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IsoRay Inc. (AMEX: ISR) has received an additional $500,000 in institutional financing.
Together with the financing closed in November 2010 and the Company's improved operations, it continues to add to its cash reserves as it aggressively pursues further development of programs expanding the use of its ground-breaking Cesium-131 brachytherapy seeds (internal radiation therapy).Cesium-131 has already shown exciting results in treating prostate, lung,
brain, colorectal, and head and neck cancer.
IsoRay CEO Dwight Babcock said, "We are pleased that this unique technology is generating new sources of revenue as physicians find new uses for Cesium-131 to attack cancers throughout the body. We expect these new sources of revenues will substantially contribute to our financial results as we move forward."
Some of the funds from the financing will be used to continue development of our innovative breast cancer application. Previously, IsoRay announced completion of an initial feasibility study, which demonstrated the ability to use its patented
Cesium-131 brachytherapy seeds in accelerated partial breast irradiation (APBI) for breast cancer treatment. APBI is one of the most innovative, emerging treatments available today for early stage, localized breast cancer. The funding will also allow IsoRay to explore opportunities in pancreatic and gynecologic cancers.
IsoRay plans to begin selling the
GliaSite® radiation therapy system, the world's only balloon catheter device used in the treatment of brain
cancer, in August. The GliaSite system offers a number of advantages over other brain cancer treatments. It places a specified high dose of a liquid radiation source in the areas most likely to contain cancer after a brain tumor's removal and is less likely to damage healthy brain tissue. It helps eliminate the ability for the tumor to reoccur, which in turn impacts patient longevity and quality of life.
IsoRay's funding announcement comes as two recent studies have found significant advantages in the use of brachytherapy in treating prostate cancer. According to a study by Memorial Sloan-Kettering Cancer Center in New York, brachytherapy treatment for prostate cancer appears to be a better treatment option compared to IMRT (intensity-modulated electron beam radiation therapy) for a majority of men diagnosed with low-risk prostate cancer.
A recent online publication of AuntMinnie.com reported on the study saying,
"These are practice-changing findings for physicians at Memorial Sloan-Kettering Cancer Center in New York City, who now favor brachytherapy as the treatment of choice for patients who have the option of either therapy, according to lead author Michael Zelefsky, MD, radiation oncologist and chief of brachytherapy service, and colleagues."
In other developments
, Reuters Health reported on the findings of Dr. Nelson Stone and his colleagues from Mount Sinai School of Medicine in New York. Their study investigated freedom from metastases, long-term biochemical and local control, and cause-specific survival in more than 2,000 men with prostate cancer. The men received brachytherapy treatment between 1990 and 2006. The findings were published in the February issue of the
Journal of Urology which appeared online December 17, 2010
In an email, Dr. Stone told Reuters Health, "Prostate brachytherapy is a safe and effective treatment for prostate cancer, as long as it is performed by an experienced team." He added
, "It has the lowest side effect profile of all the treatments." Further, Dr. Stone said, "
Prostate brachytherapy is far less expensive than IMRT or robotic prostatectomy and can be done as an outpatient procedure, with the patient returning to work or resuming their normal life style within one to two days following the procedure."
"When properly performed, where the delivered dose is high enough, brachytherapy compares favorably to all other prostate cancer treatments, including robotic prostatectomy, external beam irradiation (IMRT), and cryotherapy," Dr. Stone noted in his e-mail to Reuters Health
. "The likelihood of a patient suffering a local recurrence is the lowest after brachytherapy, especially in more aggressive prostate cancers (Gleason score 8 or above)," he said.
Pointing to the import of these studies, Babcock says, "These studies accentuate an ever-growing body of evidence regarding the efficacy of brachytherapy and its positive impact on patient outcomes. They make an important contribution at a time when we look forward to the release of IsoRay's 5-year patient data on the use of Cesium-131 to treat prostate cancer. While Cesium-131 was not available when these studies began, we now know its unique characteristics distinguish Cesium-131 from other brachytherapy options. We believe our Cesium-131 isotope is superior in brachytherapy to the alternative isotopes utilized in these studies," he said.