Palm Beach, FL 7/16/12 (StreetBeat) – IsoRay Inc (AMEX:ISR) announced today the financing of $3.5 Million of common stock at a price of $0.965 per share. Through this agreement, certain institutional investors will receive direct placement of common stock. It is expected to close on or about July 19, 2012, subject to satisfaction of customary closing conditions.
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."
Shares of IsoRay fell more than 23% in morning trade, down 34 cents to $1.13.
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