Full Press Release Details
ANNOUNCES RECORD SEED ORDERS AND RESULTING IMPACT ON CASH RESERVES; NEW DEBT
FINANCING; AND PLANNED REDUCTION IN OUTSTANDING SHARES
Symbol: ISRY), a medical technology company focusing on innovative treatment
prostate and other soft tissue cancer tumors through use of its proprietary
Cesium-131, announced a dramatic increase in seed orders for the quarter ending
Cesium-131 seed is quickly gaining an increasing market share among leading
physicians and we anticipate increasing our seed sales by approximately 100%
the quarter ending June 30, 2006 over the quarter ended March 31,
Roger Girard, CEO of the Company. For the quarter ended March 31, 2006, the
Company sold implants used by a total of 79 patients, while for the quarter
ending June 30, 2006, the Company forecasts selling implants for use by a total
of over 160 patients. Management now believes that for IsoRay's
year which ends June 30, 2006, the total patients treated with Cesium-131 will
exceed 400. Orders received in advance for July and August are continuing at
very brisk pace with over 50 centers now licensed to implant Cesium-131
substantial increase in sales has also improved the Company's
flow as the Company expects to generate in excess of $400,000 in revenue for
believes that the Company will need to produce seeds for approximately 220
patients per month to hit its break-even level but there is no assurance that
this amount may not increase with increases in costs over current levels.
anticipated total sales in June 2006 being in excess of 70 patients, we are
getting closer to showing a positive gross margin with the anticipation of
break-even milestone in 2007,"
Company also closed a debt financing for equipment with the Hanford Area
Economic Investment Development Authority (HAEIFC) of $1,400,000. This amount
will assist with the Company's
for additional equipment to meet the greater demand for its products. The
expansion plans call for installing two additional production modules in its
facility in Richland, doubling seed production capacity from 120 to 240 patients
believe that when the modules are completed -
may not occur until October 2006 -
will be able to meet demand through the end of 2006,"
David Swanberg, Executive V.P. of Operations.
18, 2006, the Company requested the return of 1,778,146 shares of its common
stock previously issued to Mercatus & Partners, Ltd. pursuant to two
Securities Purchase Agreements signed in December 2005. The Company requested
the return of these shares because no funding had been received under the
agreements, and management believes the shares will be returned for
April 2006, the Company applied for a listing for its common stock on the NASDAQ
Capital Market. Management believes that a listing on the NASDAQ Capital Market
would improve liquidity for the Company's shareholders, but there can be no
assurance that the Company's application will be approved.
Inc., through its subsidiary, IsoRay Medical, Inc., is the sole producer of
Cesium-131 brachytherapy seed, used to treat prostate and other cancers. The
Cesium-131 seed offers a significantly shorter half-life than the two other
isotopes commonly used for brachytherapy, which results in a substantially
faster delivery of therapeutic radiation, lower probability of cancer cell
survival and reduction of the longevity of common brachytherapy side effects.
IsoRay is based in Richland, Washington. More information is available about
IsoRay at www.isoray.com.
in this news release about IsoRay's future expectations, including: the
advantages of our Cesium-131 seed, seed orders for June through August, future
revenues, future production capabilities and ability to meet demand, development
of protocols for the use of our Cesium-131 seed to treat cancers other than
prostate cancer, the level of market share our seed may attain, when and whether
we will attain positive cash flow and all other statements in this release,
other than historical facts, are forward-looking statements. It is important
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 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 obtain
sufficient supplies of isotopes and other materials from suppliers, our ability
to maintain adequate quality control, including with the third parties we rely
on, to minimize reduction in orders from customers, and our ability to enforce
our intellectual property rights, and other risks detailed from time to time
IsoRay's reports filed with the SEC.
Bartlett, The Bartlett Group Public Relations