The board of directors of IsoRay, a medical isotope company, has authorized the repurchase of up to one million shares of its common stock. 

Dwight Babcock, interim CEO, said, “One of the best uses of the company’s cash is to repurchase some of its shares of common stock to increase shareholder value at a time when we believe the shares are currently undervalued in the market.”

“We believe that our re-focused business strategy coupled with our recent cost reductions will help to improve our overall performance in the coming months,” he added.

The amount and timing of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion, according to the Richland, Wash.-based company.