SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

ALEXANDER JAMES E

(Last)

(First)

(Middle)

ISONICS CORP

5906 MCINYTRE STREET

(Street)

GOLDEN

80403

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ISONICS CORP [ ISON ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
12/22/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								85,455	I	See Footnote⁽¹⁾⁽³⁾
Common Stock								500,000	I	See Footnote⁽²⁾⁽³⁾⁽⁸⁾
Common Stock								1,295,712	D
Common Stock	12/22/2003		G		60,000	D	⁽⁸⁾	1,235,712	D
Common Stock	12/22/2003		G		50,000	D	⁽⁸⁾	1,185,712	D
Common Stock	12/22/2003		G		50,000	A	⁽⁸⁾	135,455	I	See Footnote⁽¹⁾⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option	$1.4375							04/26/1999	04/26/2004	Common Stock	25,000		25,000	D
Stock Option F4⁽⁴⁾⁽⁵⁾	$1.06							11/13/2001	11/13/2006	Common Stock	100,000		100,000	D
Stock Option F4⁽⁴⁾⁽⁶⁾	$1.25							03/28/2002	03/28/2007	Common Stock	20,000		20,000	D
Warrant F4⁽⁴⁾⁽⁷⁾	$1.25							03/28/2002	03/28/2007	Common Stock	150,000		150,000	D

Explanation of Responses:

1. Shares held by the James and Carol Alexander Foundation, Inc.

2. Shares held by spouse.

3. The reporting person disclaims beneficial ownership of all securities held by his spouse and children and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

4. This transaction is exempt by reason of Rule 16b-3(d).

5. 20,000 shares vest on November 13, 2001, and 20,000 shares vest on November 13th of each of the years 2002, 2003, 2004, and 2005.

6. Options granted by resolution of the Compensation Committee of the Board of Directors as consideration for salary deferral. The grant of the options is subject to acceptance by the reporting person by no later than April 30, 2002, which acceptance was received.

7. Warrants to purchase 100,000 shares of common stock vest on March 28, 2002. The remaining warrants to purchase 50,000 shares of common stock vest and are exercisable only upon the happening of certains events related to a loan made to Isonics Corporation in March 2002. The grant of the warrants is subject to acceptance by the reporting person by no later than Apil 30, 2002, which acceptance was received.

8. This transation is not a "sale" of securities since it is a gift by the reporting person and is therefore exempt pursuant to Rule 16b-5. There was no value received for the shares.

	/s/ James E. Alexander	12/22/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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