Full Press Release Details
IsoRay, Inc. Prices Registered Direct Offering of Common
RICHLAND, WA, March 21, 2014 (GLOBE NEWSWIRE) - IsoRay,
Inc. (NYSE MKT:ISR) announced today that it has entered into definitive agreements with two institutional investors to sell 5,644,300
shares of common stock at a price of $2.60 per share. The gross proceeds from the offering are expected to be approximately $14,675,180.
IsoRay intends to use the net proceeds from the offering for
working capital and general corporate purposes.
Maxim Group LLC is acting as the exclusive placement agent for
The offering is expected to close on or before March 26, 2014,
subject to customary closing conditions.
The shares are being offered by IsoRaypursuant to a shelf registration
statement on Form S-3 (file no. 333-188579) filed pursuant to the Securities Act of 1933, which was previously filed with, and
declared effective by, the Securities and Exchange Commission (SEC). A prospectus supplement relating to the offering will be
filed with the SEC and will be available on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any
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 visiting www.isoray.com.
CONTACT: Dwight Babcock
Safe Harbor Statement
Statements in this news release about IsoRay's future expectations,
including statements regarding the completion of IsoRay's proposed sale of common stock and the use of proceeds from that
sale, and the advantages and uses of our products, 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. There
can be no assurance regarding the completion, timing or size of the proposed offering. 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 the
market for IsoRay's common stock, market conditions, the satisfaction of customary closing conditions related to the proposed
public offering, physician acceptance, training and use of our products, our ability to successfully manufacture, market and sell
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, our ability to enforce our intellectual property rights, whether ongoing patient results
with our products are favorable and in line with the conclusions of clinical studies and initial patient results, 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, successful completion of future research and development activities, and other risks detailed from time
to time in IsoRay's reports filed with the SEC.