ISR IsoRay Inc

Item 1.01       Entry into a Material Definitive Agreement.

 

On December 13, 2021, Isoray Medical, Inc. (“Medical”), a wholly owned subsidiary of Isoray, Inc., entered into a Service Agreement (the “Agreement”) with MedikorPharma-Ural LLC, a company incorporated in accordance with the laws of Russia (“Medikor”). 

 

Pursuant to the Service Agreement, Medical will perform certain qualitative and quantitative chemical analyses on Cesium-131 and will be paid by Medikor $140.00 per curie of Cesium-131 for which these services are provided. It is further expected that a separate third-party contractor will receive the Cesium-131 produced by the third-party manufacturer and will sell the Cesium-131 exclusively to Medical. The enriched barium referred to in the Agreement relates to the enriched barium Medical purchased in a previous year and the Agreement supersedes the prior Service Agreement between Medical and Medikor executed in August 2017. Medical anticipates obtaining enough Cesium-131 under this arrangement to obtain over 800 curies of Cesium-131 through the end of the term, December 31, 2022, but there is no assurance as to whether the Agreement will be terminated before this full amount is obtained and other supply sources are used, nor is there assurance that the agreements with the third-parties will be executed.

 

The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement. A copy of the Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference.