UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of Earliest Event Reported): October 17, 2007
(October
12, 2007)
|
ISORAY,
INC.
(Exact
name of registrant as specified in its charter)
|
Minnesota
(State
or other jurisdiction
of
incorporation)
|
001-33407
(Commission
File
Number)
|
41-1458152
(IRS
Employer
Identification
No.)
|
350
Hills Street, Suite 106, Richland, Washington 99354
(Address
of principal executive offices) (Zip Code)
(509)
375-1202
(Registrant's
telephone number)
ITEM 1.01
Entry into a Material Definitive Agreement
On
October 12, 2007, IsoRay Medical, Inc. ("IsoRay"), the wholly owned subsidiary
of IsoRay, Inc., entered into Amendment No. 1 (the "Amendment") to its License
Agreement (the "Agreement") dated February 2, 2006 with International
Brachytherapy, SA, a Belgian company ("IBt"). The Agreement provided IsoRay
with
access to IBt’s proprietary polymer based seed encapsulation technology for use
in brachytherapy procedures using Cesium-131 in the United States for a fifteen
year term.
IsoRay
has already paid an initial $50,000 license fee and an additional payment of
$225,000 pursuant to the Agreement. A third payment of $225,000 was made on
October 12, 2007 pursuant to the Amendment. The Amendment eliminates the
previously required royalty payments based on net sales revenue, and the parties
intend to negotiate terms for future payments by IsoRay for polymer seed
components to be purchased from IBt in the future at IBt's cost plus a
to-be-determined profit percentage, although no agreement has been reached
on
these terms and there is no assurance that the parties will consummate an
agreement pursuant to such terms.
ITEM
9.01 Exhibits
(c)
Exhibits
|
10.46
|
Amendment
No. 1 to License Agreement, dated October 12, 2007, by and between
IsoRay
Medical, Inc. and IBt SA
|
SIGNATURES
In
accordance with the requirements of the Exchange Act, the Registrant caused
this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Dated:
October 16,
2007 |
|
|
|
|
|
|
IsoRay,
Inc., a
Minnesota corporation |
|
|
|
|
By: |
/s/
Roger E. Girard |
|
Roger
E. Girard, CEO
|
|
|