Board Chairman Mick McCormick stated, “The Board and employees have high confidence in Lori Woods that has been built through the years that she has served at IsoRay. Although she is currently serving as CEO on an interim basis, we believe that Ms. Woods’ experience and credibility in the industry and recognized leadership skills with the management team will maintain the momentum the company has established of improving revenues over the past five quarters. As part of her employment agreement, the company has issued Ms. Woods options which have no vesting exercisable within the initial six-month period as the board wants to align her performance over the next six-month period with the interests of our shareholders.”
Woods has over 30 years of experience in medical device technology and healthcare services, having served in numerous senior capacities, and is particularly well-known and respected in the brachytherapy community. Woods returns to IsoRay after previously serving as vice president from 2006 to February 2008, at which time she was appointed acting chief operating officer (COO) before her appointment to COO in February 2009, a position which she held until January 2010. During her previous engagement with the company, Woods played an instrumental role in streamlining manufacturing operations, reducing supply costs and establishing initial reimbursement rates for Cesium-131. She also initiated a clinical research department to ensure the company was continually working to leverage maturing clinical data through peer-reviewed publications, podium presentations, clinical advisory boards, physician training and other company-sponsored initiatives. In addition, she was involved in working with institutional investors on a $20 million capital raise for IsoRay. Beginning in February 2016, and continuing until her appointment as interim CEO, Woods served as a senior consultant to IsoRay.
Most recently, Woods was a principal of Medvio LLC, a medical device consulting company focused on the urology and oncology space. During her time at Medvio, she worked with large public and international medical device companies, supporting the approval process and distribution of products in diverse international markets. Further, she worked with various partners to develop proprietary technologies for the colorectal and liver treatment markets. Previously, Woods served as CEO of Pro-Qura Inc., a privately owned cancer treatment management company focused on the quality delivery of brachytherapy treatments for prostate cancer. She has also served as the director of Business Development for the Tumor Institute Radiation Oncology Group and the Seattle Prostate Institute (SPI). SPI was an early innovator in prostate brachytherapy treatments and assisted in the training of more than 2,000 physicians in the use of prostate brachytherapy. During that time, Woods worked to secure long-term, independent reimbursement for brachytherapy seeds and coverage from CMS and private carriers.
Woods earned a bachelor of science degree in business administration – marketing and communications from Loma Linda University in California.
“I thank the board for the opportunity to lead IsoRay at this time and look forward to continuing and expanding the many programs that have been put in place to propel growth over the past two years. This includes the upcoming FDA decision on the use of GammaTile for brain cancer, the development of the Build Blu disposable loader for prostate brachytherapy procedures, and the momentum that is continuing to build in the sales pipeline,” Woods said. “We believe the investments made in our two-pronged growth strategy that targets the prostate brachytherapy market through investment and support for the industry while also promoting development of new surgical applications are beginning to pay off, as evidenced by the year-over-year revenue increases of the past five quarters. Everyone at IsoRay remains keenly focused on achieving our goals and I’m confident in our ability to do so.”
As part of the board’s annual compensation assessment of management, the Board of Directors has issued 250,000 common stock options to Woods in addition to her annual salary of $315,612 as interim CEO.
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.