IsoRay acquires stake in Russian company

IsoRay, a US manufacturer and distributor of the proprietary therapeutic, Proxcelan Cesium-131 brachytherapy seeds for the treatment of prostate cancer and other solid tumors, has become a 30% owner in a Russian limited liability company, UralDial, a new medical isotope manufacturer and distributor based in Yekaterinburg. IsoRay chief executive Roger Girard said the creation of the new entity should significantly reduce manufacturing costs - in the USA as well as Russia - which should improve gross margins, assure a steady exclusive supply of isotopes from multiple Russian sources, and open new international markets for the company's own product.

Mr Girard said: "this is an important and exciting time as we continue to hit strategic milestones at IsoRay, and I believe that this opportunity, along with other initiatives that are currently under way, will allow IsoRay to become a much larger player in the cancer therapy field, both domestically and internationally."

Working with Russian govt, BP et al