SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. ____________)*

IsoRay, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46489V104

(CUSIP Number)

Stephen R. Boatwright, Esq.

Keller Rohrback, PLC

3101 North Central Ave., Suite 900

Phoenix, AZ 85012

(602) 248-0088

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

July 28, 2005

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule l3d-1(e), 13d-1(f) or 13d-1(g), check the following box. €

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 1 of 4


CUSIP NO. 46489V104	13D	Page 2 of 4 Pages

1	NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Anthony Silverman
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (See Instructions) (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS (See Instructions) SC
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER 705,216 (includes 296,432 shares subject to currently- exercisable warrants and currently-convertible debentures)
		8	SHARED VOTING POWER 27,376
		9	SOLE DISPOSITIVE POWER 705,216 (includes 296,432 shares subject to currently- exercisable warrants and currently-convertible debentures)
		10	SHARED DISPOSITIVE POWER 27,376
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 732,592 (includes 296,432 shares subject to currently-exercisable warrants and currently- convertible debentures)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.94%
14	TYPE OF REPORTING PERSON IN

Page 2 of 4

Item 1. Security and Issuer.

This statement on Schedule 13D relates to the Common Stock, par value $0.001 per share (the "Common Stock") of IsoRay, Inc., a Minnesota corporation (the "Issuer"). The principal executive offices of the Issuer are located at 350 Hills Street, Suite 106, Richland, Washington 99354.

Item 2. Identity and Background.

This statement on Schedule 13D is being filed by Anthony Silverman ("Mr. Silverman"). Mr. Silverman is a resident of the United States. Mr. Silverman is a financial consultant assisting various companies. Mr. Silverman's residence address is 2747 Paradise Road #903, Las Vegas, Nevada 89109.

Mr. Silverman has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), nor has Mr. Silverman been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in judgment, decree or final order enjoining future violation of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 3. Source and Amount of Funds or Other Consideration.

On July 28, 2005, the Issuer completed a merger which resulted in IsoRay Medical, Inc. becoming a wholly-owned subsidiary of the Issuer, and as part of the merger, the Issuer issued shares of its common stock and other securities to the security holders of IsoRay Medical, Inc. As Mr. Silverman was a beneficial owner of certain shares of common stock, warrants to purchase common stock and debentures convertible into common stock, all acquired with his personal funds through various private placements, in IsoRay Medical, Inc., upon the completion of the merger Mr. Silverman became the beneficial owner of 732,592 shares of Common Stock (including 296,432 shares subject to currently-exercisable warrants and currently-convertible debentures) of the Issuer.

Item 4. Purpose of Transaction.

On July 28, 2005, Mr. Silverman was issued 732,592 shares of Common Stock (including 296,432 shares subject to currently-exercisable warrants and currently-convertible debentures) of the Issuer as part of the Issuer's merger with IsoRay Medical, Inc. Mr. Silverman acquired these shares of Common Stock and the other shares of Common Stock held by him for investment purposes.

Mr. Silverman reserves the right to purchase additional shares of the Issuer's Common Stock or to dispose of such securities in the open market, in privately negotiated transactions or in any other lawful manner in the future. Except as set forth in this Schedule 13D, Mr. Silverman has made no proposals, and has entered into no agreements, which would be related to or would result in any of the events or matters described in parts (a) through (j) of Item 4 of Schedule 13D. However, as part of his ongoing review of investment alternatives, Mr. Silverman may consider such matters in the future and, subject to applicable law, may formulate a plan with respect to such events or matters, or may hold discussions with or make formal proposals to management or the Board of Directors of the Issuer, other stockholders of the Issuer or other parties regarding such matters.

Page 3 of 4

Item 5. Interest in Securities of the Issuer.

(a) As of the date of the filing of this statement, Mr. Silverman beneficially owns 732,592 shares (includes 296,432 shares subject to currently-exercisable warrants and currently-convertible debentures), representing approximately 7.94% of the shares of Common Stock reported to be outstanding in the Issuer's Current Report on Form 8-K/A filed on August 15, 2005.

(b) Mr. Silverman has the sole power to vote or to direct the vote and to dispose or direct the disposition of 705,216 shares of Common Stock (includes 296,432 shares subject to currently-exercisable warrants and currently-convertible debentures) beneficially owned by him. Mr. Silverman has shared power to vote or to direct the vote and to dispose or direct the disposition of 27,376 shares of Common Stock beneficially owned by him. These 27,376 shares of Common Stock are held of record by Katsinam Partners, L.P., an Arizona limited partnership, with its principal place of business and its principal offices located at 7377 East Doubletree Ranch Road, Suite 290, Scottsdale, Arizona 85258. Mr. Silverman is one of the members of Katsinam's general partner, CNTG, LLC. Katsinam Partners has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), nor has Katsinam Partners been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in judgment, decree or final order enjoining future violation of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(c) Except as disclosed in this Schedule 13D, Mr. Silverman has not effected any transaction in the Common Stock during the past 60 days.

(d) Not applicable.

(e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

None

Item 7. Material To Be Filed As Exhibits.

None

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.



Date: August 23, 2005	By:	/s/ Anthony Silverman

		Anthony Silverman