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): March 24, 2006
(February
2, 2006)
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ISORAY,
INC.
(Exact
name of registrant as specified in its charter)
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Minnesota
(State
or other jurisdiction
of
incorporation)
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000-14247
(Commission
File
Number)
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41-1458152
(IRS
Employer
Identification
No.)
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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
February 2, 2006, IsoRay, Inc. (the "Registrant") entered into a License
Agreement (the "Agreement") with IBt, SA, a Belgium company ("IBt"). The
Agreement covers North America and provides IsoRay with access to IBt’s
proprietary "Ink Jet" production process for the formulation of a jetable fluid
containing a radioisotope and its proprietary polymer based seed encapsulation
technology for use in brachytherapy procedures using Cesium-131 for a fifteen
year term. IsoRay intends to apply for FDA approval for the use of IBt’s
proprietary technology in tandem with IsoRay’s Cesium-131 proprietary
technology.
The
Registrant has already paid an initial $50,000 license fee and an additional
payment of $225,000 was made in March 2006. A third payment of $225,000 will
be
made in August 2006. Royalty payments based on net sales revenue are also
required, with minimum quarterly royalties ranging from $100,000 to $200,000
and
minimum annual royalties ranging from $400,000 to $800,000 over the term of
the
Agreement.
ITEM
9.01 Exhibits
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10.26
License
Agreement, dated February 2, 2006, by and between IsoRay Medical,
Inc. and
IBt SA
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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:
March 24,
2006 |
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IsoRay,
Inc., a
Minnesota corporation |
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By: |
/s/
Roger E.
Girard |
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Roger
E. Girard, CEO |
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