UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


         Date of Report (Date of earliest event reported): May 27, 2005


                        CENTURY PARK PICTURES CORPORATION
             (Exact name of registrant as specified in its charter)


      Minnesota                     0-14273                      41-1458152
(State of Incorporation)          (Commission                 (I.R.S. Employer
                                  File Number)               Identification No.)


                 4701 IDS Center, Minneapolis, Minnesota, 55402
               (Address of principal executive offices) (Zip Code)


       Registrant's telephone number, including area code: (612) 333-5100


Check the appropriate  box if the Form 8-K filing is intended to  simultaneously
satisfy  the filing  obligation  of the  registrant  under any of the  following
provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
    CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
   Exchange Act (17 CFR 240.14e-4(c))

SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS.

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On May 27,  2005 the  Company,  Century  Park  Transitory  Subsidiary,  Inc.,  a
Delaware  corporation  that is the  wholly-owned  subsidiary of the Company (the
"Merger Subsidiary"),  Thomas Scallen and Anthony Silverman, shareholders of the
Company,  and IsoRay Medical,  Inc., a Delaware  corporation  ("IsoRay") entered
into a Merger  Agreement ,dated May 27, 2005, a copy of which is attached hereto
as Exhibit 99.1 and the terms of which are incorporated by reference herein.

Pursuant to the Merger Agreement,  the Merger Subsidiary will be merged with and
into  IsoRay and IsoRay will become a  wholly-owned  subsidiary  off the Company
(the  "Merger").  In the  Merger,  the IsoRay  stockholders  will be entitled to
receive  approximately 82% of the then outstanding shares of common stock of the
Company and the present shareholders of the Company would own the remaining 18%.
The  Merger  Agreement  is subject to the  satisfaction  of certain  conditions,
including the approval of the Merger by  stockholders  of IsoRay  representing a
majority of the  outstanding  shares of common stock of IsoRay  entitled to vote
(IsoRay is  expected  to holder a  stockholder  meeting on June 28,  2005),  the
granting  of  certain   "piggy-back"  and  demand  registration  rights  to  the
purchasers of the certain  debentures of IsoRay,  Anthony  Silverman and certain
other affiliates of he Company,  the agreements of the officers and directors of
IsoRay to  "lock-up"  the  shares of the  Company  received  in the Merger for a
period of one year from the  closing of the  Merger,  the  agreements  of Thomas
Scallen and Anthony  Silverman to escrow  certain  shares of common stock of the
Company,  and the receipt by IsoRay from Anthony  Silverman or his associates of
One Million Dollars as the purchase price of certain securities of IsoRay before
the closing. The closing of the Merger is expected to occur within a few days of
IsoRay's stockholder meeting.

Mr. Scallen is the Chief Executive  Officer of the Company.  Mr.  Silverman is a
principal shareholder of the Company.

This  transaction  is a so-called  "reverse  merger" of the Company into IsoRay,
although  it  takes  the  form of the  merger  of  IsoRay  into a  wholly  owned
subsidiary  of the  Company.  Upon the  consummation  of this  transaction,  the
present  shareholders of IsoRay will hold the majority of the outstanding shares
of the Company and the Board of Directors  and  Management of IsoRay will become
the Board of Directors and Management of the Company.

As described in previous  Reports,  the Company has had no operations  since its
fiscal year ended September 30, 1999.

IsoRay  Medical,  Inc.  is a Delaware  corporation  that  intends to utilize its
patented  radioisotope   technology,   renowned  chemists  and  engineers,   and
experienced management team to create a major therapeutic medical device company
with a goal of providing  improved patient outcomes in the treatment of prostate
cancer and other solid cancer tumors.  The Company will continue to conduct that
business.  The present  management,  including the Board of Directors of IsoRay,
will continue as the management and the Board of Directors of the Company.

The Company  anticipates  that,  upon the  satisfaction of the conditions to the
Merger and a successful closing of the Merger, it will file an additional Report
further describing the Merger transaction.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS.

ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS.

(c) EXHIBITS.

99.1   Merger  Agreement among Century Park Pictures  Corporation,  Century Park
       Transitory Subsidiary, Inc., Thomas Scallen, Anthony Silverman and IsoRay
       Medical, Inc., dated May 27, 2005.

                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                         CENTURY PARK PICTURES CORPORATION


Dated: June 3, 2005                      /s/ Thomas K. Scallen.
       ------------                      ------------------------------------
                                         Thomas K. Scallen
                                         Chairman, Chief Executive Officer,
                                         Chief Financial Officer and Director