RICHLAND, WA -- (Marketwired) -- 03/27/14 -- IsoRay, Inc. (NYSE MKT: ISR) announced today that it closed on a $14,675,180 registered direct placement (the "Offering") of 5,644,300 shares of common stock at a price of $2.60 per share with two institutional investors yesterday. IsoRay intends to use the net proceeds from the Offering, estimated at approximately $13,821,421 after deducting the placement agent fees and estimated offering expenses, for working capital and general corporate purposes.
Maxim Group LLC acted as the exclusive placement agent for the Offering.
The shares described above were offered by IsoRay pursuant to a shelf registration statement on Form S-3 (file no. 333-188579), including a base prospectus, filed pursuant to the Securities Act of 1933, which was previously filed with, and declared effective by, the Securities and Exchange Commission (SEC), as well as an additional registration statement on Form S-3 (file no. 333-194733) filed with the SEC on March 24, 2014 pursuant to Rule 462(b) of the Securities Act of 1933, as amended. A prospectus supplement relating to the Offering has been filed with the SEC. 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.
Dwight Babcock IsoRay Chairman and CEO commented, "We are very pleased with the success of this recent equity offering as it provides for the financial longevity required by IsoRay. It gives IsoRay the ability to continue its progress in treating cancer sites throughout the body with its products, while studies continue to accumulate Cesium-131 efficacy data for publication. This equity offering, in conjunction with the recent receipt of over $5.9 million from exercises of outstanding warrants from prior offerings, has made a significant impact on IsoRay's long-term future."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc., is the sole producer of Cesium-131 brachytherapy seeds, which are 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 statements regarding the expected use of proceeds from IsoRay's sale of common stock, whether funds raised will be sufficient to fund planned future operations, and the advantages and uses of our products, 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. These statements are based upon management's current plans and expectations and are subject to a number of risks and uncertainties which could cause actual results to differ materially from such statements. Risks and uncertainties relating to IsoRay and this offering can be found in the "Risk Factors" section of the prospectus supplement and accompanying prospectus, together with the documents incorporated by reference, related to such offering filed with the SEC. 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 the market for IsoRay's common stock, changes in the estimated proceeds from the offering and use of such proceeds, market conditions, changes in expenses and requirements for capital expenditures, physician acceptance, training and use of our products, our ability to successfully manufacture, market and sell our products, our 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 ongoing patient results with our products are favorable and in line with the conclusions of clinical studies and initial patient results, whether future results from studies are favorable, whether we, our distributors and our customers will successfully obtain and maintain all required regulatory approvals and licenses to market, sell and use our products, successful completion of future research and development activities, and other risks detailed from time to time in IsoRay's reports filed with the SEC. IsoRay assumes no obligation to update and supplement forward-looking statements because of subsequent events.