Through the deal, Richland, Wash.-based IsoRay is floating 11 million shares of common stock at 75¢ per share with several institutional and accredited investors, according to the filing.
The company said it will also offer unregistered warrants to purchase a number of shares equal to 50% of the investors shares at an exercise price of 75¢, exercisable six months after issuance out to 5.5 years, according to an SEC filing. A total of 5.5 million shares will be offered through the warrants.
IsoRay said it expects to bring in approximately $7.6 million from the offering, with the funds slated to support general corporate purposes and marketing for brain applications for its Build-Blu prostate brachytherapy delivery system, according to an SEC filing.
Yesterday, IsoRay said it won FDA 510(k) clearance for its GammaTile brachytherapy technology designed for treating recurrent brain tumors.