IsoRay Inc. (AMEX: ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications, announced its financial results for the second fiscal quarter ended December 31, 2011.
IsoRay Chairman and CEO Dwight Babcock commented, "For some time, prostate brachytherapy has been declining in volume nationally. While we are not exempt from this reality, we do believe this market will begin expanding as more studies like the recent Cleveland Clinic study demonstrate that brachytherapy has the highest efficacy and lowest cost for prostate cancer patients." Babcock explained that while IsoRay remains successful in treating slow growing cancers like prostate cancer, it is the only brachytherapy company with the advanced isotope, ( Cesium-131), which has enough energy and a short enough half life to combat fast growing, aggressive cancers located anywhere in the body including lung, brain, gynecological, colon, ocular melanoma, and head and neck cancers. He stated that IsoRay's market position and the ever-expanding applications for brachytherapy throughout the body will drive the Company's long term growth noting, "By successfully rotating our revenue stream from prostate to other body sites, we grew our non-prostate revenues by 81% quarter over quarter." In addition, while revenues remained static this quarter, the Company did achieve a 52% gain in gross profit primarily through a one time reduction in costs from a savings on our materials.
IsoRay has realized some other notable advances during the quarter. The Company initiated sales of the GliaSite® radiation therapy system, a balloon catheter device used in the treatment of brain cancer , after receiving final approval from the State of Washington Department of Health for its manufacture. The Washington State approval was IsoRay’s final regulatory hurdle to commence the sale of its GliaSite® brain cancer treatment in the United States. According to Babcock, "Following our FDA and Washington State approvals, we have had 4 successful GliaSite® implants in just the first 60 days. As with all of our innovative products, we have major institutions modifying their RAM (radio active materials) licenses to handle our new catheters and isotope. Once an institution receives its license modification, we expect it will identify 1-3 patients per month that will be candidates for our solutions and sales should grow as additional institutions have licenses in place to offer GliaSite® to their patients."
The Washington State approval followed shortly after IsoRay's completion of an international distribution agreement with Karlheinz Goehl-Medizintechnik Goehl for distribution of the GliaSite® radiation system in key European markets. IsoRay continues its efforts toward attainment of FDA clearance of liquid Cesium-131 for use with the GliaSite® system and hopes to file with the FDA in the next 45 to 60 days.
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