Michael Dunlop

0001333211 Dunlop Michael 350 HILLS STREET SUITE 106 RICHLAND WA 99354 0 1 0 0 CFO/Treasurer

Hunt is succeeding Michael Dunlop as CFO, who is considering a new position as vice-President of planning and facilities with responsibility for opening and managing IsoRay's new manufacturing facilities in Idaho.
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"Michael played an integral role in the start-up and operation of the company and willingly continued to serve as CFO during the Company's transition into the public sector.

Hunt is succeeding Michael Dunlop as CFO, who is considering a new position as vice-President of planning and facilities of with responsibility for opening and managing IsoRay's new manufacturing facilities in Idaho.
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"Michael played an integral role in the start-up and operation of the company and willingly continued to serve as CFO during the Company's transition into the public sector.

"This is big," said Michael Dunlop, chief financial officer of IsoRay.

In October, a University of Washington doctor used the IsoRay seeds to treat the first patient.IsoRay then announced plans to build a production facility in the Tri-Cities to open by early fall 2005 and to increase its employees from 16 to about 250 during the next 24 to 30 months.

IsoRay ordered a hot cell to be built in Eastern Idaho and shipped to the Tri-Cities for its new plant.

Then "I-297 hit us between the eyes Dec. 1," Dunlop said."Prior to that time, we had no thought but to establish our manufacturing base and company in the Tri-Cities."

IsoRay remains concerned that the few gallons of radioactive and hazardous wastes produced during production each year at the national lab would not be allowed to go to Hanford as planned.

"Our overhanging concern is the political climate," Dunlop said.
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"With the package they are offering, it may make it attractive," Dunlop said, although he added moving from the Tri-Cities would be "a very traumatic and expensive thing."

"I-297 hit us between the eyes Dec. 1," said Michael Dunlop, chief financial officer of IsoRay."Prior to that time, we had no thought but to establish our manufacturing base and company in the Tri-Cities."

Idaho state officials have offered IsoRay a long-term $1-a-year lease of land in Eastern Idaho for its manufacturing plant.Idaho State University in Pocatello wants to provide curriculum to train workers for the plant.

"With the package they are offering, it may make it attractive," Dunlop said, although he also said moving from Richland would be "a very traumatic and expensive thing."