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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="margin: 0pt 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-variant: small-caps">United
States Securities And Exchange Commission<BR>
</FONT>Washington, DC 20549</P>

<P STYLE="margin: 0pt 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: bold 18pt Times New Roman, Times, Serif; text-align: center">FORM 8-K</P>

<P STYLE="margin: 0pt 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center">CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>

<P STYLE="margin: 0pt 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of Earliest Event Reported):
May 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: center"><B><U>ISORAY,
INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; font-weight: bold; text-decoration: underline; text-align: center">Minnesota</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-decoration: underline; text-align: center">001-33407</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-decoration: underline; text-align: center">41-1458152</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>350 Hills Street, Suite 106, Richland,
Washington 99354</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Address of principal
executive offices) (Zip Code)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(509) 375-1202</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant's telephone number)</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;2.02.&nbsp;&nbsp;<I>Results of Operations and Financial
Condition </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On May 15, 2012, IsoRay, Inc. (the &quot;Company&quot;)
issued a press release announcing its financial results for the quarter and nine months ended March 31, 2012, the text of which
is attached hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The information in this Current Report
on Form 8-K, including the exhibit, is furnished pursuant to Item&nbsp;2.02 and shall not be deemed &ldquo;filed&rdquo; for the
purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition to historic information, this
report, including the exhibit, contains forward-looking statements regarding events, performance and financial trends. Various
factors could affect future results and could cause actual results to differ materially from those expressed in or implied by the
forward-looking statements. Some of those factors are identified in the Company&rsquo;s periodic reports filed with the Securities
and Exchange Commission, the most recent of which are the Company&rsquo;s Annual Report on Form 10-K for the year ended June&nbsp;30,
2011 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;9.01.&nbsp;&nbsp;<I>Financial Statements and Exhibits
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18.7pt"><B>(d)</B></TD><TD><B>Exhibits </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-weight: bold; border-bottom: Black 1pt solid">Exhibit</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 88%; font-weight: bold; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press release issued by IsoRay, Inc., dated May 15, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: May 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">IsoRay, Inc., a Minnesota corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">&nbsp;</TD>
    <TD STYLE="width: 4%; text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">&nbsp;</TD>
    <TD STYLE="width: 46%; text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">/s/ Dwight Babcock</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.25in 243.0pt 261.0pt right 6.0in">Dwight Babcock, CEO</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "v313472_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 13058}]
{"company-data": {"conformed-name": "IsoRay, Inc.", "cik": "0000728387", "assigned-sic": "3841", "irs-number": "411458152", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33407", "film-number": "12846182"}, "business-address": {"street1": "350 HILLS STREET,", "street2": "SUITE 106", "city": "RICHLAND", "state": "WA", "zip": "99354", "phone": "(509) 375-1202"}, "mail-address": {"street1": "350 HILLS STREET,", "street2": "SUITE 106", "city": "RICHLAND", "state": "WA", "zip": "99354"}, "former-company": {"former-conformed-name": "CENTURY PARK PICTURES CORP", "date-changed": "19920703"}}
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):
May 15, 2012
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:
¨
Written communications pursuant to Rule 425 under the Securities Act
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 2.02.
Results of Operations and Financial
Condition
On May 15, 2012, IsoRay, Inc. (the "Company")
issued a press release announcing its financial results for the quarter and nine months ended March 31, 2012, the text of which
is attached hereto as Exhibit 99.1.
The information in this Current Report
on Form 8-K, including the exhibit, is furnished pursuant to Item 2.02 and shall not be deemed "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
In addition to historic information, this
report, including the exhibit, contains forward-looking statements regarding events, performance and financial trends. Various
factors could affect future results and could cause actual results to differ materially from those expressed in or implied by the
forward-looking statements. Some of those factors are identified in the Company's periodic reports filed with the Securities
and Exchange Commission, the most recent of which are the Company's Annual Report on Form 10-K for the year ended June 30,
2011 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.
Item 9.01.
Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Description
99.1
Press release issued by IsoRay, Inc., dated May 15, 2012.
SIGNATURES
Pursuant to 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: May 15, 2012
IsoRay, Inc., a Minnesota corporation
By:
/s/ Dwight Babcock
Dwight Babcock, CEO