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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): August 20, 2008</B>


<P style="font-size: 24pt" align="center"><B>IMARX THERAPEUTICS,
INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD
style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0001-33043</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>86-0974730</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>1730 East River Road, Suite
200, Tucson,
AZ</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>85718-5893</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(520) 770-1259</B>
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cellpadding="0" width="30%" border="0">

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 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify">ITEM 3.01 Notice of Delisting or
Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

<P style="font-size: 10pt; text-indent: 5%" align="justify">On August&nbsp;20,
2008, ImaRx Therapeutics, Inc. (the &#8220;Company&#8221;) received a Nasdaq
Staff Deficiency Letter indicating that based on the Company&#8217;s Form 10-Q
for the period ended June&nbsp;30, 2008, the Nasdaq Staff determined that the
Company&#8217;s stockholders&#8217; equity was $569,000. In addition, as of
August&nbsp;19, 2008, the Nasdaq Staff determined that the market value of
listed securities was $1,423,203. Finally, the Staff also noted that the
Company reported net loss from continuing operations of ($8,764,000),
($699,000), and ($27,926,000), in its annual filings for the years ended
December&nbsp;31, 2007, 2006 and 2005, respectively. Accordingly, the Company
does not comply with Marketplace Rule 4310(c)(3), which requires the Company to
have a minimum of $2,500,000 in stockholders&#8217; equity or $35,000,000
market value of listed securities or $500,000 of net income from continuing
operations for the most recently completed fiscal year or two of the three most
recently completed fiscal years.

<P style="font-size: 10pt; text-indent: 4%" align="justify">As a result, the
Nasdaq Staff is reviewing the Company&#8217;s eligibility for continued listing
on The Nasdaq Capital Market. To facilitate their review, the Nasdaq Staff has
requested that the Company provide on or before September&nbsp;4, 2008, the
Company&#8217;s specific plan to achieve and sustain compliance with all The
Nasdaq Capital Market listing requirements, including the time frame for
completion of the plan.

<P style="font-size: 10pt; text-indent: 4%" align="justify">On August&nbsp;26,
2008, the Company issued a press release announcing the receipt of the Nasdaq
Staff Deficiency Letter. A copy of the press release is included as
Exhibit&nbsp;99.1 to this Form 8-K.

<P style="font-size: 10pt" align="justify">ITEM 9.01 Financial Statements and
Exhibits.

<P style="font-size: 10pt" align="justify">(d)&nbsp;Exhibits
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<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release issued by ImaRx Therapeutics,
Inc. on August&nbsp;26, 2008. 9 99</TD>
 </TR>
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<P style="font-size: 10pt" align="justify">&nbsp;

<P style="font-size: 10pt" align="center">2

<P style="font-size: 10pt" align="center">&nbsp;

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<P style="font-size: 10pt" align="center">SIGNATURES

<P style="font-size: 10pt; text-indent: 4%" align="justify">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.

<P style="font-size: 10pt" align="justify">Dated: August&nbsp;26, 2008

<P style="font-size: 10pt; margin-left: 46%" align="justify">IMARX
THERAPEUTICS, INC.

<P style="font-size: 10pt; margin-left: 46%" align="justify"><U>/s/ KEVIN
ONTIVEROS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
By:
Kevin Ontiveros<BR>
Vice President, Legal Affairs, General Counsel and
Secretary<BR>


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<P style="font-size: 10pt" align="center">3

<P style="font-size: 10pt" align="center">&nbsp;

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<P style="font-size: 10pt" align="center">EXHIBIT INDEX
<DIV align="center">
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border="0">
<!-- Begin Table Head -->

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  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
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 <TR valign="bottom">
  <TD valign="top" style="border-bottom: 1px solid #000000">
<DIV style="margin-left: 0px; text-indent: 0px">Exhibit&nbsp;Number </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center" style="border-bottom: 1px solid #000000">Description</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release issued by ImaRx Therapeutics,
Inc. on August&nbsp;26, 2008.</TD>
 </TR>
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<P style="font-size: 10pt" align="center">4

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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Filed by Bowne Pure Compliance
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): August 20, 2008
IMARX THERAPEUTICS,
INC.
(Exact name of registrant as
specified in its charter)
Delaware
0001-33043
86-0974730
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1730 East River Road, Suite
200, Tucson,
AZ
85718-5893
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(520) 770-1259
(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:
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 3.01 Notice of Delisting or
Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 20,
2008, ImaRx Therapeutics, Inc. (the "Company") received a Nasdaq
Staff Deficiency Letter indicating that based on the Company's Form 10-Q
for the period ended June 30, 2008, the Nasdaq Staff determined that the
Company's stockholders' equity was $569,000. In addition, as of
August 19, 2008, the Nasdaq Staff determined that the market value of
listed securities was $1,423,203. Finally, the Staff also noted that the
Company reported net loss from continuing operations of ($8,764,000),
($699,000), and ($27,926,000), in its annual filings for the years ended
December 31, 2007, 2006 and 2005, respectively. Accordingly, the Company
does not comply with Marketplace Rule 4310(c)(3), which requires the Company to
have a minimum of $2,500,000 in stockholders' equity or $35,000,000
market value of listed securities or $500,000 of net income from continuing
operations for the most recently completed fiscal year or two of the three most
recently completed fiscal years.
As a result, the
Nasdaq Staff is reviewing the Company's eligibility for continued listing
on The Nasdaq Capital Market. To facilitate their review, the Nasdaq Staff has
requested that the Company provide on or before September 4, 2008, the
Company's specific plan to achieve and sustain compliance with all The
Nasdaq Capital Market listing requirements, including the time frame for
completion of the plan.
On August 26,
2008, the Company issued a press release announcing the receipt of the Nasdaq
Staff Deficiency Letter. A copy of the press release is included as
Exhibit 99.1 to this Form 8-K.
ITEM 9.01 Financial Statements and
Exhibits.
(d) Exhibits
99.1
Press Release issued by ImaRx Therapeutics,
Inc. on August 26, 2008. 9 99
2
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.
Dated: August 26, 2008
IMARX
THERAPEUTICS, INC.
/s/ KEVIN
ONTIVEROS
By:
Kevin Ontiveros
Vice President, Legal Affairs, General Counsel and
Secretary
3
EXHIBIT INDEX
Exhibit Number
Description
99.1
Press Release issued by ImaRx Therapeutics,
Inc. on August 26, 2008.
4