IsoRay is a medical company that has developed Cesium-131 as a source for radiation therapy to combat various forms of cancer. In the case of prostate cancer, the company is reviving a procedure called prostate brachytherapy, which involves placing devices containing radiation in the prostate gland close to the cancer cells.
Cesium-131 based brachytherapy solutions show a lot of promise, not only in combating prostate cancer but also in other forms of the disease. With a potential FDA approval, IsoRay has a chance to scale up; however, the company's current financial position is questionable. On July 10, IsoRay did a direct offering of 11 million common shares at $0.75 per share to institutional investors who also received warrants to purchase up to 5.5 million shares at $0.75.