IsoRay inks $8m private placement deal
IsoRay (NYSE:ISR) has inked a private placement deal worth approximately $8.3 million, according to an SEC filing posted this week.
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.
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