FOR IMMEDIATE RELEASE
ISORAY Announces Financing of $3.5 Million to Advance its
GliaSite and New Emerging Cancer Solutions for Internal Radiation Therapy
Richland, WA (July 16,
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.
Ladenburg Thalmann &
Co. Inc., a
subsidiary of
Ladenburg Thalmann
Financial Services
Inc. (NYSEMKT: LTS),
acted as the
exclusive placement
agent for the
transaction.
###
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
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.
Contact:
Dwight Babcock
(520) 240-4840
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
This release includes statements that may constitute "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. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. 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.
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