NEW YORK, April 4, 2017 - FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, reported today that its subsidiary Health Management Company of America, LLC (HMCA) purchased all interests and assets, including an MRI system, of Radwell Leasing, LLC and Radwell, LLC, located in the Westchester Medical Pavilion at 311 North Street, White Plains, New York. From there HMCA will provide non-medical management services to Comprehensive MRI of New York, P.C., doing business as Comprehensive MRI of White Plains. The White Plains
facility brings the total number of HMCA-managed centers to 26: 19 in New York and 7 in Florida.
Peggy Anne McCann, HMCA’s regional sales manager for the Bronx/Westchester area, said, “We are very excited about this new location. It’s a natural and practical extension of our existing HMCA footprint into a very promising patient and physician population. The Westchester Medical Pavilion, a 72,000-square-foot medical office complex, is considered the best-located and highest quality medical building in Westchester. So that’s a real plus as well.”
Tim Damadian, President and CEO of FONAR, said, “We’re very pleased with this
latest acquisition, another step forward in the execution of our business plan.”
Health Management Company of America, LLC (HMCA), a wholly-owned subsidiary of FONAR Corporation, provides non-medical management services for diagnostic imaging centers. At present, HMCA employs approximately 400 full-time employees and manages 26 centers in New York and Florida, collectively equipped with 33 MRI scanners.
FONAR, The Inventor of MR Scanning™, is located in Melville, NY, was incorporated in 1978, and is the first, oldest and most experienced MRI company in the industry. FONAR introduced the world’s first commercial MRI in 1980, and went public in 1981. FONAR’s signature product is the FONAR UPRIGHT® Multi-Position™ MRI (also known as the Stand-Up® MRI), the only whole-body MRI that performs Position™ Imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing,
sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often detects patient problems that other MRI scanners cannot because they are lie-down and ”weightless” only scanners. The patient-friendly UPRIGHT® MRI has a near-zero patient claustrophobic rejection rate. As a FONAR customer states, “If the patient is claustrophobic in this scanner, they’ll be claustrophobic in my parking lot.” Approximately 85% of patients are scanned sitting while watching
FONAR has new works-in-progress technology for visualizing and quantifying the flow of cerebrospinal fluid (CSF) which circulates throughout the brain and vertebral column at the rate of 32 quarts per day. This imaging and quantifying of the dynamics of this vital life-sustaining physiology of the body’s neurologic system has been made possible first by FONAR’s introduction of the MRI and now, due to this latest works-in-progress, makes possible quantifying CSF in all the normal positions of the body, particularly in its upright flow against gravity. The
types of patients who will benefit from this technology include those with various types of dementia, such as former NFL quarterback Jim McMahon.
FONAR’s substantial list of patents include recent patents for its technology enabling full weight-bearing MRI imaging on all the gravity sensitive regions of the human anatomy, especially the brain, extremities and spine. FONAR’s UPRIGHT® Multi-Position™ MRI is the only scanner licensed under these patents.