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 jurisdictionof incorporation) | 000-14247
(CommissionFile Number) | 41-1458152
(IRS EmployerIdentification 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 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
| | 10.26 License Agreement, dated February 2, 2006, 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: March 24, 2006 | | |
| | 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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