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): ~~January~~February 176, 2007

AKSYS, LTD.

(Exact name of registrant as specified in its charter)

000-28290 ~~(Commission File Number)~~

(Commission File Number)


Delaware		36-3890205

(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Two Marriott Drive Lincolnshire, Illinois 60069 ~~(Address of principal executive offices, with zip code)~~

(~~847) 229-2020 (Registrant’s~~Address ~~telephone~~of ~~number~~principal executive offices, ~~including~~with ~~area~~zip code)

(847) 229-2020

(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address,
if changed since last report)

Check the appropriate box below 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):

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

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

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

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1 2.0204. ~~Termination~~Triggering ofEvents That Accelerate or Increase a ~~Material~~Direct ~~Definitive~~Financial ~~Agreement~~Obligation or an Obligation under an Off-Balance Sheet Arrangement.

AsOn ~~previously~~or ~~disclosed~~about February 8, ~~Aksys~~2007, Aksys Ltd. (“Aksys”) isreceived ~~curtailing~~a ~~all~~notification ~~operations~~of ~~and~~disposition ~~commencing a~~of ~~winding~~collateral ~~down~~by ofprivate ~~its~~sale ~~business~~(the “Notice”) from Durus Life Sciences Master Fund Ltd. As(the a“Secured Creditor”), ~~result~~as lender under the Loan Agreement dated as of June 23, ~~Aksys~~2006, ~~has~~by ~~undertaken~~and ~~discussions~~between ~~with~~Aksys ~~contracting~~and ~~parties~~the ~~with~~Secured ~~whom~~Creditor it(the is“Loan ~~doing business~~Agreement”). In ~~some~~connection ~~instances~~with the Loan Agreement, ~~third~~Aksys ~~parties~~and ~~have~~the Secured ~~terminated~~Creditor ~~their~~executed a Security Agreement dated as of June 23, 2006 (the “Security ~~contractual~~Agreement”), ~~relationships~~pursuant ~~with~~to ~~Aksys~~which orthe ~~have~~Secured ~~provided~~Creditor ~~Aksys~~was ~~notice~~granted a security interest in all of Aksys’ ~~termination~~property.

~~Aksys~~The ~~may~~Notice inprovides ~~some~~that ~~instances~~an beevent ~~able~~of todefault ~~negotiate~~has ~~extensions~~occurred ofunder ~~contracts~~the ~~with~~Loan ~~third~~Agreement ~~parties~~as ~~or modification~~a result of ~~existing~~(a) Aksys’ ~~contractual~~decision ~~terms,~~to ~~but~~commence ~~there~~a ~~can~~winding bedown noof ~~assurance~~its ~~that~~operations, ~~any~~as ~~negotiations that~~previously disclosed in Aksys’ ~~has~~Form ~~undertaken~~8-K filed with ~~such~~the ~~contracting~~Securities ~~parties~~and ~~including~~Exchange ~~with~~Commission ~~respect~~on toJanuary 31, 2007 (the ~~DEKA~~“Prior ~~Agreement~~Form or8-K”) and (b) the ~~Twardowski~~notice ~~Agreement~~of ~~(each~~termination asreceived ~~defined~~by ~~below~~Aksys from Zbylut J. Twardowski (“Twardowski”) ~~will~~to beterminate ~~successful~~the orLicense ~~that~~Agreement ~~such~~dated April 1, 1993 by and between Aksys and ~~contracts~~Twardowski, ~~will~~as ~~not~~previously bedisclosed ~~terminated~~in the Prior Form 8-K.

~~DEKA~~ The Notice states that the current balance of the obligations due to the Secured Creditor under the Loan Agreement is $23,358,109.39 and that such amount is accelerated and due and payable pursuant to the Loan Agreement. The Notice provides that the Secured Creditor will sell the property that is subject to the security interest under the Security Agreement in a private sale sometime after February 20, 2007.

OnAs ~~January 17,~~previously ~~2007~~disclosed, Aksys ~~received~~is acurtailing ~~notice~~all ofoperations ~~termination from DEKA Research~~ and ~~Development Corp.~~commencing ~~(“DEKA~~a ~~Corp.”)~~winding todown ~~terminate the Research, Development and License Agreement dated as~~ of ~~October 24, 2005 (the “DEKA Agreement”), by and between Aksys, DEKA Corp., and DEKA Products Limited Partnership (“DEKA Partnership” and, together with DEKA Corp., “DEKA”). DEKA stated in~~ its ~~notice~~ ~~of termination that the reason for the termination was Aksys’ default for nonpayment of $305,000 due on January 15, 2007 under the DEKA Agreement~~business. ~~DEKA further stated in its notice of~~ termination that such termination would be effective as of January 27, 2006 unless Aksys cured the default by such date. DEKA subsequently agreed that any such termination of the DEKA Agreement would be effective as of February 5, 2006 unless Aksys cured the default by such later date.

~~The~~Item ~~purpose of the DEKA Agreement was to develop a next generation product for Aksys consisting of certain hemodialysis equipment and related solution preparation processes~~8. ~~DEKA owns the intellectual property created or developed in connection with the project under the DEKA Agreement~~01. ~~DEKA~~Other granted Aksys an exclusive worldwide license to use certain patents related to hemodialysis within a specified field of use and a nonexclusive license to use certain technical information related to hemodialysis and solution preparation processes within a specified field of useEvents. ~~The termination of the DEKA Agreement will result in the termination of Aksys’ license under the DEKA Agreement.~~

~~Twardowski~~ Termination ~~License~~of Office Lease. On February 6, 2007, Aksys received a notice of default from Two Lincolnshire Office Ventures, LLC (the “Landlord”) providing written notice to Aksys that Aksys was in default under the lease between the Landlord and Aksys with respect to the office premises at Two Marriott Drive, Lincolnshire, Illinois. The Landlord elected to terminate the lease immediately and has drawn in full the remaining amount available on the letter of credit that is held as a security deposit for Aksys’ obligations under the lease.

OnDissolution ~~January 18, 2007, Aksys received a notice~~ of ~~termination~~UK ~~from Zbylut J~~Subsidiary. ~~Twardowski (“Twardowski”)~~On ~~to terminate effective immediately the License Agreement dated April~~February 16, ~~1993 (“Twardowski Agreement”)~~2007, ~~between Aksys and Twardowski. Twardowski stated in~~ the ~~notice~~board of directors ~~termination~~of ~~that~~Aksys heapproved ~~was electing to terminate~~ the ~~Twardowski~~convening ~~Agreement~~of ~~pursuant~~a tomeeting ~~Section 11.05, which~~of ~~provides~~creditors ~~Twardowski~~in ~~with~~order ~~the right~~ to ~~terminate~~implement ~~the~~a ~~agreement~~voluntary inwinding up ~~the~~of ~~event~~Aksys’ ~~that,~~United ~~among~~Kingdom ~~other things~~subsidiary, Aksys ~~ceases~~Healthcare ~~to do business~~Limited.

The Twardowski Agreement provides Aksys with a worldwide exclusive license to the patent filed on August 21, 1991 entitled “Artificial Kidney for Frequent (Daily) Hemodialysis” and several subsequent patents (the “Twardowski Patents”). The Twardowski Patents relate to an artificial kidney intended to provide frequent (daily) home hemodialysis. The termination of the Twardowski Agreement will result in the termination of Aksys’ license under the Twardowski Agreement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AKSYS, LTD.
Dated: January 29, 2007	By:	/s/ Howard J. Lewin
Dated: February 16, 2007	By:	/s/ Howard J. Lewin
		Name:	Howard J. Lewin
		Title:	President and Chief Executive Officer

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