IsoRay (ISR) Continues Fall on Heavy Volume

NEW YORK (TheStreet) -- IsoRay (ISR) is continuing to drop on Monday after rallying in the middle of last week.

By midafternoon, shares had taken off 8.3% to $2.22.

Volume was heavier than normal. Trading volume of 12.1 million shares exceeded its three-month daily average of 9.4 million shares.

The nano-cap began its descent on Friday after pricing its registered direct offering of common stock. The biotechnology company announced it would sell around 5.64 million shares of common stock to two institutional investors for $2.60 a share.

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The gross proceeds are expected to total an approximate $14.67 million, which IsoRay said would be used as working capital and other general corporate purposes. The offering is expected to close on or before March 26.

Prior to the offering, the Richland, Wash.-based business soared to a five-year high of $3.69 on Thursday after announcing the world's first treatment of a tumor in a pediatric patient through multiple Cesium-131 sutured seed meshes for internal radiation therapy.

Year-to-date, shares are up 346%.

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