RICHLAND, Wash.--(BUSINESS WIRE)--IsoRay Inc. (AMEX: ISR) has entered a securities purchase agreement with an investor to sell $2.25 million in common stock with the potential of $2,075,000 additional funding through two subsequent short term warrant tranches of 90 days and 180 days assuming an average exercise price of $1.40 and that all Series A and B warrants are exercised. Additional funding will occur if Series C or D warrants are exercised. This funding is in addition to the previously announced grant award of $526,910 from the IRS Qualifying Therapeutic Discovery Program as well as the sale of over $600,000 in common stock and exercised warrants. The IRS Qualifying Therapeutic Discovery Program provides financial support for innovative projects that the U.S. Department of Health and Human Services believes could well result in a new therapy, reduce health care costs, or represent an important advance in finding a cure for cancer.
