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*
GRADY DANIEL J
(Last) (First) (Middle)
ISONICS CORP
5906 MCINTYRE STREET
(Street)
GOLDEN CO 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)
Director 10% Owner
X Officer (give title below) Other (specify below)
Vice President-Life Sciences
3. Date of Earliest Transaction (Month/Day/Year)
06/01/2004
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)
Code V Amount (A) or (D) Price
Common Stock 54,452 D
Common Stock(7) 06/01/2004 A V 1,683 A $0.9095 56,135 D
Common Stock(7) 12/01/2004 A V 1,019 A $1.53 57,154 D
Common Stock(8) 12/23/2004 G 500 D $0 56,654 D
Common Stock(9) 12/23/2004 G 500 D $0 56,154 D
Common Stock(10) 12/23/2004 G 500 D $0 55,654 D
Common Stock(11) 12/23/2004 G 500 D $0 55,154 D
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option F1(1)(2) $0.58 01/02/1996 01/02/2006 Common Stock 207,340 207,340 D
Stock Option F3(3)(4) $1.06 11/13/2001 11/13/2011 Common Stock 100,000 100,000 D
Stock Option F3(3)(5) $1.13 03/28/2002 03/28/2007 Common Stock 6,375 6,375 D
Stock Option F3(3)(6) $1.2 12/16/2003 12/16/2013 Common Stock 50,000 50,000 D
Explanation of Responses:
1. Issuer's right to repurchase these options as disclosed on Form 3 dated 9/22/97 expired on 10/1/98.
2. The number of shares and convertible/exercise price reflects a 3-for-1 stock split effected by the issuer following the effectiveness of its Registration Statement on Form SB-2 for its initial public offering of its securities.
3. This transaction is exempt from Section 16 pursuant to Rule 16b-3(d).
4. 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. The grant of options was subject to acceptance by the reporting person. The resporting person accepted the options on December 19, 2001.
5. 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.
6. Options granted by resolution of the Board of Directors pursuant to the 1996 Executives' Equity Incentive Plan. The grant of the options is subject to acceptance by the reporting person, which acceptance was received on December 16, 2003.
7. These Shares were acquired pursuant to an Employee Stock Purchase Plan. The transaction is therefore exempt from Section 16(a) reporting requirements by reason of Rule 16a-3(f)(i)(B) and is exempt from Section 16(b) by reason of Rules 16b-3(c) and 16(b)-3(d).
8. On December 23, 2004, Daniel J. Grady gifted 500 shares of common stock to the UCLA Foundation.
9. On December 23, 2004, Daniel J. Grady gifted 500 shares of common stock to the Detroit Province of the Society of Jesus
10. On December 23, 2004, Daniel J. Grady gifted 500 shares of common stock to National Public Radio.
11. On December 23, 2004, Daniel J. Grady gifted 500 shares of common stock to the University of Michigan.
/s/ Daniel J. Grady 12/23/2004
** 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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