Isoray Announces Pricing of $45 Million Public Offering
February 04 2021 - 8:30AM
Isoray, Inc. (NYSE AMERICAN: ISR), a medical technology company and
innovator in seed brachytherapy powering expanding treatment
options throughout the body, announced the pricing of its public
offering of 36,000,000 shares of its common stock at an offering
price to the public of $1.25 per share. Isoray intends to use the
gross proceeds of approximately $45 million, before deducting
underwriting discounts and commissions and estimated offering
expenses, from the offering to fund operations, research and
development efforts, potential future acquisitions of complementary
businesses or technologies, sales and marketing initiatives, and
for general corporate purposes, including general and
administrative expenses, capital expenditures, and for general
working capital purposes.
The offering is expected to close on February 8, 2021,
subject to the satisfaction of customary closing conditions. In
addition, Isoray granted the underwriters a 30-day option to
purchase up to an additional 15% of the shares of common stock
offered in the public offering.
Oppenheimer & Co. Inc. is acting as sole book-running
manager for the offering. Lake Street Capital Markets and Northland
Capital Markets are acting as co-managers for the offering.
The shares are being offered by Isoray pursuant to a "shelf"
registration statement on Form S-3 that was originally filed on
January 23, 2020 and declared effective by the Securities and
Exchange Commission ("SEC") on February 4, 2020, and the base
prospectus contained therein (File No. 333-236025). A preliminary
prospectus supplement and accompanying prospectus relating to the
offering has been filed with the SEC and is available on the
website of the SEC at www.sec.gov. When available, copies of the
final prospectus supplement and accompanying prospectus relating to
and describing the terms of the offering will be available on the
website of the SEC and may also be obtained from: Oppenheimer &
Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad
Street, 26th Floor, New York, New York 10004, by telephone at
212-667-8055, or by email at EquityProspectus@opco.com.
Before investing in the offering, you should read in their
entirety the preliminary prospectus supplement, the accompanying
prospectus and the other documents that Isoray has filed with the
SEC that are incorporated by reference in the preliminary
prospectus supplement and the accompanying prospectus, which
provide more information about Isoray and the offering.
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 such
jurisdiction.
About Isoray, Inc.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. Follow us on LinkedIn and
Twitter. Join us on Facebook.
Safe Harbor StatementStatements in this news
release about Isoray’s future expectations, including: the use of
proceeds of the offering, market conditions that may affect the
timing, terms, and conditions of the offering, our ability to
satisfy the conditions to closing of the offering and other matters
affecting our ability to consummate the offering on terms
acceptable to us, the impact of COVID-19 on our financial results,
suppliers, scheduling of procedures, and employees, lower isotope
costs, advantages of our products including Blu Build and the
GammaTile Therapy delivery system, whether interest in and use of
our Cesium-131, commercially known as Cesium Blu, products will
increase or continue, whether use of Cesium-131 in non-prostate
applications will continue to increase revenue, whether further
manufacturing and production process improvements will be
completed or will result in lower costs, whether our market
presence and growth will continue, the positive industry data
fueling renewed interest in brachytherapy, strong patient results,
the perception by patients of quality of life outcomes, 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, market acceptance and recognition of our
products, our ability to successfully manufacture, market, and sell
our Blu Build products and the success of the GammaTile Therapy,
the length and severity of the COVID -19 pandemic, 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 additional studies are released that 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, patient results
achieved when our products are used for the treatment of cancers
and malignant diseases, 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, continued compliance with ISO
standards, the success of our sales and marketing efforts, changes
in reimbursement rates, the procedures and regulatory requirements
mandated by the FDA for 510(k) approval and reimbursement codes,
changes in laws and regulations applicable to our products, the
scheduling of physicians who either delay or do not schedule
patients in periods anticipated, the use of competitors’ products
in lieu of our products, less favorable reimbursement rates than
anticipated for each of our products, and other risks detailed from
time to time in Isoray’s reports filed with the SEC. 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.
Contacts
Investor Relations: Mark Levin (501) 255-1910
Media and Public Relations: Sharon Schultz (302) 539-3747
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