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^*

GARDNER LINDSAY A

(Last)

(First)

(Middle)

C/O ISONICS CORPORATION

5906 MCINTYRE 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	10% Owner
X	Officer (give title below)	Other (specify below)
	VP-Corporate Dev/Life Sciences

3. Date of Earliest Transaction (Month/Day/Year)
05/05/2005

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								249,761	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)
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⁽⁴⁾	$2.375	05/05/2005		J			20,000	05/21/1998	05/21/2003	Common Stock	20,000	$0	0	D
Stock Option⁽⁴⁾	$1.1875	05/05/2005		J			10,000	10/05/1998	10/05/2003	Common Stock	10,000	$0	0	D
Stock Option⁽⁴⁾	$6.25	05/05/2005		J			10,000	04/26/2000	04/26/2005	Common Stock	10,000	$0	0	D
Stock Option⁽¹⁾⁽²⁾	$2.1875							11/01/2000	10/11/2005	Common Stock	10,000		10,000	D
Stock Option⁽¹⁾⁽²⁾	$1.06							11/13/2001	11/13/2006	Common Stock	10,000		10,000	D
Stock Option⁽²⁾⁽³⁾	$1.13							03/28/2002	03/28/2007	Common Stock	3,014		3,014	D
Stock Option⁽¹⁾⁽²⁾	$1							11/19/2002	11/19/2007	Common Stock	10,000		10,000	D
Stock Option⁽¹⁾	$1.42							04/27/2004	04/27/2009	Common Stock	10,000		10,000	D
Stock Option⁽²⁾⁽⁵⁾	$1.52							10/06/2004	10/06/2014	Common Stock	100,000		100,000	D
Stock Option⁽²⁾⁽⁶⁾	$2.04	05/05/2005		A		40,000		05/05/2005	04/18/2010	Common Stock	40,000	$0	40,000	D

Explanation of Responses:

1. Options acquired as a result of being re-elected and accepting position as a director.

2. This transaction was exempt from 16(a) reporting requirements pursuant to Rule 16b-3(d).

3. Options granted by resolution of the Compensation Committee of the Board of Directors as consideration for deferral of directors' fees and expenses associated with 2000 annual shareholders' meeting. The grant of options was subject to acceptance by the reporting person by no later than April 30, 2002, which acceptance was received.

4. Options expired unexercised on expiration date.

5. Option granted pursuant to 1996 Executives Equity Incentive Plan and is subject to the following vesting schedule: 25,000 shares vest on October 6, 2004; 25,000 shares vest on October 6, 2005; 25,000 shares vest on October 6, 2006; and 25, 000 shares vest on October 6, 2007.

6. Non-qualified options granted by resolution of the Compensation Committee of the Board of Directors pursuant to the 2005 Stock Option Plan. The grant of the options is subject to acceptance by the reporting person, which acceptance was received on May 5, 2005.

	/s/ Lindsay A. Gardner	05/05/2005
	** 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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