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^*

SAKYS JOHN V

(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)
	COO, Interim CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/14/2007

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								1,143	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⁽¹⁾	$1.69	02/14/2007		H			100,000	05/23/2001	05/23/2011	Common Stock	100,000	$0	0	D
Stock Option⁽²⁾⁽³⁾	$1.13	02/14/2007		H			7,812	03/28/2002	03/28/2007	Common Stock	7,812	$0	0	D
Stock Option⁽²⁾⁽⁴⁾	$0.9	02/14/2007		H			25,000	03/03/2003	03/03/2013	Common Stock	25,000	$0	0	D
Stock Option⁽²⁾⁽⁵⁾⁽⁶⁾	$4.64	02/14/2007		H			75,000	02/22/2005	02/22/2015	Common Stock	75,000	$0	0	D
Stock Option⁽²⁾⁽⁷⁾⁽⁸⁾	$1.96	02/14/2007		H			50,000	02/14/2006	02/08/2016	Common Stock	50,000	$0	0	D
Stock Option⁽²⁾⁽⁹⁾⁽¹⁰⁾	$1.15	02/14/2007		H			75,000	05/23/2006	05/04/2016	Common Stock	75,000	$0	0	D
Stock Option⁽²⁾⁽¹¹⁾⁽¹²⁾	$1.94	02/14/2007		A		400,000		02/14/2007	02/13/2012	Common Stock	400,000	$0	400,000	D

Explanation of Responses:

1. Such incentive stock options vest at a rate of 25,000 shares immediately on the date of the grant (May 23, 2001) and 25,000 shares on each anniversary of the grant date in each of the years 2002, 2003, and 2004. All incentive stock options are currently vested. Surrendered and cancelled by agreement on February 15, 2007.

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

3. 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. Surrendered and cancelled by agreement on February 15, 2007.

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 March 4, 2003. Surrendered and cancelled by agreement on February 15, 2007.

5. 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. Surrendered and cancelled by agreement on February 15, 2007.

6. 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.

7. 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. Surrendered and cancelled by agreement on February 15, 2007.

8. 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. Surrendered and cancelled by agreement on February 15, 2007.

9. 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. Surrendered and cancelled by agreement on February 15, 2007.

10. 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.

11. Options granted on February 14, 2007 pursuant to the 2007 Restructuring Equity Plan. Such options vested immediately upon grant. The grant of options is subject to acceptance by the reporting person, which acceptance was received on February 15, 2007.

12. Effective February 13, 2007, Isonics effected a 1:4 reverse stock split, this option grant reflects post-split shares.

	/s/ John V. Sakys	02/15/2007
	** 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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