IsoRay Inc. 01.08.16
IsoRay Inc., a medical technology company and innovator in seed brachytherapy and medical radioisotope applications for the treatment of prostate, brain, lung, head and neck and gynecological cancers, has lost its CEO.
Dwight Babcock retired from the company effective Jan. 7. Babcock began serving on IsoRay's board in March 2006 and was appointed chairman and interim CEO in 2008, then CEO in 2009.
Bill Cavanagh will serve as interim CEO while executives search for Babcock's replacement. Cavanagh has served as the company's vice president of Research and Development since 2010. Tom LaVoy, chairman of the company's Audit Committee, was appointed the new board chairman.
"We want to thank Dwight for his years of service and his outstanding contributions to IsoRay. We wish him well in his future endeavors. As we move forward, we are very fortunate to be able to rely on the significant knowledge and experience of Bill Cavanagh, our new interim CEO, and other members of the dedicated management team," LaVoy said.
During Mr. Babcock's tenure as CEO, IsoRay:
IsoRay Inc., through its subsidiary, IsoRay Medical Inc., is the sole producer of Cesium-131 brachytherapy seeds, which are expanding brachytherapy options throughout the body. The company is based in Richland, Wash.
Dwight Babcock retired from the company effective Jan. 7. Babcock began serving on IsoRay's board in March 2006 and was appointed chairman and interim CEO in 2008, then CEO in 2009.
Bill Cavanagh will serve as interim CEO while executives search for Babcock's replacement. Cavanagh has served as the company's vice president of Research and Development since 2010. Tom LaVoy, chairman of the company's Audit Committee, was appointed the new board chairman.
"We want to thank Dwight for his years of service and his outstanding contributions to IsoRay. We wish him well in his future endeavors. As we move forward, we are very fortunate to be able to rely on the significant knowledge and experience of Bill Cavanagh, our new interim CEO, and other members of the dedicated management team," LaVoy said.
During Mr. Babcock's tenure as CEO, IsoRay:
- Expanded international distribution efforts;
- Received FDA and foreign regulatory approvals for GliaSite® and liquid Cs-131;
- Supported studies resulting in peer-reviewed publications;
- Raised over $25 million in capital through public offerings; and
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Began selling IsoRay products for use in treating head and neck, lung, colorectal, chest wall, brain, and gynecological cancers.
IsoRay Inc., through its subsidiary, IsoRay Medical Inc., is the sole producer of Cesium-131 brachytherapy seeds, which are expanding brachytherapy options throughout the body. The company is based in Richland, Wash.