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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of Earliest Event Reported):&#160;&#160;December 8, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM&#160;1.01 Entry into a Material Definitive Agreement</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On December 5, 2011, IsoRay Medical, Inc. ("Medical"), a wholly owned subsidiary of IsoRay, Inc. (the "Registrant"), entered into a Contract (the "Agreement") with UralDial LLC, a Russian company ("UralDial"), continuing its relationship with UralDial that began with the Contract dated December 1, 2009.&#160;&#160;With the Agreement, Medical will continue to purchase Cesium-131 from UralDial and UralDial will continue to provide Cesium-131 from at least two Russian facilities subject to scheduled maintenance shutdowns of the facilities from time to time, through December 31, 2012.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Contract, dated December 5, 2011, by and between IsoRay Medical, Inc. and UralDial LLC (confidential treatment requested for redacted portions)</font></div>
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<td colspan="2" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">IsoRay, Inc., a Minnesota corporation</font></td>
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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):  December 8, 2011
(December 5, 2011)
ISORAY, INC.
(Exact name of registrant as specified in its charter)
Minnesota
001-33407
41-1458152
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
350 Hills Street, Suite 106, Richland, Washington 99354
(Address of principal executive offices) (Zip Code)
(509) 375-1202
(Registrant's telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 Entry into a Material Definitive Agreement
On December 5, 2011, IsoRay Medical, Inc. ("Medical"), a wholly owned subsidiary of IsoRay, Inc. (the "Registrant"), entered into a Contract (the "Agreement") with UralDial LLC, a Russian company ("UralDial"), continuing its relationship with UralDial that began with the Contract dated December 1, 2009.  With the Agreement, Medical will continue to purchase Cesium-131 from UralDial and UralDial will continue to provide Cesium-131 from at least two Russian facilities subject to scheduled maintenance shutdowns of the facilities from time to time, through December 31, 2012.
ITEM 9.01 Exhibits
(c)
Exhibits
10.69
Contract, dated December 5, 2011, by and between IsoRay Medical, Inc. and UralDial LLC (confidential treatment requested for redacted portions)
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated:  December 7, 2011
IsoRay, Inc., a Minnesota corporation
By:
/s/ Dwight Babcock
Dwight Babcock, CEO