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*
SAKYS JOHN V
(Last) (First) (Middle)
C/O ISONICS CORPORATION
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, CFO
3. Date of Earliest Transaction (Month/Day/Year)
05/23/2006
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 4,024 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(1) $1.69 05/23/2001 05/23/2011 Common Stock 100,000 100,000 D
Stock Option(1)(2) $1.13 03/28/2002 03/28/2007 Common Stock 7,812 7,812 D
Stock Option(1)(3) $0.9 03/03/2003 03/03/2013 Common Stock 25,000 25,000 D
Stock Option(1)(4)(5) $4.64 02/22/2005 02/22/2015 Common Stock 75,000 75,000 D
Stock Option(1)(6)(7) $1.96 02/14/2006 02/08/2016 Common Stock 50,000 50,000 D
Stock Option(1)(8)(9) $1.15 05/23/2006 A 75,000 05/23/2006 05/04/2016 Common Stock 75,000 $0 75,000 D
Explanation of Responses:
1. This transaction is exempt by reason of Rule 16b-3(d).
2. 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.
3. Options granted by resolution of the Compensation Committee 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 March 4, 2003.
4. Options granted by resolution of the Compensation Committee 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 February 22, 2005.
5. Such incentive stock options vest at a rate of 18,750 shares immediately on the date of the grant (February 22, 2005) and 18,750 shares on each anniversary of the grant date in each of the years 2006, 2007, and 2008.
6. Incentive stock 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 February 14, 2006.
7. Such incentive stock options vest at a rate of 12,500 shares immediately on the date of acceptance (February 14, 2006) and 12,500 shares on February 9, 2007, February 9, 2008, and February 9, 2009.
8. 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 23, 2006.
9. Options vest at a rate of 18,750 shares immediately on the date of acceptance (May 23, 2006) and 18,750 shares on May 5, 2007, May 5, 2008, and May 5, 2009.
/s/ John V. Sakys 05/23/2006
** 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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