IsoRay Inc Selects Allen & Caron
For Investor Relations and Corporate Communications

Richland, WA (November 26, 2007) … IsoRay Inc (Amex: ISR), a leading-edge developer and provider of brachytherapy seeds for the treatment of prostate cancer and other solid tumors, announced it has selected Allen & Caron, Inc., with offices in New York City, Irvine CA and London, as its agency for investor relations and corporate communications.

Chairman, CEO and President Roger Girard commented, “IsoRay has reached a point at which it is important for us to engage a larger portion of the investment community, and to broaden awareness of our proprietary Cesium-131 technology and our impressively successful clinicals.  In order to do that we have consulted with experts on Wall Street, and have surveyed the investor relations companies that seem appropriate for a company at our size and our stage of development.  We believe that Allen & Caron, which has been active in the small-cap arena for nearly 30 years, has the skills and the reputation we need to create a wider audience.  We look forward to working with them.”

Allen & Caron Chairman and CEO Joseph Allen said, “Prostate cancer is one of the most common malignancies, afflicting a very large percentage of men worldwide.  The percentage of men undergoing surgical procedures can, we believe, be much diminished by IsoRay’s Cesium-131 brachytherapy, with a remarkably short half-life and a very convincing record of success in putting prostate cancer patients into remission.  We believe that when the investment community meets IsoRay, they will concur with us that it is at a flexion point where value and growth coincide, creating a compelling investment thesis.”

#     #     #

About IsoRay
IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc., is the sole producer of the Cesium-131 brachytherapy seed, used to treat prostate and other cancers. The Cesium-131 seed offers a significantly shorter half-life than the two other isotopes commonly used for brachytherapy, which results in a substantially faster delivery of therapeutic radiation, lower probability of cancer cell survival and reduction of the longevity of common brachytherapy side effects(a)(b). IsoRay is based in Richland, Washington. More information is available about IsoRay at www.isoray.com.

Safe Harbor Statement
Statements in this news release about IsoRay's future expectations, including: the advantages of our Cesium-131 seed, the advantages of IBt's polymer technology in brachytherapy, whether the letter of intent with IBt will result in any future definitive agreements between the parties, whether the Proxcelan™ Cesium-131 seed will be used to treat cancers other than prostate cancer in the future, viability of the IBt polymer seed technology in various applications, future demand for IsoRay's existing and planned products, IsoRay's future market share, whether IsoRay will ultimately gain access to additional sales and distribution channels, IsoRay's manufacturing needs and capabilities, and all other statements in this release, other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). This statement is included for the express purpose of availing IsoRay, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as IsoRay's ability to successfully negotiate terms for and enter into the proposed future definitive agreements with IBt, successful completion of future research and development activities, physician acceptance, training and use of IsoRay's products, changing levels of demand for IsoRay's current and proposed future products in specific markets worldwide; IsoRay's ability to successfully manufacture, market and sell its products, IsoRay's ability to manufacture its products in sufficient quantities to meet demand within required delivery time periods while meeting its quality control standards, IsoRay's ability to enforce its intellectual property rights, and other risks detailed from time to time in IsoRay's reports filed with the SEC.

About Allen & Caron
Allen & Caron is a full-service corporate, investor and marketing communications agency serving the needs of public companies. The Allen & Caron international client base includes emerging growth companies in a range of industry segments. The firm has offices in Irvine, California; New York City and London; maintains representation in Paris; and has an affiliate relationship with a leading investor relations firm in Italy, with offices in Milan and Rome.

Media Contacts:

Roger Girard, President & CEO
IsoRay, Inc. 206-849-6507
rgirard@isoray.com

Michael Mason (investors)
Brian Kennedy (media)
Allen & Caron 212-691-8087
michaelm@allencaron.com
brian@allencaron.com