Jul 17, 2012
ISORAY announces $3.5 million financing
RICHLAND, WA, 16 July 2012 – IsoRay, Inc. (AMEX: ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications, announced today that it has entered into agreements with certain institutional investors for a registered direct placement of approximately $3.5 million of common stock at a price of $0.965 per share. Gross proceeds will be approximately $3.5 million, before deducting placement agent’s fees and estimated offering expenses. A more complete description of the terms and conditions for the financing are available in the Form 8-K filed today by the Company.
IsoRay CEO Dwight Babcock stated, “These additional proceeds will allow the company to continue to expand its marketing efforts and new product development. IsoRay’s credibility in the marketplace, achieved through its recent launch of the GliaSite balloon catheter and other devices/applications for internal radiation therapy, created the opportunity for this stock only transaction.”
The offering is expected to close on or about July 19, 2012, subject to satisfaction of customary closing conditions.