FONAR President Raymond Damadian Buys Company Stock for the Third Time in 2006 MELVILLE, N.Y.--(Business Wire)--June 1, 2006-- FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning(TM), today announced that Raymond Damadian, M.D., president and chairman of the Company purchased 116,279 shares of FONAR stock in the open market on May 30, 2006. This is the second time in less than 30 days and the third time this year that Dr. Damadian has made open market purchases of FONAR Corporation common stock. The purchase brings Dr. Damadian's total ownership to 2,795,053 shares. An added significance is that he has not sold a share in about fifteen years. The purchases were made pursuant to the Company's corporate governance guidelines for insider stock purchases. Commenting on the recent purchases Dr. Damadian said, "We are excited about the uniqueness of our FONAR Upright(TM) imaging technology. I continue to be especially confident that it is inevitable that the FONAR Upright(TM) imaging technology must replace all recumbent-only scanning for maladies of the spine since the recumbent scan is, in the main, not relevant to the vast majority of patients who experience back pain when they are erect and weight-bearing." "People will not continue long in the use of gas lights," said Dr. Damadian, "once electric lights are available. Edison said it well. 'If they'd had it they'd have used it', he said. With the high rate of failed back surgery being what it is(1), and a syndrome (FBSS)(2) specifically named for it, FONAR's Upright(TM) MRI is a much needed product." Careful quantitative in vivo measurements of the pressure exerted on the intervertebral disc when the patient is lying down is one-fifth (sitting) to one-eleventh (standing bending forward) of what the disc pressures are when the patient is erect (H-J. Wilke, P. Neef, M. Caimi, T. Hoogland and L. E. Claes, Spine 24, #8, pp. 755-762, 1999; and A. L. Nachemson, Spine 1, #1, pp. 59-71, 1976). A RECUMBENT-ONLY EXAMINATION THEREFORE CANNOT PROVIDE A SATISFACTORY DIAGNOSIS OF A PATIENT'S BACK PAIN WHEN THE COMPRESSIVE FORCES RESPONSIBLE FOR THE BACK PAIN HAVE BEEN REMOVED." Moreover, the need for FONAR's new Upright(TM) MRI imaging technology is great inasmuch as there are 10,000,000 patients scanned annually in the MRI for back pain, 916,000 of whom proceed to surgery each year for relief from their pain (Center for Disease Control, U.S. Dept. of Health and Human Services). "Medical diagnostics has not been remiss in ordering recumbent-only MRIs for patients before now," said Dr. Damadian. "It was the only technology available. FONAR's R&D has been able to advance the state-of-the-art of MRI scanning and bring a new technology to fruition that allows surgeons to make more accurate diagnoses of spine pathology and thereby achieve better treatment outcomes for their patients. The surgeons who perform these treatments are very enthusiastic about the new availability of FONAR's Upright(TM) MRI imaging technology (129 FONAR Upright(TM) MRI scanners have been sold to date) and are asking their hospitals to purchase the FONAR Upright(TM) MRI because of what it means for patient results." "We are also very excited about our new FONAR 360(TM) product now in its final stages of installation at the Nuffield Orthopaedic Centre, a teaching hospital of Oxford University, U.K.," said Dr. Damadian. "In addition, to its orthopaedic uses, the FONAR 360(TM) has the prospect of enabling the MR image guided direct injection of tumors with anti-cancer agents. It is our hope that the ability to direct the anti-cancer agent exclusively to the tumor target by direct injection into the tumor, and being able to know with certainty the exact dose that has reached the target tumor, will be an important advance in cancer treatment. Additionally, we expect that the ability to escape, by direct injection, the toxic side effects that accompany oral systemic treatment with anti-cancer agents and therefore the dose limit of the anti-cancer agent and the frequency with which the dose can be repeated, can significantly advance the effectiveness of anti-cancer drug therapies."
(1) M. Szpalski, R. Gunzburg, Eds., 'The Failed Spine', Lippincott Williams & Wilkins, 2005
(2) FBSS, Failed Back Surgery Syndrome
About FONAR
FONAR(R) was incorporated in 1978, making it the first, oldest and most experienced MRI manufacturer in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, FONAR has installed hundreds of MRI scanners worldwide. Their stellar product line includes the FONAR UPRIGHT(TM) MRI (also known as the Stand-Up(TM) MRI), the only whole-body MRI that performs Position(TM) imaging (pMRI(TM)) 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(TM) MRI often sees the patient's problem that other scanners cannot because they are lie-down only. With nearly one half million patients scanned, the patient-friendly FONAR UPRIGHT(TM) MRI has a near zero claustrophobic rejection rate by patients. A radiologist said, "FONAR UPRIGHT(TM) MRI - No More Claustrophobia - The Tunnel Is Gone." As another 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 they watch a 42" flat screen TV. FONAR's latest MRI scanner is the FONAR 360, a room-size recumbent scanner that optimizes openness while facilitating physician access to the patient. FONAR is headquartered on Long Island, New York, and has approximately 400 employees.
The Inventor of MR Scanning True Flow(TM) MRI, Stand-Up(TM) MRI, FONAR UPRIGHT(TM) MRI, Position(TM) MRI, PMRI(TM) and The Proof is in the Picture(TM) are trademarks of FONAR(R) Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: www.fonar.com
This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company's financial results may be found in the company filings with the Securities and Exchange Commission.
FONAR Corporation Daniel Culver, 631-694-2929 Fax: 631-390-1709 http://www.fonar.com invest@fonar.com or Darrow Associates, Inc. Jordan M. Darrow, 631-367-1866 Fax: 631-614-3612 jdarrow@optonline.net
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