IDAHO FALLS, Idaho, Feb. 21, 2017 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company") announces that is has completed a private placement with certain investors for approximately $3.4 million of a new series of preferred stock of the Company, Series C Convertible Redeemable Preferred Stock (the "Series C Stock"). The Series C Stock accrues dividends at an annual rate of 6% and is convertible into common shares at $0.10 per share. The Company plans to use the proceeds for operating capital, to pay off short term debt and continue development work on additional generic pharmaceutical and radiopharmaceutical products. Last November, the Company announced that it had submitted its first abbreviated new drug application (aNDA) to the U.S. Food and Drug Administration (FDA) for its I3odine/MAXTM sodium iodide radiopharmaceutical product. This funding will facilitate the advancement of additional radiopharmaceutical products currently in the Company's pipeline.
Steve T. Laflin, President and CEO of the Company, said, "We are very encouraged by the strong level of support expressed by investors in this Preferred Stock offering. The offering was led by current officers and major shareholders who contributed over 60% of the total funds raised. We will use this funding to provide operating capital to support our objective of continued development of additional new generic drug products. We believe there are several significant opportunities for the introduction of niche radiopharmaeutical products in the United States. We believe that the Company, with several decades of experience handling radiochemicals, is especially well suited to rapidly gear up for new production processes and we plan to aggressively pursue these new product opportunities."
The Company also noted that it plans to release its next annual report on form 10-K on or about March 31, 2017.
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards and supplies a wide selection of radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications. The Company also manufactures a variety of cobalt-60 products such as teletherapy sources, and provides a wide range of radiological field services on a contract basis to clients.
International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements with respect to the use of proceeds from the private placement of the Series C Stock and the Company's future plans and prospects. Information contained in such forward-looking statements is based on current expectations and is subject to change. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov, including our Annual Report on Form 10-K for the year ended December 31, 2015. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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For more information, please visit the Company web site: www.internationalisotopes.com
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SOURCE International Isotopes Inc.