Isoray Inc. (AMEX:ISR) has a commitment for more than $4.3 million in financing that the company said will go towards development of three cancer treatments.
The Richland, Wash.-based firm agreed to sell $2.25 million in stock to an individual investor, with the potential of an additional $2 million in short term warrants at an average price of $1.40, according to a statement from the company.
IsoRay officials said they will use the funding to forward three projects in the bracytherapy market. Brachytherapy is a form of radiation treatment where radioactive seeds are placed near the tumor. Isoray’s first foray into the market was the IsoRay 131Cs brachytherapy seed, which is used in combating prostate cancer, according to the company’s web site.
The company was also recently awarded about $527,000 from the IRS Qualifying Therapeutic Discovery Program. Officials said the federal funding will go toward bringing to market an FDA-cleared balloon catheter device used in the treatment of brain cancer, as well as further studies to determine if the technology can be used to combat lung and breast cancer.
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