Full Press Release Details
Financing of $3.5 Million to Advance its
New Emerging Cancer Solutions for Internal Radiation Therapy
Richland, WA (July 16, 2012) - - IsoRay, Inc. (AMEX:
ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications,
announced today that it has entered into agreements with certain institutional investors for a registered direct placement
of approximately $3.5 million of common stock at a price of $0.965 per share. Gross proceeds will be approximately $3.5 million,
before deducting placement agent's fees and estimated offering expenses. A more complete description of the terms and conditions
for the financing are available in the Form 8-K filed today by the Company.
IsoRay CEO Dwight Babcock stated, "These additional
proceeds will allow the company to continue to expand its marketing efforts and new product development. IsoRay's credibility
in the marketplace, achieved through its recent launch of the GliaSite balloon catheter and other devices / applications for internal
radiation therapy, created the opportunity for this stock only transaction."
The offering is expected to close on or about July 19, 2012,
subject to satisfaction of customary closing conditions.
Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSEMKT: LTS), acted
as the exclusive placement agent for the transaction.
This press release does not constitute an offer to sell or the
solicitation of offers to buy any security and shall not constitute an offer, solicitation, or sale of any security in any jurisdiction
in which such offer, solicitation, or sale would be unlawful. A shelf registration statement relating to the common stock and warrants
to be issued in the offering has been filed with the Securities and Exchange Commission and has become effective. A prospectus
supplement related to the offering will be filed with the Securities and Exchange Commission. Copies of the prospectus supplement
and accompanying base prospectus may be obtained at the SEC's website at http://www.sec.gov, or via written request to IsoRay,
Inc., 350 Hills Street, Suite 106, Richland, WA, 99354. Attention: Investor Relations.
IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc., is the exclusive producer of Cesium-131 internal radiation therapy,
which is expanding brachytherapy options throughout the body. Learn more about this innovative Richland, Washington company and
explore the many benefits and uses of Cesium-131 by visiting www.isoray.com.
Safe Harbor Statement
This release includes statements that may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). This statement
is included for the express purpose of availing IsoRay, Inc. of the protections of the safe harbor provisions of the PSLRA.
Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are
difficult to predict and many of which are beyond management's control. Factors that could cause actual results to differ materially
from those projected or suggested in any forward-looking statements are contained in IsoRay's most recent periodic reports
on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. IsoRay assumes no obligation to update and
supplement forward-looking statements because of subsequent events.