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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM&#160;1.01
      Entry into a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
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      Agreement (the "Agreement") with IBt, SA, a Belgium company ("IBt"). The
      Agreement covers North America and provides IsoRay with access to IBt&#8217;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&#8217;s
      proprietary technology in tandem with IsoRay&#8217;s Cesium-131 proprietary
      technology. </font></div>
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      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
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      Agreement. </font></div>
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              <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibits</u></font></div>
              </td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.26&#160;&#160;&#160;&#160;
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">License
                  Agreement, dated February 2, 2006, by and between IsoRay Medical,
                  Inc. and
                  IBt SA</font></font></div>
              </td>
            </tr>

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    </div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Dated:
                March 24,
                2006</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            </tr>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">IsoRay,
                Inc., a
                Minnesota corporation</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td>&#160;</td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;/s/
                Roger E.
                Girard</font></td>
            </tr>
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              <td align="left">
                <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Roger
                E. Girard, CEO</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td>&#160;</td>
            </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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{"company-data": {"conformed-name": "IsoRay, Inc.", "cik": "0000728387", "assigned-sic": "3841", "irs-number": "411458152", "state-of-incorporation": "MN", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-14247", "film-number": "06707892"}, "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): March 24, 2006
(February
                2, 2006)
ISORAY,
                INC.
(Exact
                name of registrant as specified in its charter)
Minnesota
(State
                or other jurisdiction
of
                incorporation)
000-14247
(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
      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
(c)
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
By:
/s/
                Roger E.
                Girard
Roger
                E. Girard, CEO