the need to demonstrate that its blood volume measurement
 equipment is capable of producing accurate data on a cost
 effective basis.  Test kit costs will be modest relative to cost
 of a transfusion and the critical information derived from the
 test.


 There are at least 250 - 300 sperm banks in the United States
 operated by either commercial entities or by academic
 institutions.  Frozen semen was pioneered in the United States
 by Daxor's Idant Semen Bank.  The entry of the FDA into the
 regulation of donor semen is expected to result in major changes
 in the industry.  The FDA's strict regulatory stance on blood
 banking safety has resulted in the closure of many testing
 facilities throughout the United States.  The Company
 anticipates a similar closure of many marginal sperm banking
 facilities as a result of the new FDA sperm banking regulations. 
 The Company believes that Idant's reputation has been damaged by
 the false charges of the New York State Department of Health,
 and the nine month partial closure of its Semen Bank and Blood
 Bank.  The Company believes that it will be able to regain its
 outstanding reputation in the field and is awaiting the results
 of its American Association of Tissue Banks (AATB) inspection.

 Blood Banking services are provided by a broad spectrum of
 organizations.  Approximately one- half of the blood supply used
 for transfusions is supplied by the American Red Cross and its
 branches.  The other portion is supplied by various other
 tax-exempt and for-profit organizations.  Some hospitals operate
 their own donor services, but require the services of outside
 vendors such as the Red Cross and the New York Blood Center for
 adequate supplies of blood products.  The current practice in
 the blood banking field has been to split blood into various
 components such as red cells, platelets and plasma, which are
 then sold as separate units.  Components of the plasma are
 usually sold to pharmaceutical companies which manufacture
 separate clotting and diagnostic factors.  In many regions,
 blood banking is a monopoly or semi-monopoly structure.  Blood
 banks almost uniformly do the minimum required testing on
 collected donor blood.  Hospitals usually have one primary
 supplier and occasionally a supplemental suppliers of donor
 blood.  Many hospitals are very dependent on their primary
 geographic supplier of donor blood.  The primary supplier is
 usually a monopoly, which may have exclusive contracts with the
 hospitals that they supply.  Patients have almost no choice with
 respect to storage of their own blood prior to needing a
 transfusion except in the infrequent situation (less than 5%)
 where patients need a transfusion for elective surgery.  The
 blood banking industry has historically been opposed to the
 concept of frozen autologous storage of blood, even during a
 period when 1 in 10 transfused patients contracted hepatitis. 
 The development of frozen autologous blood banking and
 quarantined frozen blood banking programs by tax paying
 corporations such as Daxor has been met by an extreme hostile
 response from the monopolistic controllers of donor blood.  The
 advent of frozen autologous blood banking poses a fundamental
 threat to the status quo of the current donor blood industry. 
 These organizations, as far back as 1983, conducted internal
 reviews of the amount of income that they would lose for each
 percentage of the population that elected to store their own
 blood.  Blood banking organizations have repeatedly made false
 claims concerning the availability of stored frozen blood.  The
 New York Blood Center is the primary supplier of blood in lower
 NYS and the Red Cross is the primary supplier in the upper
 region of NYS.  A number of hospitals maintain a small in house
 blood bank to supplement their blood  supply which are
 inadequate for their internal needs.  Therefore, they are very
 dependent on their blood suppliers.
<PAGE>
 Daxor's program of quarantined donor blood and multiple units of
 donor blood from a single donor provides a basic fundamental
 threat to the existing blood banking system.  Frozen blood
 banking incorporating quarantined blood and multi-unit single
 donor blood is demonstrably far safer than the existing blood
 banking system.

 Daxor believes that it has been extensively damaged by the
 collusive actions of the New York Blood Center and key members
 of the blood banking regulatory agency of New York State
 Department of Health (NYSDOH).

 Daxor believes that the availability of safer frozen blood to
 the public, utilizing either autologous blood or quarantined
 donor blood, would result in a basic change in the blood banking
 system.  Sperm donors are usually paid.  Sperm banking operates
 at a much higher level of donor testing safety and donated sperm
 is now usually quarantined at all AATB member sperm banks.  The
 advent of quarantined frozen blood with paid donors could have a
 negative financial impact on tax exempt organizations which rely
 on free donors.  Fifteen years ago, the majority of semen
 donations for artificial insemination derived from utilization
 of fresh semen with limiting testing of donors.  Today, almost
 all donor semen is derived from frozen donor semen which has
 been quarantined for a minimum of six months and the donor
 retested.  Despite the advantages of frozen blood programs, such
 as Daxor's, more than 99% of all donated blood used for
 transfusion is derived from refrigerated blood and transfused in
 under 42 days and where the donor has only been tested
 initially.

 The Company is aware of two other lawsuits instituted by small
 private blood banks against the American Red Cross.  A
 successful conclusion of the Company's anti trust suit against
 the New York Blood Center will enable the Company to provide
 blood transfusion products that are clearly safer. 

Regulation

 The Idant Sperm Bank was first licensed by New York City in 1971
 and its Blood Bank in 1985.  In 1989, Idant's blood bank was
 temporarily closed for four months after a number of false
 charges by an inspector of the New York City Department of
 Health.  Following a hearing in the fall of 1989, Idant had its
 full Blood Bank license restored by the New York City Department
 of Health.  The City inspector primarily responsible for the
 false charges against Idant took the Fifth Amendment against
 self-incrimination five times just prior to the hearings being
 stopped by mutual agreement; he was permitted to resign shortly
 thereafter.  This same inspector was caught at night drilling a
 hole into one of Daxor's blood bank freezers.  New York City
 reimbursed Daxor for the damaged freezer.  The New York State
 Department of Health unexpectedly removed Idant's state permit
 in January 1990, just after New York City had restored its blood
 bank permit.  The Company believes that the difficulties with
 the New York State Department of Health (NYSDOH) are the result
 a concerted effort by a combination of key regulators acting in
 conjunction with a major blood banking semi- monopoly system to
 destroy Daxor's frozen blood banking program.  In 1987, the
 signing of the Warner Communication contract for quarantined
 frozen blood and autologous blood provided for the development
 of frozen quarantined blood pools.  This concept, if successful,
 would have a major financial impact on the New York Blood Center
 and any other blood banking semi- monopoly.  The Company's
 president, Dr. Joseph Feldschuh, has been an outspoken critic of
 the blood banking establishment  and has written a book entitled
 "Safe Blood" published by the Free Press division of the
 Macmillan Publishing Company which details deficiencies in the
 current blood banking system.
<PAGE>

 In NYS, blood banking and semen banking regulations are under
 the control of Dr. Jeanne Linden.  Blood banking regulations are
 developed by a quasi governmental body, the Council on Human
 Blood and Transfusion Services, which enacts blood banking
 regulations.  Individuals such as Dr. Celso Bianco of the New
 York Blood Center, representatives of the Red Cross, and
 advisors to these organizations serve on this committee.  In
 1988, one member of the Council on Human Blood and Transfusion
 Services told Dr. Feldschuh that, "Idant would be put out of
 business."  Since 1985, Idant has been inspected annually by the
 FDA and continuously approved for operation, inspected by New
 York City since 1985, and approved annually, and has been
 inspected and accredited by the American Association of Blood
 Banks annually since 1986.  Since January 1990, the state has
 blocked renewal of Idant's laboratory license and issued a
 provisional semen bank license.  Despite approval, from the
 other aforementioned organizations, the NYSDOH has repeatedly
 denied Idant's licenses.  The Company operated legally on the
 basis of its New York City licenses.  In response to the
 repetitive denial of its state license the Company instituted a
 number of legal actions.  In 1994, the New York City and State
 licensing functions were merged and the state assumed sole
 control of all licensing.  The background of the state's actions
 have been extensively described in a 2nd quarter 1995 special
 report that was issued to shareholders in November 1995.  (see
 Legal Proceedings section and Special Reports I [2nd Quarter
 1995], II [3rd Quarter 1995] , & III [Mid-Year Review 1996],
 previously sent to shareholders.)
<PAGE>

 On August 21, 1995, Daxor was ordered to close all of its
 facilities, including its blood bank and semen bank, on minor
 charges unrelated to either its semen bank or blood bank without
 a hearing.  This action was a culmination of a campaign dating
 back to at least 1989, to terminate Daxor's blood banking
 services.  Daxor initiated a $ 100 million RICO/Anti trust suit
 against a number of key officials in both the city and state
 Departments of Health and Dr. Celso Bianco from the New York
 Blood Center.  Daxor also instituted an immediate appeal.  Daxor
 has tape recordings documenting perjury by inspectors of the
 NYSDOH and also has extensive evidence of falsified inspection
 reports.  

 The August 21, 1995, closure order by the State Health
 Department attempted to force the 3,000 blood and semen
 depositors  to transfer their semen and blood specimens to
 another facility within 30 days of the closure order or have
 said specimens destroyed.  A class action suit was instituted on
 behalf of the depositors before Supreme Court Justice Stuart
 Cohen, which prevented this from taking place.  Justice Cohen
 prevented the full closure of the Idant Semen and Blood Banks
 and ordered the appointment of an independent expert to evaluate
 the conditions of operation at the Idant Semen and Blood Banks. 
 Dr. Stanley Leibo, an internationally recognized expert in
 cryobanking of both sperm and blood was selected by the Court
 from a list supplied by the New York State Department of Health. 
 Dr. Leibo investigated the conditions at Idant and a number of
 other licensed New York State sperm banks.  In his report of
 summary of findings (respectfully submitted on May 3, 1996), Dr.
 Leibo reported that Idant was a facility of "excellence" and 
 that other facilities that were inspected had such serious flaws
 that he considered them unacceptable.  With respect to blood 
 banking, Dr. Leibo further stated that there were no other New
 York State licensed facilities in or out of New York State that
 provided comparable frozen blood banking services to the public. 
 After reviewing this report, Justice Cohen immediately issued an
 injunction against the NYSDOH enjoining any further attempts to
 coerce Daxor's clients to ship their frozen tissue specimens to
 other facilities.  In a separate action, on January 29, 1996,
 the Company had a hearing in the Appellate Court, First
 Department, concerning the issue of revocation of its licenses
 without a hearing.  In an interim decision on May 16, 1996, in a
 unanimous 5 - 0 decision the five judge panel of the Appellate
 Court, First Department, found that Daxor's rights to due
 process had been violated and ordered the restoration of Daxor's
 licenses.  This was followed by a final decision on May 30,
 1996, ordering the reopening of Daxor's facilities.  Daxor's
 Idant division have been reopened, with the exception of its
 satellite laboratory, Scientific Medical Systems, because the
 surgi-center which it serviced signed a contract with another
 laboratory.  The Company is presently negotiating to regain this
 service contract when it is available for renewal.  

<PAGE>

 With respect to the blood bank, in it's 11 1/2 year history,
 Idant has never shipped out a unit of infected donor blood. In
 the 26-year history of its Sperm Bank, there has never been a
 reported case of recipient infection due to any donor semen
 shipped by Idant.

 The Idant Blood was inspected by the FDA in May 1994, February
 1995 and February 1996, and had no violations noted.  The Idant
 blood bank is subject to inspection and regulation by the FDA. 
 Idant has been inspected annually since 1985, by the FDA and
 received the first FDA registration for a frozen autologous
 blood bank in the United States.  The FDA has two levels of
 inspection and approval.  A blood bank operating primarily
 within a state is inspected, and if approved receives a
 "registration certificate".  A blood bank which ships blood
 interstate and is a manufacturer of blood components must
 receive an interstate license.  Interstate licensing inspections
 and requirements are particularly intensive with respect to
 documentation requirements.  Members of the New York State
 Department of Health have claimed that Daxor cannot ship
 autologous blood outside NYS without an interstate license
 because it has only a FDA registration.  The majority of NYS
 blood banks have only a FDA registration and not an interstate
 license.  The FDA has specifically informed Daxor that it can
 ship autologous blood interstate without a license and that it
 can ship special directed donor blood (such as quarantined donor
 blood) without an interstate license in the event of a
 documented emergency.  The Company has applied for an FDA
 interstate license for the shipment of blood.  An interstate
 license would permit the routine shipment of non-autologous
 donor blood between states.  The Company intends to fully
 develop its concept of quarantined, doubly tested donor blood.
 
 The development, testing, production and marketing of medical
 devices are subject to regulation by the FDA under the Federal
 Food, Drug and Cosmetic Act, and may be subject to regulation by
 similar agencies in various states and foreign countries.  The
 governing status and regulations generally require manufacturers
 to comply with regulatory requirements designed to assure the
 safety and effectiveness of medical devices.  Daxor filed a
 510(k) application for its Blood Volume Analyzer on November 4,
 1996.  The application is currently under review.  The Company
 also submitted a 510(k) application for its quantitative
 injection kit system on February 3, 1997, which is currently
 under review.

<PAGE>

Employees

 On March 27, 1997, the Company had 30 employees.  None of the
 Company's employees are covered by a collective bargaining
 agreement.  The Company believes that its employee relations are
 satisfactory.

Item 2.  Properties

 In February 1992, the Company signed a thirteen year lease for a
 new facility at the Empire State Building.  The initial space
 was for 6,000 square feet, with option provisions in the lease
 for up to 24,000 square feet.  Future minimum rental payments
 under this non-cancelable lease are as follows: 1996-$168,832,
 1997 - $168,832, and 1998 - $168,832.  The lease also contains
 CPI escalation clauses.  The new facility was completed in July
 of 1992 and the Company moved in that same month. In March,
 1994, the Company obtained an additional 1,000 square feet
 space.

 In February 1996, the Company incorporated Daxor Health
 Services, Inc., a wholly owned subsidiary in Florida.  Daxor
 acquired a 25% interest of Therapeutic Rehabilitation Services,
 a privately held Florida company engaged in rehabilitative
 services.  Rehabilitation services are provided primarily to
 Medicare recipients through a third party intermediary.  The
 intermediary has experienced difficulties in obtaining complete
 reimbursement from Medicare.  The Company has discontinued
 providing additional services until it can obtain reimbursement
 for services previously rendered.  

Item 3.  Legal Proceedings

 As a result of the failed Resimmo offer in July 1992, the
 Company has had two class action lawsuits initiated against it. 
 These actions have been described in previous 10K filings.  In
 1996, there was no legal activities regarding these suits.  The
 Company believes there is no merit to these lawsuits.  The
 Company is considering instituting legal action to countersue
 the claimants for frivolous claims.

 The Company has been involved in legal proceedings with the New
 York State Department of Health relating to its licenses to
 operate a laboratory and sperm and blood bank.  It has also
 instituted a RICO/anti trust suit against several key employees
 of the New York Department of Health and the New York Blood
 Center.  These actions are as follows:
<PAGE> 

 1.Daxor Corp., et al. v. State of New York Department of Health,
 et al.  (Court of Appeals).  This proceeding was instituted by
 Daxor to challenge the determination of the State Department of
 Health to revoke all licenses issued to, and to deny all
 licensure applications for, Daxor's New York health care
 facilities.  The Court (Tompkins, J.) heard argument on the
 petition on June 23, 1995, and by decision and order dated July
 17, 1995, denied Daxor's application.  An appeal from that
 decision was filed on November 6, 1995, with the Supreme Court,
 Appellate Division, First Department.  The Appellate Division,
 in a 5 - 0 decision, unanimously ruled in favor of Daxor and
 reversed the decision on May 16, 1996.  The State was denied
 leave to appeal the decision to the Court of Appeals by the
 Appellate Division.  This order resulted in the reopening of
 Daxor's Idant Blood Bank and Semen Bank.  The State was granted
 leave by the Court of Appeals to appeal this matter. 

 2.Daxor Corp., et al. v. Linden, New York Blood Center, et al.
 (United States District Court, Southern District, Case No 95
 Civ. 7847 [KTD]).  Daxor instituted a $100 million anti trust,
 Racketeering Influenced Corrupt Organizations Act and an action
 pursuant to 42 USC s 1983 for violations of its civil rights
 against the New York Blood Center and New York State Department
 of Health employees.  This action has the potential of allowing
 the corporation to recoup losses and attorney fees generated as
 a result of the unfair practices used against it.  The
 defendants filed motions to dismiss the complaint.  The matter
 is pending a decision by the court.  In the interim, Daxor
 served notices of deposition which were dishonored by the
 defendants.  Daxor will be making a motion to compel the
 depositions.

 3.Daxor and Yaker, et al. v. DeBuono, (Supreme Court, New York
 County; Index No. 122485/95).  Justice Cohen.  This is a class
 action instituted by blood bank and sperm bank  depositors of
 Daxor against the Department of Health to enjoin the Department
 of Health from mandating the removal of the class' property from
 the Daxor tissue banks premises.  On May 3, 1996, Justice Cohen
 received a report from the court appointed expert who found
 Daxor to be a facility of excellence.  Justice Cohen
 specifically ordered the State to refrain interfering with
 Daxor's operations until after the First Department decided
 index #10754/95.  On May 16, 1996, the Appellate Court, First
 Department ruled 5 - 0 in Daxor's favor.

 4.Daxor Corp., et al. v. State of New York Department of Health,
 et al.  (Supreme Court, New York County; Index No. 131181/94). 
 This matter was instituted by Daxor challenging the
 constitutionality of the State Health Department's semen bank
 regulations.  The State was deposed.  It was revealed during
 deposition that the State had improperly failed to serve a cache
 of documents that substantiate claims made by Daxor against the
 DOH.

 Daxor is currently deposing the Department of Health employees
 who drafted the regulation.  They have admitted to an ignorance
 of semen banking.  These employees have also disagreed with each
 other about definitions of terms used by the regulations and
 various implications of the regulations.  The State, in an
 effort to forestall further damaging depositions, moved for
 summary judgment.

 5.Daxor, et, al. v. State of New York, (Court of Claims; Claim
 No. 90213).  Daxor instituted a claim for defamation against the
 State of New York resulting from the dissemination of false
 information regarding Daxor to the media.  The Court of Claims
 judge dismissed the action, claiming that despite the State's
 admission that it supplied various documents to the New York
 Daily News, that there was no evidence that the State supplied
 documents to the New York Daily News.  The appeal has been
 briefed for the Appellate Division, Third Department, and will
 be approved in he April term.


 6.Idant v. DeBuono, (Supreme Court, Albany County; Index No.
 471/96).  This is a petition instituted pursuant to CPLR Article
 78, appealing the decision of the New York State Department of
 Health for revoking Idant's Semen Bank license.  The basis of
 this action is that the Department of Health revoked the license
 in violation of Public Health Law section 4366.  The matter was
 argued and submitted to Justice Canefield.  Justice Canefield
 has transferred this case to the Appellate Division, Third
 Department.  The Court cited numerous important allegations of
 bias by the State which necessitates transfer of the matter to
 the Appellate Division, Third Department for argument in the May
 1997 term.

<PAGE>

 7.Daxor, et al. v. Amy Clyde, et al. (Supreme Court, New York
 County; Index No. 122486/95).  Daxor instituted an action for
 defamation against Amy Clyde, the author of a 1995 article, and
 K-III Corp., the owner of New York Magazine, which published the
 defamatory article.  Discovery is proceeding.  This proceeding
 remains ongoing.

 8.Idant Laboratories, et al. v. State of New York Department of
 Health, et al. (Supreme Court, New York County; Index No.
 105052/94).  Idant commenced suit challenging the State Health
 Department's denial of Idant's clinical laboratory and blood
 bank licensure operations for the periods including 1991-1993. 
 By decision and order dated April 13, 1995, Justice Friedman
 denied Idant's petitions.  The matter was briefed and argued to
 the Appellate Division in November 1996.  The Court has not yet
 rendered a decision.

 9.Gregory Pollinger v. Joseph Feldschuh, Idant Laboratories and
 Daxor Corporation.  (Supreme Court, New York County; Index No.
 122560/95).  Former Daxor semen bank client depositor claims
 that his specimens were not viable.  The Company obtained an
 independent analysis of the specimen and it was found that the
 specimens were viable.  The Company considers the case without
 merit.  The Company has instituted a counter claim.

 10.Idant v. The Department of Health of the City of New York. 
 The action was an appeal of the City Department of Health's
 decision to prohibit Daxor from performing Semen Analysis.  This
 matter was argued before the February 1996 Term of the Appellate
 Division.  In a unanimous 5 - 0 decision, the Appellate Court,
 First Department ruled in Daxor's favor and denied the City
 Department of Health the right to appeal.  New York City no
 longer regulates laboratories or blood banks.

 Item 4.  Submission of Matters to a Vote of Security Holders

 No matters were submitted to a vote of the Company's
 shareholders during the fourth quarter of 1996.

 Item 5.   Market for Registrant's Common Equity and Related
 Stockholder Matters

The common stock is traded on the American Stock Exchange under
the symbol DXR.
<TABLE>
<S>                                     <C>          <C>
                                              1995
                                        High          Low

First Quarter......................     8 7/8         5 5/8 
Second Quarter.....................     7 1/8         5 7/8 
Third Quarter......................     7 1/4         6 1/4 
Fourth Quarter.....................     7 1/4         6  

                                                                 
                                              1996
                                        High          Low

First Quarter......................     8 3/4         6 1/4 
Second Quarter.....................    13 7/8         8     
Third Quarter......................    15 1/2         9 3/4 
Fourth Quarter.....................    15 5/8        12 3/8  

</TABLE>
 On March 27, 1997, the Company had approximately 329 holders of
 record of the Common Stock.  The Company believes there are
 approximately 2500 beneficial holders.

 The Company has never paid any cash dividends on the Common
 Stock.  Any future dividends will be dependent upon the
 Company's earnings, financial condition and other relevant
 factors.
<PAGE>

 ITEM 6.  SELECTED FINANCIAL DATA
 The following table sets forth certain selected financial data
 with respect to the Company and is qualified in its entirety by
 reference to the financial statements and notes thereto, from
 which these data were derived, included elsewhere in the report.
<TABLE>
<S>                <C>       <C>         <C>        <C>          <C>

Selected Operations
Statement Data:
                                    Year Ended December 31, 
                      1996        1995        1994        1993       1992  
Operating revenues $ 717,308 $ 1,864,552 $ 1,844,416 $ 1,926,415 $ 1,967,588
Dividend income    2,132,173   2,209,962   2,157,735   2,164,691   3,035,478
Gains (losses) on 
Sale of investments   16,354     674,421     584,982     708,407   1,128,650 
                   ---------   ---------   ---------   ---------   ---------
Total revenues     2,865,835   4,748,935   4,587,135   4,799,513   6,131,716 
                   ---------   ---------   ---------   ---------   --------- 
Costs and Expenses:
Operations of 
laboratories         819,722   1,041,275   1,016,832     998,401     867,994
Selling, general and 
  administrative   2,080,969   2,369,660   1,585,533   1,309,105   1,137,647
Interest expenses, net
  of interest income  74,175    (113,973)     11,116     181,353     392,591
                   ---------   ----------  ---------   ---------   ---------
Total costs 
and expense        2,974,866   3,296,962   2,613,481   2,488,859   2,398,232
                   ---------   ---------   ---------   ---------   ---------


Net income or (loss) before 
  income taxes      (109,031)  1,451,973   1,973,654   2,310,654   3,733,484
Provision for 
income taxes           3,134     164,858     165,519     160,309     302,424
                   ----------  ---------   ---------   ---------   ---------
Net income        $ (112,165)$ 1,287,115 $ 1,808,135 $ 2,150,345 $ 3,431,060 
                  ===========  =========   =========   =========  =========

Weighted average 
number of
shares outstanding 4,722,709   4,872,481   5,122,188   5,154,955   5,179,305 

Net income per 
common equivalent 
share                ($0.02)     $0.26       $0.35       $ 0.42      $0.66 


Selected Balance 
Sheet Data:                                   Year Ended December
31,    
                    1996          1995        1994         1993        1992
Working capital $31,006,579  $31,598,345  $28,739,806 $23,966,425  $20,586,020 
Total assets     37,288,804   37,744,621   35,012,638  29,112,282   32,634,921
Total liabilities 5,507,384    5,891,790    5,813,458   4,681,643   10,339,973
Shareholders' 
   Equity        32,052,831   32,052,831   29,199,180  24,430,639   22,294,948
Return on equity  0.00%         4.41%        7.40%        9.64%      17.97% 

  Return on equity is calculated by dividing the Company's net
 income for the period by the shareholders' equity at the
 beginning of the period.
</TABLE>

<PAGE>


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
                                                             
GENERAL                                                      


     Idant Laboratories contributed 65%, 85% and 82% of operating
 revenues in 1996, 1995 and 1994 respectively with the remainder
 coming from contract laboratory work and from Florida
 Rehabilitation Services.  The Company has been injured by false
 claims by New York State Health Department Officials concerning
 its anonymous semen donor program.  The August 21, 1995, closure
 order by the NYSDOH without a hearing on alleged violations
 unrelated to Idant's semen or blood bank has had a continuing
 negative impact on the Company's revenues and earnings.  On May
 30, 1996, the Company's Semen and Blood Banks were reopened. 
 The Company also has received no revenue from a satellite
 laboratory, which contributed approximately 15% to revenues
 prior to the closure order.   A number of other legal actions,
 including a RICO/Anti trust suit have been initiated against the
 New York Blood Center and a number of key NYSDOH officials.  If
 the Company prevails in its suit, the Company could receive
 recovery of legal fees and monetary compensation for lost
 business.  The Company in 1995, acquired a 29% interest in U. S.
 Cryobanks in Altamonte Springs, Florida, a suburb of Orlando. 
 In February 1996, the Company acquired a 25% interest in
 Therapeutic Rehabilitation Services and incorporated Daxor
 Health Services, Inc. in Florida.  This operation has been
 unprofitable to date.  The Company's Blood Volume Analyzer is
 currently under 510K review by the FDA.  The potential market
 for the Blood Volume Analyzer is significantly larger than the
 Company's current operations.

 YEAR ENDED DECEMBER 31, 1996 AS COMPARED TO DECEMBER 31, 1995   

    Total revenues were $2,865,835 in 1996, down from the
 $4,748,935 reported in 1995.  Dividend income earned on the
 Company's securities portfolio was $2,132,173, a decrease from
 the $2,209,962 reported in 1995.  Gains on the sale of
 investments were $16,354 in 1996 as compared to $674,421 in
 1995.  Net income before income taxes was a loss of $109,031 in
 1995 vs. $1,451,973  in 1995.  The drop in revenues was directly
 caused by NYSDOH actions against the Company
                                                                  
 YEAR ENDED DECEMBER 31, 1995 AS COMPARED TO DECEMBER 31, 1994    
 Total revenues were $4,748,935 in 1995, up from the $4,587,135
 reported in 1994.  Dividend  income earned on the Company's
 securities portfolio was $2,209,962, an increase from the 
 $2,157,735 reported in 1994.  Gains on the sale of investments
 were $607,163 in 1995 as     compared to $435,198 in 1994.  Net
 income before income taxes was $1,451,973 in 1994 vs. $2,613,481
 in 1994. 
                                                         
LIQUIDITY AND CAPITAL RESOURCES

 The Company's management has pursued a policy of maintaining
 sufficient liquidity and capital resources in order to assure
 continued availability of necessary funds for the viability and
 projected growth of all ongoing projects.

 The Company continues to maintain its diversified securities
 portfolio comprised primarily of high-yielding electric utility
 preferred and common stocks.  The income derived from these
 investments has helped to offset increases in operating, selling
 and general and administrative expenses and thus to maintain our
 fees at a competitive level.  The portfolio also provides for
 the availability of funds as needed for new projects and the
 expansion of existing sources of revenue.

 At December 31, 1996, the Company's short term debt was
 $1,636,067 vs. $1,536,609 in 1995.  At year end 1996,
 shareholders' equity was $31,781,420.  At year end 1995, the
 Company had shareholders' equity of $32,052,831.  At year end
 1994, shareholders' equity was $29,199,180.  Shareholders'
 equity has thus increased $2,853,651 over the two year period
 from year end 1994.

 During 1996, after an eight year delay, the Company obtained an
 FDA approved source for Albumin I-131, when Iso-Tex Diagnostics
 received approval from the FDA.  The Company has since entered
 into a manufacturing contract with Oxford NMG of Oakridge TN, to
 produce the Blood Volume Analyzer (BVA-100).The Company plans to
 offer to lease, as well as sell, its Blood Volume Analyzer
 (BVA-100) and could use its internal funds to provide some
 leases if an independent leasing agent were not available.

 The Company plans to develop a comprehensive national network of
 cryo-centers (freezing facilities).  Such centers will include
 frozen autologous blood banking, sperm banking, and possibly
 cord blood banking.  A victory in the anti trust action would be
 important in the timing of such a decision.  Should these plans
 proceed, the Company might require additional financing to
 sustain such operations until they become profitable, although
 present capital is sufficient for the initial phases.

 Year end 1996, finds the Company in a satisfactory financial
 position with adequate funds available for its immediate
 anticipated needs.  However, should the opportunity arise for
 the Company to proceed with its planned expansion as a
 nationwide network of cryo centers, there would be a need for
 additional capital.  Legal fees and obstructive actions of the
 NYSDOH have caused a decline in both revenues and profitability
 for the Company.  A successful resolution of these suits would
 result in recovery of these costs.

<PAGE>
 Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 The financial statements and the schedules listed on the index
 to Financial Statements and Schedules are filed with and as part
 of this report.


Item 9.DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURES

Not applicable.

PART III.
 In connection with the 1996 Annual Meeting of Shareholders of
 Registrant, Registrant intends to furnish shareholders with
 proxy materials which set forth the information required by
 Items 10, 11, 12, and 13 of Part III.  Copies of such material
 will be duly filed with the Securities and Exchange Commission
 pursuant to rule 14a-6 promulgated under the Securities Exchange
 Act of 1934, as amended, not later than 120 days after the end
 of the fiscal year covered by this Annual Report on Form 10-K.


PART IV.

Item 14. FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULES, 
         EXHIBITS, AND REPORTS ON FORM 8-K

     (a)Financial Statement, Financial Statement Schedules and
 Exhibits filed.
       1.  Financial statements and schedules shown by index on
 page 21.
     (b) DAXOR filed no current reports on Form 8-K during the
 last quarter of the fiscal year ending December 31, 1996.
<PAGE>

                              SIGNATURES


 Pursuant to the requirements of Section 13 or 15(d) of the
 Securities and Exchange Act of 1934, the Registrant has duly
 caused this report to be signed on its behalf by the
 undersigned, thereto duly authorized.

                       DAXOR CORPORATION

                  by: /s/ Joseph Feldschuh      
                          Joseph Feldschuh, M.D.
                          President and Chief 
                          Executive Officer
                          Chairman of the Board
                          Dated:     March 30, 1997        

 Pursuant to the requirements of the Securities Exchange Act of
 1934, this report has been signed below by the following persons
 on behalf of the Registrant and in the capacities and on the
 dates indicated.

Signature                            Title             
Date        

/s/ Joseph Feldschuh         President and Director             March 30, 1997
Joseph Feldschuh, M.D.       (Principal Executive Officer)


/s/ Octavia Atanasiu         Corporate Treasurer                March 30, 1997
Octavia Atanasiu             Accounting Supervisor
                             (Principal Financial Officer)

/s/ Stephen M. Moss          Director                           March 30, 1997
Stephen M. Moss, Ph.D.

/s/ Veronica Schwendemann    Director                           March 30, 1997
Veronica Schwendemann

/s/ James Lombard            Director                           March 30, 1997
James Lombard  

/s/ Martin Wolpoff           Director                           March 30, 1997
Martin Wolpoff
Board of Directors:
      Name                     Title
Dr. Joseph Feldschuh     Chairman, President, & CEO

Stephen Moss             Director
James Lombard            Director
Martin Wolpoff           Director
Veronica Schwendemann    Director

<PAGE>
DAXOR CORPORATION


Item 14(a) (1).   Index to Financial Statements


 The following statements and schedules of Daxor Corporation are
 submitted herewith:



<TABLE>
<S>                                                        <C>
                                                            Page

Report of Independent Accountants............               F-1

Financial Statements as at December 31, 1996 and 1995 
and for the three years ended  December 31, 1996
Balance Sheets...........................................   F-2
Statements of Income.....................................   F-3
Statements of Shareholders' Equity.......................   F-3
Statements of Cash Flows.................................   F-4

Notes to Financial Statements.............................  F-5

Schedule I - Marketable Securities - Other Investments - 
 Year ended December 31,1996.............................   F-9

Schedule IX - Short-term Borrowings - Years ended 
  December 31, 1996, 1995, and 1994.........................F-9

Schedule X - Supplementary Income Statement Information - 
Years ended December 31, 1996, 1995, and 1994............   F-9
</TABLE>




 All other schedules for which provision is made in the
 applicable accounting regulations of the Securities and Exchange
 Commission are not required under the related instructions, are
 inapplicable or the required information is set forth in the
 financial statements filed herewith, including notes thereto,
 and therefore have been omitted.

<PAGE>

INDEPENDENT AUDITOR'S REPORT

 To the Board of Directors and Shareholders of Daxor Corporation:

 We have audited the accompanying consolidated balance sheets of
 Daxor Corporation as at December 31, 1996 and 1995, the related
 statements of income, shareholders' equity and cash flows for
 each of the three years in the period ended December 31, 1996. 
 Our audits also included the financial statement schedules
 listed in the Index at Item F-9.

 These financial statements and financial statement schedules are
 the responsibility of the Corporation's management.  Our
 responsibility is to express an opinion on these financial
 statements and financial statement schedules based on our
 audits.

 We conducted our audits in accordance with generally accepted
 auditing standards.  Those standards require that we plan and
 perform the audit to obtain reasonable assurance about whether
 the financial statements are free of material misstatement.  An
 audit includes examining, on a test basis, evidence supporting
 the amounts and disclosures in the financial statements.  An
 audit also includes assessing the accounting principles used and
 significant estimates made by management, as well as evaluating
 the overall financial statement presentation.  We believe that
 our audits provide a reasonable basis for our opinion.

 In our opinion, such financial statements present fairly, in all
 material respects, the financial position of Daxor Corporation
 as at December 31, 1996 and 1995, and the results of their
 operations and its cash flows for each of the three years in the
 period ended December 31, 1996 in conformity with generally
 accepted accounting principles.  Also, in our opinion, such
 financial statement schedules, when considered in relation to
 the basic financial statements taken as a whole, present fairly
 in all material respects the information set forth herein.   

       
 Frederick A. Kaden & Co.


 Franklin Square, New York
 March 30, 1997







                              F-1
<PAGE>
DAXOR CORPORATION
CONSOLIDATED BALANCE SHEETS
<TABLE>
<S>                                       <C>              <C>
                                                                 
      
BALANCE SHEETS                                                 
                                                 December 31,        
                                                    1996        1995    
ASSETS                                                            

                                                                  
        
Current assets:                                                   
          
     Cash ...............................      $   123,115      $    1,987
     Marketable securities at Fair Value
       December 31, 1996 and December 31,
       1995(Notes 1 and 2................       35,574,526      35,735,073 
 Accounts receivable(Note 3).........              611,555         409,196
  Accounts receivable-Related Parties
      (Note 12)..........................          115,008         172,951
     Other current assets................          235,858         764,695
     Tax refunds receivable..............          153,901         206,233 
                                                ----------      ----------
 Total current assets................           36,813,963      37,290,135    
                                                ----------      ---------- 
                                                                  
   
Equipment and Improvements:  (Note 4)                             
 
                                                                  
 
     Storage tanks.......................          125,815         125,815  
     Leasehold improvements, furniture                            
       and equipment.....................          714,142         628,617 
     Laboratory equipment................          274,418         274,418  
                                                ----------       ---------
                                                 1,114,375       1,028,850 
  Less accumulated depreciation and                               
    
       amortization......................         (671,519)       (606,180)
                                                ----------       ---------
   Net equipment and improvements....              422,856         422,670 
                                                ----------       ---------
     Other assets........................           31,985          31,816 
                                                ----------       ---------
     Total assets........................     $ 37,288,804     $37,744,621
                                                ==========      ==========
    LIABILITIES AND SHAREHOLDERS' EQUITY   
                                      

Current Liabilities:                                              
         

     Accounts payable and accrued liabilities  $   136,551     $   323,815
     Loans payable (Notes 1 and 2).............  1,636,067       1,536,609
     Other liabilities (Note 5)............         14,834          93,056 
       Deferred Taxes (Note 1).................  3,719,932       3,738,310 
                                                ----------      ----------
       Total current liabilities...........      5,507,384       5,691,790 
                                                ----------      ----------
Commitments and contingencies (Note 6)
Shareholders' equity:
 Common Stock par value $.01 per share:
  authorized 10,000,000 shares: issued and 
  outstanding 4,712,709 shares December 31,
  1996 and 4,742,709 shares December 31, 1995       53,097          53,097
  Additional paid-in capital................     8,579,803       8,579,803
  Net unrealized holding gains on available
  -for-sale securities (Note 1).............     7,194,158       7,119,401
  Retained earnings.........................    19,226,044      19,338,209
  Treasury Stock............................    (3,271,682)     (3,037,679)
                                                ----------      ----------
  Total shareholders' equity...............    $31,781,420     $32,052,831 
                                                ----------      ----------
Total liabilities and shareholders' equity     $37,288,804     $37,744,621  
                                               ===========     ===========
 See accompanying notes to financial statements.
</TABLE>
                                  F-2
<PAGE>
DAXOR CORPORATION                                                 
<TABLE>
           
CONSOLIDATED STATEMENTS 
OF INCOME
<S>                           <C>            <C>              <C>   
                                        Year Ended December 31,          
                                  1996             1995            1994 

Revenues: 
Operating revenues (Note 12).. $  717,308     $  1,864,552     $ 1,844,418
Dividend income...............  2,132,173        2,209,962       2,157,735
Gains (losses) on sale 
      of securities...........    214,607          607,163         435,198 
Gains (losses) on sale of 
   options and commodities....   (198,253)          67,258         149,784 
                                ---------         --------        --------
Total revenues................  2,865,835        4,748,935       4,587,135 
                                ---------        ---------       --------- 
                         
Costs and expenses:
Operations of 
  laboratories (Note 7).......    819,722        1,041,275       1,016,832
Selling, general, and 
  administrative............    2,080,969        2,369,660       1,585,533
Interest expense net of 
  interest income(Note 8)...       74,175         (113,973)         11,116 
                                ---------        ----------      ---------
Total costs and expenses....    2,974,866        3,296,962       2,613,481 
                                ---------        ---------       --------- 
Net income or (loss) before 
  income taxes ............      (109,031)       1,451,973       1,973,654 
                                ---------        ---------       ---------
Provision for income 
  taxes (Note 9).......             3,134          164,858         165,519 
                                ---------        ---------       ---------
Net income or (loss)........  $  (112,165)     $ 1,287,115     $ 1,808,135 
                                =========        =========       =========
Weighted average number 
  of shares outstanding        4,722,709        4,872,481       5,122,188 
                                =========        =========      =========
Net income or (loss) 
  per common equivalent
  share...................       ($0.02)         $0.26           $0.35 
                                ==========       =========       ==========
See accompanying notes to financial statements
</TABLE>
                                                                 
         
<TABLE>
<S>                            <C>           <C>        <C>          <C>
Consolidated Statements of               Common Stock Issued and Outstanding
Shareholders' Equity
                                 Three Years Ended December 31, 1996          

                           Common stock         Additional
                           Number               Paid-in   Retained    Treasury
                           of Shares  Amount    Capital   Earnings      Stock 
Balance at January 1, 1994 5,153,830  $ 53,097 $ 8,579,803$16,242,959$(445,220)
Net Income for the year 
 ended December 31, 1994..                                  1,808,135 
Purchase of treasury stock   (86,200)                                 (510,022)
-------------------------------------------------------------------------------
Balance at 
     December 31, 1994     5,067,630    53,097   8,579,803 18,051,094 (955,242)
Net Income for the year  
  ended December 31, 1995.                                  1,287,115    
Purchase of Treasury Stock. (324,921)                               (2,082,437)
-------------------------------------------------------------------------------
Balance at 
     December 31, 1995     4,742,709    53,097  8,579,803 19,338,209(3,037,679)
Net income for the year 
  ended December 31, 1996..                                 (112,165)     
Purchase of Treasury Stock   (30,000)                                 (234,003)
-------------------------------------------------------------------------------
Balance at 
     December 31, 1996    $4,712,709 $  53,097$8,579,803$19,226,044$(3,271,682)
                          ==========    ======  ========= =========  =========
See accompanying notes to financial statements.
</TABLE>

                                        F-3
<PAGE>
DAXOR CORPORATION

<TABLE>
<S>                                 <C>             <C>          <C>
CONSOLIDATED STATEMENTS OF CASH FLOWS                             
                                                                      
           
                                               Year Ended December 31,          
                                      1996             1995           1994
Cash flows from operating activities:
 Net income or (loss)...........$  (112,165)     $ 1,287,115    $ 1,808,135 
                                   --------        ---------    ---------
Adjustments to reconcile net income 
 to net cash provided by 
  operating activities: 
 Depreciation & Amortization...      65,339           59,304         59,987
 (Gain) loss on sale 
   of investments............       (16,354)        (674,421)      (584,982)
  Change in assets and liabilities:
  (Increase) decrease 
     in accounts receivable        (202,359)        (193,365)        (1,966) 
  (Increase) decrease 
     in accounts receivable-
     Related Parties                 57,943         (172,951)            0
  (Increase) decrease in other 
     current assets                 528,837         (292,388)      (169,488)
  (Increase) decrease in tax 
     refunds receivable              52,232                0         25,000  
  (Increase) decrease in other 
     assets  net of goodwill 
     amortization..............        (169)           9,344         (5,152)
  Increase (decrease) in accounts 
     payable, accrued expenses and 
     other liabilities net of 
     "short sales"...............  (187,234)         312,777       (101,519)

Total adjustments..............     298,335         (951,700)      (778,120) 
                                   ---------        --------       ---------
Net cash provided 
   by operating activities....      186,170          335,415       1,030,015 
                                   ---------        --------       --------- 
Cash flows from investing activities:
 Payment for purchase of equipment 
  and improvements............      (85,525)        ( 63,760)      ( 49,995)
 Net cash provided or (used) in 
  purchase and sale of investments  149,502         3,997,024      (135,557)
 Net proceeds (repayments) of 
  loans from brokers used to 
  purchase investments.......       990,259          (827,996)       62,966 
 Proceeds from "short sales" 
  not closed.......                   5,527            83,779       100,256 
                                    -------          --------      --------
 Net cash used in investing 
  activities........              1,059,763         3,189,047       (22,330)
                                  ---------         ---------      ---------

Cash flows from financing activities:
Repayment of bank loan........     (900,000)       (1,500,000)     (700,000)
Payment for purchase of 
         treasury stock.......        9,198        (2,082,437)     (510,022) 
                                  ---------        ----------      ---------
Net cash used in financing 
         activities........      (1,124,805)       (3,582,437)   (1,210,022) 
                                 ----------        -----------    ----------
Net increase (decrease) in 
    cash and cash equivalents..     121,128          ( 57,975)     (202,337)
Cash and cash equivalents at 
     beginning of year.........       1,987            59,962       262,299 
                                 ----------        -----------    ----------
Cash and cash equivalents at 
     the end of year             $  123,115         $   1,987    $   59,962 
                                 ==========        ===========   ===========


See accompanying note to financial statements.
</TABLE>
                                   F-4
<PAGE>
DAXOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 The accompanying financial statements as at December 31, 1996
 and 1995 and for the three years ended December 31, 1996 have
 been prepared in conformity with principles of accounting
 applicable to a going concern.  Daxor Corporation operates in
 the medical services and technology industry.

 The consolidated financial statements include the accounts of
 the Company and its subsidiary.  All significant intercompany
 transactions and balances have been eliminated in consolidation.

(1)  Marketable Securities

 Upon adoption of FASB No. 115, management has determined that
 the Company's portfolio is best characterized as
 "Available-For-Sale".  This has resulted in the balance sheet
 carrying value of the Company's marketable securities
 investments, as of December 31, 1996 and December 31, 1995,
 being increased approximately 44.26% and 43.64% respectively
 over its historical cost.  A corresponding increase in
 shareholders' equity has been effectuated.  In accordance with
 the provisions of FASB No. 115, the adjustment in shareholders'
 equity to reflect the Company's unrealized gains has been made
 net of the tax effect had these gains been realized.  

<TABLE>
The following tables summarize the company's investments as of:
                              December 31, 1996
<S>       <C>            <C>           <C>           <C>
Type of   Cost           Fair Value    Unrealized    Unrealized
security                               Holding gains Holding losses

Equity   $24,635,436     $35,548,401   $13,375,737   $2,462,772
Debt          25,000          26,125         1,125            0
          -----------    -----------   -----------   -----------
Total    $24,660,436     $35,574,526   $13,376,862   $2,462,772
          ===========    ===========   ===========  ===========

                                 December 31, 1995

Type of   Cost           Fair Value    Unrealized     Unrealized
Security                               holding gains  holding
                                                      losses              

Equity    $24,851,151    $35,673,901   $13,470,588    $ 2,647,838
Debt           26,212         61,172        34,960              0
          -----------    -----------    ----------    -----------
Totals    $24,877,363    $35,735,073   $13,436,628    $ 2,647,838        
          ===========    ===========   ===========    ===========
</TABLE>
 At December 31, 1996, the securities held by the Company had a
 market value of $35,574,526 and a cost basis of $24,660,436
 resulting in a net unrealized gain of $10,914,090 or 44.26% of
 cost.

 At December 31,1995, the securities held by the Company had a
 market value of $35,735,073 and a cost basis of $24,877,363
 resulting in a net unrealized gain of $10,857,710 or 43.64% of
 cost.  

 At December 31, 1996, and December 31, 1995, marketable
 securities, primarily consisting of preferred and common stocks
 of utility companies, are valued at fair value.

                             F-5
<PAGE>
DAXOR                    NOTES TO STATEMENTS - CONTINUED
CORPORATION

(2)  Loans Payable

 As at December 31, 1996, and December 31, 1995, the Company had
 loans outstanding aggregating $200,000 and $1,100,000 borrowed
 on a short term basis from a bank, which are secured by certain
 marketable securities of the Company.  The loans bear interest
 at approximately 7.6%.

 Short-term margin debt due to brokers, secured by the Company's
 marketable securities, totalled $1,426,869 at December 31, 1996
 and $436,609 at December 31, 1995.

(3)  Accounts Receivable

 Accounts receivable are deemed to be fully collectible.

(4)  Equipment and Improvements    

 Depreciation of equipment and improvements is taken using the
 straight line method.  For 1996, 1995 and 1994 the charge to
 income for depreciation under this method were $65,339, $59,304,
 and $54,380 respectively. 

 The cost of maintenance and repairs is charged to expense as
 incurred.  The cost of betterments and additions are capitalized 
 and depreciated over the life of the asset.  The cost of assets
 disposed of or determined to be non-revenue producing, together
 with the related accumulated depreciation applicable thereto, is
 eliminated from the accounts, and any gain or loss is
 recognized.

(5)  Other Liabilities     

 At December 31, 1996 and December 31, 1995 the Company also
 maintained a short position in certain marketable securities. 
 These positions were sold for $5,527 at December 31, 1996 and
 $83,779 at December 31, 1995, and had respective market values
 of $1,613  and $71,589 resulting in an unrealized gain of $3,914
 at December 31, 1996 and $12,190 at December 31, 1995.

(6)  Commitments and Contingencies

(A) Operating Leases                                              
 Future minimum rental payments under this non-cancelable
 operating lease are as follows:
<TABLE>
                 <S>         <C>
                  1997       $168,832
                  1998       $168,832
                  1999       $168,832
                  2000       $168,832
                  2001       $168,832
</TABLE>
 Rent expense for all non-cancelable operating leases was
 $257,477, $233,187, and $205,036 for the years ended
 December 31, 1996, 1995, and 1994 respectively.

(B) Contingent Liabilities

 The Company has pending several claims incurred in the normal
 course of business which, in the opinion of management, based on
 the advice of outside legal counsel, will not have a material
 effect on the financial statements.

 The Company is also involved in several legal proceedings with
 the State of New York Department of Health over licenses to
 operate its facilities.

 Effective at the close of business on August 21, 1995, New York
 State Department of Health has ordered the Company to cease
 operations of its clinical laboratories, blood bank and tissue
 bank.  





                              F-5
<PAGE>
DAXOR                    NOTES TO STATEMENTS - CONTINUED
CORPORATION

     After litigation, the NYS Appellate court, in a 5-0 opinion,
 ordered that Daxor Corporation be granted all rights to operate
 the above facilities.

     During the period the Company was denied the ability to
 operate, it sustained severe loss of revenues as reflected in
 the current years operations.  It is pursuing all legal means to
 recover these as well as other claims for damages against the
 NYS Department of Health.  At this time the results of this
 litigation is not determinable.

(7)  Research and Development Expenses

     Research and development expenses were $ 213,266, $206,149
 and $195,269 for 1996, 1995, and 1994 respectively.  All
 research and development costs are expensed in the year they
 occur.

(8)  Interest Expense and Income 

     Interest expense was $78,212, $205,413, and $231,349 and
 interest income was $4,037, $319,386, and $220,233 in 1996,
 1995, and 1994 respectively.


(9)  Income Taxes


     The following is a reconciliation of the federal statutory
 tax rate of 34% for 1996, 1995, and 1994, with the provision for
 income taxes:
<TABLE>
<S>                          <C>          <C>          <C>
                                 Year Ended December 31,    
                                 1996         1995          1994     

Statutory tax rate              0            $493,671      $ 671,042   
Dividend exclusion                        
 expenses                                    (344,454)      (324,447)
Miscellaneous non-deductible
     expenses                                     218            347
Tax benefit of capital loss
 carryback/carryover                                        (198,894)  
State and city taxes            3,134          15,150         17,471 
                               ------         --------       --------
Provision for income taxes      3,134        $164,585       $165,519
                               ------         --------       --------
Effective tax rate                0%           11.34%          8.39%
                               ------         --------       --------

</TABLE>
(10)  Shareholders' Equity

 During 1996, the Company purchased 30,000 shares of its own
 stock at a cost of     $234,003. 

(11)  Subsidiaries

 On January 9, 1996 Daxor Health Services, Inc. was formed as a
 wholly owned subsidiary for the purpose of providing various
 forms of therapy for individuals in nursing homes and assisted
 care facilities.  Results of operations have been consolidated
 in the financial statements of Daxor Corporation.

(12)  Related Party Transactions

 Purchases by Daxor Corporation from related parties amounted to
 $19,890 for 1996.  They are included in the current cost of
 Operations of Laboratories.
      Gross revenues                                  $ 295,780
      Related Costs and Expenses (approximately)        262,000  

                                 F-5
<PAGE>
SCHEDULE I
MARKETABLE SECURITIES -- OTHER INVESTMENTS
<TABLE>
The following tables summarize the company's investments as of:
                            December 31, 1996
<S>          <C>          <C>              <C>             <C>
Type of      Cost         Fair Value       Unrealized      Unrealized
security                                   Holding gains   Holding losses
Equity      $24,635,436  $35,548,401      $13,375,73      $2,462,772
Debt             25,000       26,125           1,125               0
             -----------  -----------      -----------    ----------
Total       $24,660,436  $35,574,526      $13,376,862     $2,462,772
             ===========  ===========      ===========    ==========
</TABLE>
<TABLE>
SCHEDULE IX
SHORT-TERM BORROWINGS
Years Ended December 31, 1996, 1995, 1994 
<S>           <C>            <C>            <C>         <C>        <C>
------------------------------------------------------------------------------
Column A      Column B       Column C       Column D    Column E  Column F  
------------------------------------------------------------------------------
Category of   Balance at     Weighted       Maximum     Average   Weighted   
aggregate     the end of     average        amount      amount    average
short-term    the period     interest rate  outstanding outstanding interest
borrowings                   at end of      during this duringthis rates during
                             period         period      period     the period
-------------------------------------------------------------------------------
1996
Banks         200,000        7.23%         $1,100,000   $625,000   7.21%
Brokers     1,426,869        6.94%           $482,613 $1,426,869   6.97%
-------------------------------------------------------------------------------
All 
Categories  1,626,869        7.03%         $1,582,613 $2,051,869   7.06%
===============================================================================
1995
Banks      $1,100,000        6.89%         $2,600,000 $1,702,000   6.67%
Brokers      $436,609        7.64%           $534,628   $232,654   7.61%
-------------------------------------------------------------------------------
All 
Categories $1,536,609        7.28%         $3,134,628 $1,952,654   7.02%
===============================================================================
1994
Banks      $2,600,000        6.61%         $3,300,000 $2,970,000   6.32%
Brokers    $1,264,605        6.05%          1,304,584    587,000   7.56% 
-------------------------------------------------------------------------------
All 
Categories $3,864,605        7.18%         $4,604,584 $3,457,000   6.94%
===============================================================================
</TABLE>

 The average borrowings were determined on the basis of the
 amounts outstanding at each month- end.  The weighted interest
 rate during the year was computed by dividing actual interest
 expense in each year by average short-term borrowings in such
 year.

                                        F-9
<PAGE>


<TABLE>
SCHEDULE X
SUPPLEMENTARY INCOME STATEMENT INFORMATION


              COLUMN A                               Column B     
        
                Item            

                                            Charged to costs and expenses
                                               Year ended December 31,     


<S>                                      <C>          <C>        <C>

                                         1996         1995        1994    
Maintenance and repairs...............   $  -         $  -       $  -
Depreciation and amortization of
  intangible assets, pre-operating
  costs and similar deferral..........     65,339        59,304    59,987 
Taxes, other than payroll and income
  taxes...............................      -             -           -
Royalties.............................     ---           ---         ---
Advertising costs.....................      -             -           -


                
- less than 1% of total revenues for the year.

</TABLE>



                           F-9
<PAGE>