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  <TITLE> Sipex Corporation (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	May 24, 2006
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  	Sipex Corporation
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	&nbsp;
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  	Delaware
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  	000-27892
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  	04-6135748
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	233 South Hillview Drive, Milpitas, California
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  	&nbsp;
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  	95035
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	408-934-7500
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  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:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  On May 24, 2006, Sipex entered into Amendment No. 1 ("Amendment No. 1") to the Securities Purchase Agreement, dated as of May 16, 2006, by and among Sipex and the Buyers listed on the Schedule of Buyers attached thereto as Exhibit A.  Amendment No. 1 modifies the Securities Purchase Agreement to include a covenant that Sipex will use its reasonable best efforts to make the Notes and Warrants, other than the Notes and Warrants issued to Rodfre Holdings LLC, eligible to be registered for settlement through the Depository Trust Company no later than fifteen (15) days following the satisfaction of the Exchange Act Filing Condition (as defined in the Indenture), under which condition Sipex is required to, by August 15, 2006, file with the SEC all reports then required to be filed by Sipex in accordance with Section 13 or 15(d) under the Securities Exchange Act or face certain penalties under the terms of the Indenture. <br><br>The foregoing does not purport to be a complete description of Amendment No. 1 and is qualified in its entirety by reference to the actual Amendment No. 1, which is attached hereto as Exhibit 10.1 and incorporated herein by reference. <br>
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  	Item 9.01 Financial Statements and Exhibits.
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  10.1   Amendment No.1 dated May 24, 2006 to Securities Purchase Agreement, dated as of May 16, 2006, by and among Sipex and the Buyers listed on the Schedule of Buyers attached thereto as Exhibit A
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  	SIGNATURES
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  	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.
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  	Sipex Corporation
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  	&nbsp;&nbsp;
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  <I>
  	May 26, 2006
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  	&nbsp;
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  <I>
  	By:
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  	&nbsp;
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  <I>
  	Clyde R. Wallin
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  	&nbsp;
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  <I>
  	Name: Clyde R. Wallin
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  	&nbsp;
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  <I>
  	Title: Chief Financial Officer and Sr. VP of Finance
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	&nbsp;
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  	Description
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  	10.1
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  	&nbsp;
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  Amendment No.1 dated May 24, 2006 to Securities Purchase Agreement, dated as of May 16, 2006, by and among Sipex and the Buyers listed on the Schedule of Buyers attached thereto as Exhibit A
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_12801.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11158}]
metadata_filer: {"company-data": {"conformed-name": "SIPEX CORP", "cik": "0001007800", "assigned-sic": "3674", "irs-number": "046135748", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27892", "film-number": "06871872"}, "business-address": {"street1": "233 SOUTH HILLVIEW DRIVE", "city": "MILPITAS", "state": "CA", "zip": "95035", "phone": "408-934-7500"}, "mail-address": {"street1": "233 SOUTH HILLVIEW DRIVE", "city": "MILPITAS", "state": "CA", "zip": "95035"}}
text: Sipex Corporation (Form: 8-K)
  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 24, 2006
  Sipex Corporation
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-27892
  04-6135748
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  233 South Hillview Drive, Milpitas, California
  95035
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  408-934-7500
  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:
  [  ]  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 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On May 24, 2006, Sipex entered into Amendment No. 1 ("Amendment No. 1") to the Securities Purchase Agreement, dated as of May 16, 2006, by and among Sipex and the Buyers listed on the Schedule of Buyers attached thereto as Exhibit A.  Amendment No. 1 modifies the Securities Purchase Agreement to include a covenant that Sipex will use its reasonable best efforts to make the Notes and Warrants, other than the Notes and Warrants issued to Rodfre Holdings LLC, eligible to be registered for settlement through the Depository Trust Company no later than fifteen (15) days following the satisfaction of the Exchange Act Filing Condition (as defined in the Indenture), under which condition Sipex is required to, by August 15, 2006, file with the SEC all reports then required to be filed by Sipex in accordance with Section 13 or 15(d) under the Securities Exchange Act or face certain penalties under the terms of the Indenture.
  The foregoing does not purport to be a complete description of Amendment No. 1 and is qualified in its entirety by reference to the actual Amendment No. 1, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
  Item 9.01 Financial Statements and Exhibits.
  10.1   Amendment No.1 dated May 24, 2006 to Securities Purchase Agreement, dated as of May 16, 2006, by and among Sipex and the Buyers listed on the Schedule of Buyers attached thereto as Exhibit A
  Top of the Form
  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.
  Sipex Corporation
  May 26, 2006
  By:
  Clyde R. Wallin
  Name: Clyde R. Wallin
  Title: Chief Financial Officer and Sr. VP of Finance
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Amendment No.1 dated May 24, 2006 to Securities Purchase Agreement, dated as of May 16, 2006, by and among Sipex and the Buyers listed on the Schedule of Buyers attached thereto as Exhibit A