Full Press Release Details
IsoRay Announces the Resignation of
Chairman and CEO Thomas LaVoy;
Industry Veteran Lori Woods Appointed
Mick McCormick Appointed Chairman
RICHLAND, Wash., June 5, 2018 -
IsoRay, Inc. (NYSE American: ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications
for the treatment of prostate, brain, lung, head and neck and gynecological cancers, today announced that Thomas LaVoy has resigned
from his positions as Chairman of the Board and Chief Executive Officer of the Company, effective as of June 4, 2018. Mr. LaVoy
had been a Director of the Company since 2005. He was appointed Chairman of the Board in January 2016 and took office as Chief
Executive Officer of the Company on February 15, 2016.
While the Company conducts a search
for a new Chief Executive Officer, industry veteran Lori Woods has been appointed interim Chief Executive Officer, effective June
4, 2018. Ms. Woods has over 30 years' experience in medical device technology and healthcare services, serving in numerous
senior capacities. In July 2006, Ms. Woods joined IsoRay as a Vice President. Ms. Woods was appointed Acting Chief Operating Officer
of the Company in February 2008, and then appointed Chief Operating Officer on February 18, 2009, a position she held until January
2010. Immediately prior to her appointment as interim CEO, beginning in February 2016, Ms. Woods served as a consultant to the
Company. Prior to her work as a consultant to the Company, Ms. Woods held various leadership positions in multiple closely held
companies in the medical device and services space. Ms. Woods holds a Bachelor of Science degree in Business Administration - Marketing
from Loma Linda University.
Mick McCormick has been appointed
Chairman of the Board, effective as of June 4, 2018. Mr. McCormick has been a Director of the Company since June 2015 and brings
over 25 years of experience in senior executive positions in global management, sales, and marketing to the Company.
IsoRay's newly appointed Chairman
of the Board Mick McCormick commented, "We want to thank Tom for his years of service and his outstanding contributions to
IsoRay. We wish him well in his future endeavors. As we move forward, we are very fortunate to be able to rely on the significant
knowledge and experience of industry veteran Lori Woods, our new interim CEO, and the other members of our dedicated management
team. We are excited that Ms. Woods continue the ongoing growth experienced by the Company over the previous five quarters with
the support of our quality management team."
IsoRay, Inc., through its subsidiary,
IsoRay Medical, Inc., is the sole producer of Cesium-131 brachytherapy seeds, which are 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
Safe Harbor Statement
Statements in this news release
about IsoRay's future expectations, including: appointment of new officers and directors, whether interest in and use of
our products for cancer treatments will increase or continue, whether we will be successful in locating qualified candidates to
serve as a permanent CEO, whether our growth will continue to increase and all other statements in this release, other than historical
facts, are "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. It is important to note that actual results and ultimate corporate actions could differ materially
from those in such forward-looking statements based on such factors as physician acceptance, training and use of our products,
our ability to manufacture our products in sufficient quantities to meet demand within required delivery time periods while meeting
our quality control standards, whether additional studies are released and support the conclusions of past studies, whether ongoing
patient results with our products are favorable and in line with the conclusions of clinical studies and initial patient results,
successful completion of future research and development activities, whether we, our distributors and our customers will successfully
obtain and maintain all required regulatory approvals and licenses to market, sell and use our products in its various forms, changes
in laws and regulations applicable to our products, the use of competitors' products in lieu of our products, whether qualified
candidates are available to fill the role of CEO, and other risks detailed from time to time in IsoRay's reports filed with
the U.S. Securities Exchange Commission. Unless required to do so by law, we undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise.
Stephanie Prince, Managing Director