Attached files
file | filename |
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8-K - Isoray, Inc. | v203576_8k.htm |
EX-10.62 - Isoray, Inc. | v203576_ex10-62.htm |
EX-10.64 - Isoray, Inc. | v203576_ex10-64.htm |
EX-4.23 - Isoray, Inc. | v203576_ex4-23.htm |
EX-4.22 - Isoray, Inc. | v203576_ex4-22.htm |
EX-10.63 - Isoray, Inc. | v203576_ex10-63.htm |
FOR
IMMEDIATE RELEASE
|
Contact:
Sharon Schultz
|
Tel:
(301) 351-0109
|
|
Email:
schultzpr@mchsi.com
|
ISORAY,
INC. ANNOUNCES FINANCING COMMITMENT OF $4,325, 000
Funding
to Fuel New Development and Accelerate Growth
RICHLAND,
Washington (November 22, 2010) – IsoRay Inc. (AMEX:
ISR) has entered a securities purchase agreement with an investor to sell $2.25
million in common stock with the potential of $2,075,000 additional funding
through two subsequent short term warrant tranches of 90 days and 180 days
assuming an average exercise price of $1.40 and that all Series A and B warrants
are exercised. Additional funding will occur if Series C or D warrants are
exercised. This funding is in addition to the previously announced grant award
of $526,910 from
the IRS Qualifying Therapeutic Discovery Program as well as the sale of over
$600,000 in common stock and
exercised warrants. The IRS
Qualifying Therapeutic Discovery Program provides financial support for
innovative projects that the U.S. Department of Health and Human Services
believes could well result in a new therapy, reduce health care costs, or
represent an important advance in finding a cure for
cancer.
IsoRay
expects to advance a number of significant initiatives with a portion of the net
proceeds from the financing. Some of the funds will be used to
support the Company's manufacturing and inventory of the GliaSite® radiation therapy system, the
world's only FDA-cleared balloon catheter device used in the treatment of brain
cancer. The Company expects to
bring it to market in mid-year 2011.
Funding will also be used to enhance
data collection for the
multi-institutional study of Cesium-131 internal radiation therapy, which is
expected to further the groundbreaking therapy's use in treating Non Small Cell
Lung Cancers (NSCLC). The potential is noteworthy as lung cancer remains the leading cause
of cancer deaths worldwide.
On another front, the Company expects
funding to spur progress in the application of Cesium-131 for the treatment of
breast cancer. IsoRay recently completed an initial
feasibility study which demonstrates the ability to use its patented Cesium-131
internal radiation therapy in accelerated partial breast irradiation (APBI) for
breast cancer treatment. APBI is one of the most exciting, emerging treatments
available, today, for early stage, localized breast cancer. This new application of Cesium-131 is
expected to have a significant impact in the treatment of breast cancer and
improve the quality of life for many women who have been diagnosed with the
disease.
With established CMS codes,
Cesium-131 is FDA-cleared for use in the treatment of cancers throughout the
body including breast cancer. More than 100 centers across the
country are using Ceium-131 to treat brain, colon, head and neck, lung, ocular melanoma, and
prostate
cancers.
LifeTech
Capital, a Division of Aurora Capital, LLC, acted as the
exclusive placement agent in connection with this offering.
###
This
press release does not constitute an offer to sell or the solicitation of offers
to buy any security and shall not constitute an offer, solicitation, or sale of
any security in any jurisdiction in which such offer, solicitation, or sale
would be unlawful. A shelf registration statement relating to the common stock
and warrants to be issued in the offering has been filed with the Securities and
Exchange Commission and has become effective. A prospectus supplement related to
the offering will be filed with the Securities and Exchange Commission. Copies
of the prospectus supplement and accompanying base prospectus may be obtained at
the SEC’s website at http://www.sec.gov, or via written request to IsoRay, Inc.,
350 Hills Street, Suite 106, Richland, WA, 99354. Attention: Investor
Relations.
About
IsoRay, Inc.
IsoRay, Inc., through its subsidiary,
IsoRay Medical, Inc., is the exclusive producer of Cesium-131 internal radiation
therapy, which is expanding brachytherapy options throughout the
body. Learn more about this innovative Richland, Washington company
and explore the many benefits and uses of Cesium-131 by visiting www.isoray.com.
Safe
Harbor Statement
Statements
in this news release about IsoRay's future expectations, including: the
advantages of our Cesium-131 seed, whether IsoRay will be able to continue to
expand its base beyond prostate cancer, whether IsoRay's Cesium-131 seed will be
used to treat additional cancers and malignant disease, whether proceeds will be
received from the sale of shares of common stock and warrant exercises in the
future, whether the use of Cesium-131 to treat breast or other cancers using
APBI or other methods will be successful in the initial and any future implants,
whether a clinical trial for APBI will be completed, the advantages of the
Gliasite delivery system, whether a liquid form of Cesium-131 will be developed
that receives regulatory approval and can be used successfully with the Gliasite
delivery system, whether the use of Cesium-131 to treat brain, NSCLC or other
cancers will be successful in the initial and any future implants, and all other
statements in this release, other than historical facts, are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 ("PSLRA"). This statement is included for the express purpose of
availing IsoRay, Inc. of the protections of the safe harbor provisions of the
PSLRA. It is important to note that actual results and ultimate corporate
actions could differ materially from those in such forward-looking statements
based on such factors as IsoRay's ability to list the requisite shares of common
stock on the NYSE AMEX equities market, IsoRay’s ability to obtain additional
funding, physician acceptance, training and use of our products, our ability to
successfully manufacture, market and sell our products, tour ability to
manufacture our products in sufficient quantities to meet demand within required
delivery time periods while meeting our quality control standards, our ability
to enforce our intellectual property rights, whether additional studies are
released and support the conclusions of early clinical studies, patient results
achieved when Cesium-131 is used for the treatment of cancers and malignant
diseases beyond prostate cancer, the ability for users of the Cesium-131
implants to comply with regulations related to ongoing radiation emitting from
the breast, whether additional studies are released and support the conclusions
of early clinical studies, whether initial implants of Cesium-131 to treat
breast other cancers using APBI or other methods result in favorable patient
outcomes, whether resources are available as needed to conduct a clinical trial
for APBI and whether results of any such trial are favorable, whether resources
are available as needed to develop a liquid form of Cesium-131 and whether such
liquid form receives and maintains all required regulatory approvals, whether
any liquid form of Cesium-131 is able to be used successfully with the Gliasite
delivery system, the timing and viability of the Gliasite delivery system and
whether the Company will be able to raise additional capital to commercialize
the delivery system, develop proper dosage rates, and obtain favorable
reimbursement rates for the Gliasite delivery system, successful completion of
future research and development activities, and other risks detailed from time
to time in IsoRay's reports filed with the SEC. Additional factors
that could cause actual results to differ materially from those projected or
suggested in any forward-looking statements are contained in IsoRay’s most
recent periodic reports on Form 10-K and Form 10-Q that are filed with the
Securities and Exchange Commission. IsoRay assumes no obligation to update and
supplement forward-looking statements because of subsequent
events.