The company announced it had reached agreements with two institutional investors to sell 5,644,300 shares at $2.60 a share, which should yield gross proceeds of $14,675,180. IsoRay plans to use the proceeds for working capital and other corporate purposes.
IsoRay had surged to a new five-year high of $3.69 on Thursday as the company continued to benefit from its announcement of a major milestone in tumor treatment on Wednesday. IsoRay announced the world's first treatment of a tumor in a pediatric patient through the use of multiple Cesium-131 sutured seed meshes for internal radiation therapy. Dr. Anthony Crimaldi at Levine Cancer Institute in Charlotte successfully performed the implant using IsoRay Medical's Cesium-131 brachytherapy mesh.
The patient was a 12-year-old male with a type of childhood kidney tumor.