Why IsoRay (ISR) Is Plunging Today

NEW YORK (TheStreet) -- IsoRay  (ISR) plunged 25.15% to $2.47 at 10 a.m. on Friday after the company priced its registered direct offering of common stock.

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.

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