RICHLAND, WA -- (Marketwire) -- 02/14/13 -- IsoRay, Inc. (NYSE MKT: ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications for brain cancer, lung cancer, head and neck cancer, prostate cancer and gynecologic ("gyn") cancer announced its financial results for the quarter and six months ended December 31, 2012.
In the quarter and for the six month period ended December 31, 2012, IsoRay's prostate treatment revenues were in line with the continued national market weakness for all prostate treatment modalities. The overall prostate treatment market was significantly weakened by a report published by the U.S. Preventive Services Task Force recommending against routine PSA screening, which has resulted in men avoiding the test or electing the option of "watchful waiting" if cancer is found. Both approaches leave men at risk of having more advanced disease at the time of diagnosis and perhaps not fully utilizing proven cost effective treatments such as brachytherapy utilizing Cesium-131, which has 98% effectiveness at the five year mark.
IsoRay remains poised to take advantage of its strategic focus on expanding the use of its unique isotope Cesium (Cs-131) to attack cancers in the prostate and other body sites, such as brain cancer, head and neck cancer, lung cancer and gyn cancers, while providing patients with a better quality of life than many competing treatments.
IsoRay is pleased to report that for the month of January, 2013, IsoRay's prostate business revenues increased by 26% over the prior 6 months' average prostate business revenues and its non prostate revenues increased 152% over the prior 6 months' average non prostate business revenues. In the next 2-3 months several multi-institutional studies are expected to be launched which if successful could help establish Cesium (Cs-131) as a standard of care for primary as well as recurrent cancers.
IsoRay Chairman and CEO Dwight Babcock commented, "Only now are the studies we initiated 2-3 years ago being published in abstract form and in journals showing the success of Cesium-131 in fighting deadly brain, head and neck, lung and gyn cancers. We are very optimistic about the growth in adoption of our growing array of new products and look to the international market to contribute in the coming quarter as some foreign institutions have now received their amended licenses. Physicians and institutions throughout the US are reporting outstanding results in the use of our Cesium (Cs-131) seeds for brain cancer, head and neck cancer, prostate cancer and lung cancers. Given this growing acceptance and interest, we remain committed to our strategic sales and market objectives, which we believe will contribute to long term growth."
The Company's continued investment in research and development focusing on Cesium (Cs-131) efficacy for various cancers located throughout the body is expected to have a direct impact on its overall revenue growth with an expanding array of non-prostate cancer treatments. The increase in the size, quality and reorganization of the sales organization has created the means to contact more facilities than ever before with the Company's new and novel treatment alternatives.
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