On February 6, 2023 Isoray, Inc. (NYSE AMERICAN: ISR), a medical technology company and innovator in seed brachytherapy, reported the successful completion of the merger with privately-held Viewpoint Molecular Targeting, Inc (Press release, Viewpoint Molecular Targeting, FEB 6, 2023, https://viewpointmt.com/isoray-completes-merger-with-viewpoint-molecular-targeting-to-advance-new-treatment-paradigm-in-targeted-precision-oncology-medicine/ [SID1234626887]). The combined companies’ focus will be the advancement of cancer treatments using radiation, radiopharmaceuticals, and imaging technologies so that precision, targeted medical doses are delivered directly to cancer patient tumor sites. Viewpoint Molecular Targeting CEO Thijs Spoor has been named Chief Executive Officer and outgoing Isoray CEO Lori Woods assumed the role of Chairperson of the Board of Directors of the combined companies. The closing of the all-stock transaction became effective on February 3, 2023.
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Outgoing Isoray CEO Lori Woods said, "This merger represents an important milestone for Isoray. The merger with Viewpoint Molecular Targeting demonstrates our commitment to build on our shared belief of treating cancers from the inside out while providing personalized targeted treatment options for cancer patients. We look forward to delivering a path forward that speaks to the continued growth of the combined companies benefitting patients and the doctors who treat them, while increasing stockholder value."
Incoming Isoray CEO Thijs Spoor commented, "The merger of Isoray and Viewpoint represents a powerful combination of two complementary businesses in the field of radiopharmaceuticals. The mission of the combined company is to further develop the role of Cesium-131 for the treatment of a variety of cancers while we expand on our exciting and novel pipeline of proprietary targeting peptides to diagnose tumors in order to deliver powerful Targeted Alpha Therapies (TAT’s). The use of alpha-particle radiation with proprietary targeted delivery agents has the potential to transform the treatment paradigm of patients suffering from early stage cancers."
About the Merger
At the closing of the merger, each issued and outstanding share of common stock of Viewpoint was converted into 3.1642 shares of Isoray common stock for a total of 136,545,075 shares, or approximately 49%, of the 278,657,841 shares of outstanding common stock of Isoray. Other than cash paid in lieu of fractional shares which amounted to $14.80, there was no cash consideration paid in connection with the merger.
Concurrent with the closing of the merger, the size of Isoray’s Board of Directors was increased to five members comprised of Lori Woods (Chairperson), Thijs Spoor, Dr. Frank Morich, Robert Williamson, and Michael McCormick.