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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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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): September 22, 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>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

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  <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>001-33043</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>18116 232nd
NE<BR>
Woodinville, WA<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>98077</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<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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  <TD width="100%">&nbsp;</TD>
 </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>


<P>&nbsp;
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</DIV>

<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="left"><B>Item&nbsp;1.01 Entry into a Material
Definitive Agreement.</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">On September&nbsp;22,
2008 we entered into an Asset Purchase Agreement (the &#8220;Agreement&#8221;)
with Microbix Biosystems Inc., or Microbix, relating to the sale of all assets
of our urokinase business to Microbix. The transaction closed on
September&nbsp;23, 2008. The Agreement provides for the sale of all assets to
Microbix including: all labeled inventory of urokinase, unlabeled urokinase
drug product inventory, cell banks, testing references and standards, work-
in-process, samples, retained samples of previously released drug substance and
drug product batches; all intellectual property rights, including patents,
trademarks, including the assignment of the Kinlytic&#8482; trademark, service
marks, trade secrets and know how; all regulatory filings, including
investigational new drug applications or INDs and new drug applications or NDA
filings; records, reports, data bases, clinical data, history, protocols and
reports, adverse event reports history, formulae and product development
history; all marketing and sales materials; all contracts with third parties,
including those for storage of finished drug product and raw materials, product
testing, and agreements with suppliers, customers and distributors, including
those with hospitals, GPO&#8217;s and wholesalers.

<P style="font-size: 10pt; text-indent: 3%" align="left">In return for the
transfer of the above described assets Microbix paid to us $2&nbsp;million in
cash and agreed to assume up to $500,000 in liabilities relating to certain
chargebacks owing or to be owed by us to certain of our wholesale distributors
relating to urokinase product previously sold to the wholesale distributors.
Microbix also agreed to pay us an additional $2.5&nbsp;million when they have
secured approval from the FDA to release certain lots of urokinase vials for
commercial use that are currently under review by the FDA.

<P style="font-size: 10pt; text-indent: 3%" align="left">Pursuant to the
Agreement Microbix also assumed all regulatory and commercial responsibilities
for urokinase as of September&nbsp;23, 2008.

<P style="font-size: 10pt; text-indent: 3%" align="left">A copy of the
Agreement is attached as Exhibit&nbsp;10.1 to this current report on Form 8-K
and is incorporated herein by this reference.

<P style="font-size: 10pt"
align="left"><B>Item&nbsp;2.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of
Acquisition or Disposition of Assets</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">On September&nbsp;22,
2008 we entered into an Asset Purchase Agreement (the &#8220;Agreement&#8221;)
with Microbix Biosystems Inc., or Microbix, relating to the sale of all assets
of our urokinase business to Microbix. The transaction closed on
September&nbsp;23, 2008. The Agreement provides for the sale of all assets to
Microbix including; all labeled inventory of urokinase, unlabeled urokinase
drug product inventory, cell banks, testing references and standards, work-
in-process, samples, retained samples of previously released drug substance and
drug product batches; all intellectual property rights, including patents,
trademarks, including the assignment of the Kinlytic&#8482; trademark, service
marks, trade secrets and know how; all regulatory filings, including
investigational new drug applications or INDs and new drug applications or NDA
filings; records, reports, data bases, clinical data, history, protocols and
reports, adverse event reports history, formulae and product development
history; all marketing and sales materials; all contracts with third parties,
including those for storage of finished drug product and raw materials, product
testing, and agreements with suppliers, customers and distributors, including
those with hospitals, GPO&#8217;s and wholesalers.

<P style="font-size: 10pt; text-indent: 3%" align="left">In return for the
transfer of the above described assets Microbix paid to us $2&nbsp;million in
cash and agreed to assume up to $500,000 in liabilities relating to certain
chargebacks owing or to be owed by us to certain of our wholesale distributors
relating to urokinase product previously sold to the wholesale distributors.
Microbix also agreed to pay us an additional $2.5&nbsp;million when they have
secured approval from the FDA to release certain lots of urokinase vials for
commercial use that are currently under review by the FDA.

<P style="font-size: 10pt"
align="left"><B>Item&nbsp;9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B>

<P style="font-size: 10pt" align="left">(d)&nbsp;Exhibits

<P>
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  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">10.1</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>Asset Purchase Agreement, dated September&nbsp;22, 2008, by and between
ImaRx Therapeutics, Inc. and Microbix Biosystems Inc.</TD>
 </TR>

</TABLE>



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

<P style="display: none; font-size: 10pt" align="center">2
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<DIV
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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">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. &nbsp;
<DIV align="center">
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border="0">
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  <TD width="50%">&nbsp;</TD>
 </TR>

 <TR style="font-size: 10pt" valign="bottom">
  <TD nowrap align="left">Date:&nbsp;&nbsp;September 26, 2008</TD>
  <TD>&nbsp;</TD>

  <TD nowrap align="left" colspan="2"><B>IMARX THERAPEUTICS, INC.</B></TD>
 </TR>
<!-- End Table Head -->

<!-- Begin Table Body -->

<TR><TD>&nbsp;</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">By: </TD>
  <TD valign="top" align="left" style="border-bottom: #000000 1px solid">/s<FONT style="font-variant: small-caps">/ Kevin Ontiveros</FONT></TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Kevin Ontiveros,<BR>
Vice President, Legal Affairs, <BR>
General Counsel and Secretary</TD>
 </TR>
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</TABLE>
</DIV>

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

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD nowrap align="left"><B>Exhibit No.</B></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="center"><B>Description</B></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Asset Purchase Agreement, dated
September&nbsp;22, 2008, by and between ImaRx Therapeutics, Inc. and Microbix
Biosystems Inc.</TD>
 </TR>
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<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): September 22, 2008
IMARX THERAPEUTICS,
INC.
(Exact name of registrant as
specified in its charter)
Delaware
001-33043
86-0974730
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
18116 232nd
NE
Woodinville, WA
98077
(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 1.01 Entry into a Material
Definitive Agreement.
On September 22,
2008 we entered into an Asset Purchase Agreement (the "Agreement")
with Microbix Biosystems Inc., or Microbix, relating to the sale of all assets
of our urokinase business to Microbix. The transaction closed on
September 23, 2008. The Agreement provides for the sale of all assets to
Microbix including: all labeled inventory of urokinase, unlabeled urokinase
drug product inventory, cell banks, testing references and standards, work-
in-process, samples, retained samples of previously released drug substance and
drug product batches; all intellectual property rights, including patents,
trademarks, including the assignment of the Kinlytic™ trademark, service
marks, trade secrets and know how; all regulatory filings, including
investigational new drug applications or INDs and new drug applications or NDA
filings; records, reports, data bases, clinical data, history, protocols and
reports, adverse event reports history, formulae and product development
history; all marketing and sales materials; all contracts with third parties,
including those for storage of finished drug product and raw materials, product
testing, and agreements with suppliers, customers and distributors, including
those with hospitals, GPO's and wholesalers.
In return for the
transfer of the above described assets Microbix paid to us $2 million in
cash and agreed to assume up to $500,000 in liabilities relating to certain
chargebacks owing or to be owed by us to certain of our wholesale distributors
relating to urokinase product previously sold to the wholesale distributors.
Microbix also agreed to pay us an additional $2.5 million when they have
secured approval from the FDA to release certain lots of urokinase vials for
commercial use that are currently under review by the FDA.
Pursuant to the
Agreement Microbix also assumed all regulatory and commercial responsibilities
for urokinase as of September 23, 2008.
A copy of the
Agreement is attached as Exhibit 10.1 to this current report on Form 8-K
and is incorporated herein by this reference.
Item 2.01     Completion of
Acquisition or Disposition of Assets
On September 22,
2008 we entered into an Asset Purchase Agreement (the "Agreement")
with Microbix Biosystems Inc., or Microbix, relating to the sale of all assets
of our urokinase business to Microbix. The transaction closed on
September 23, 2008. The Agreement provides for the sale of all assets to
Microbix including; all labeled inventory of urokinase, unlabeled urokinase
drug product inventory, cell banks, testing references and standards, work-
in-process, samples, retained samples of previously released drug substance and
drug product batches; all intellectual property rights, including patents,
trademarks, including the assignment of the Kinlytic™ trademark, service
marks, trade secrets and know how; all regulatory filings, including
investigational new drug applications or INDs and new drug applications or NDA
filings; records, reports, data bases, clinical data, history, protocols and
reports, adverse event reports history, formulae and product development
history; all marketing and sales materials; all contracts with third parties,
including those for storage of finished drug product and raw materials, product
testing, and agreements with suppliers, customers and distributors, including
those with hospitals, GPO's and wholesalers.
In return for the
transfer of the above described assets Microbix paid to us $2 million in
cash and agreed to assume up to $500,000 in liabilities relating to certain
chargebacks owing or to be owed by us to certain of our wholesale distributors
relating to urokinase product previously sold to the wholesale distributors.
Microbix also agreed to pay us an additional $2.5 million when they have
secured approval from the FDA to release certain lots of urokinase vials for
commercial use that are currently under review by the FDA.
Item 9.01     Financial
Statements and Exhibits.
(d) Exhibits
10.1
Asset Purchase Agreement, dated September 22, 2008, by and between
ImaRx Therapeutics, Inc. and Microbix Biosystems Inc.
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.
Date:  September 26, 2008
IMARX THERAPEUTICS, INC.
By:
/s
/ Kevin Ontiveros
Kevin Ontiveros,
Vice President, Legal Affairs,
General Counsel and Secretary
EXHIBIT INDEX
Exhibit No.
Description
10.1
Asset Purchase Agreement, dated
September 22, 2008, by and between ImaRx Therapeutics, Inc. and Microbix
Biosystems Inc.