IsoRay Plummets 20% on New Financing

Shares of IsoRay

were seeing increased weakness during Monday's trading session after the company announced $3.5 million in financing initiatives. IsoRay announced 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. 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." Monday, shares of IsoRay were trading down over 19 percent, at about $1.19 per share.