NEWS RELEASE for February 6, 2008

Contact

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

Jonathan Hunt, CFO 509 375 1202 jhunt@isoray.com

Richland, WA (Feb. 6, 2008)… IsoRay (AMEX:ISR) announced today that its 2008 Annual Meeting of Shareholders will be held on Wednesday, February 20, 2008 at 10:00am Pacific Time. The meeting will be held at 3000 George Washington Way, Auditorium Room, in Richland, Washington.

IsoRay shareholders of record at the close of business on December 31, 2007 are entitled to vote at the annual meeting and are invited to attend in person. Shareholders will have an opportunity to vote on the election of the Company's directors, the Company's 2008 Employee Stock Option Plan, and the appointment of DeCoria, Maichel & Teague, P.S. as the independent registered public accounting firm for IsoRay's 2008 fiscal year.

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IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc., is the sole producer of the Proxcelan™ Cesium-131 brachytherapy seed, used to treat prostate and other cancers. The Proxcelan™ 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.

a) Armpilia CI, Dale RG, Coles IP, et al. The Determination of Radiobiologically Optimized Half-lives for Radionuclides Used in Permanent Brachytherapy Implants. Int. J. Radiation Oncology Biol. Phys. 2003; 55 (2): 378-385.
(b) Prestidge B.R., Bice W.S., Jurkovic I., et al. Cesium-131 Permanent Prostate Brachytherapy: An Initial Report. Int. J. Radiation Oncology Biol. Phys. 2005; 63 (1): 5336-5337.

Statements in this news release about IsoRay's future expectations, including: the advantages of our Proxcelan™ Cesium-131 seed, whether we will be successful in locating a qualified independent director to serve on the Board in the future, 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 successful completion of future research and development activities, physician acceptance, training and use of IsoRay's products, 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, whether additional studies support the conclusions of early clinical studies, and other risks detailed from time to time in IsoRay's reports filed with the SEC.