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 16, 2004

                                IPIX CORPORATION
                                ----------------
             (Exact name of registrant as specified in its charter)


         DELAWARE                 000-26363                    52-2213841
         --------                 ---------                    ----------
      (State or other            (Commission                 (IRS Employer
jurisdiction of incorporation)    File Number)            Identification Number)


3160 Crow Canyon Road, San Ramon, California                     94583
--------------------------------------------------------------------------------
  (Address of principal executive offices)                     (Zip Code)


       Registrant's telephone number, including area code: (925) 242-4002
                                                           --------------

                                       N/A
          (Former name or former address, if changed since last report)

<PAGE>

ITEM 1.01.  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

     On September 16, 2004, Donald W. Strickland resigned as President and Chief
Executive  Officer and as a Director of IPIX Corporation  (the  "Company").  The
Company  entered  into  a  separation   agreement  (the  "Agreement")  with  Mr.
Strickland,  which is being  filed with this report as Exhibit  99.1.  Under the
Agreement,  the Company  will pay any portion of Mr.  Strickland's  base salary,
vacation time, travel and business expense incurred or accrued. In addition, the
Company will pay Mr. Strickland a severance  payment of $167,500,  which will be
paid in six monthly  installments.  Any stock options granted to Mr.  Strickland
will continue to vest through March 16, 2005, and such options must be exercised
on or before June 14,  2005,  at which time they will  expire.  The Company will
reimburse Mr. Strickland for the amount of any premium payments for group health
coverage made by Mr.  Strickland  pursuant to the  Consolidated  Omnibus  Budget
Reconciliation Act of 1985. The employment agreement between the Company and Mr.
Strickland  dated  July 1, 2001 (the  "Employment  Agreement")  was  terminated,
except that certain obligations concerning confidentiality, non-solicitation and
non-disparagement will survive termination.



ITEM 1.02.  TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.

     The  Employment  Agreement  between  the  Company  and Mr.  Strickland  was
terminated  on  September  16,  2004.  The  principal  terms  of the  Employment
Agreement have been described in previous SEC filings by the Company.  A copy of
the  agreement  was filed as Exhibit 10.2 to the  quarterly  report on Form 10-Q
filed by the Company on August 14, 2001 (File No. 000-26363).


ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL  OFFICERS;  ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS.

     On September 16, 2004, Donald W. Strickland resigned as President and Chief
Executive  Officer  and as a Director of the  Company.  The  resignation  of Mr.
Strickland  was not as a result of a disagreement  with the Company  relating to
its operations, policies or practices.

     The Company  appointed,  effective  September 16, 2004,  Ms. Clara M. Conti
President and Chief Executive Officer of the Company. Ms. Conti was also elected
to the Board of Directors as a Class II director and will serve on the Executive
Committee  of the Board.  Ms.  Conti will  receive a base salary of $275,000 per
annum  and  will be  entitled  to such  bonus  as the  Board  of  Directors  may
determine.  In addition, the Company has authorized the issuance to Ms. Conti of
either:  (i) an option to purchase 500,000 shares of common stock of the Company
, (ii)  restricted  shares of the common  stock of the Company at an  equivalent
economic  value of the option  grant,  or (iii) a  combination  of  options  and


                                       2
<PAGE>

restricted  shares.  The  Compensation  Committee is authorized to determine the
terms  and  conditions  of the  award  consistent  with  the  provisions  of the
Company's  2001 Equity  Incentive  Plan. Ms. Conti will also be entitled to such
other benefits accorded employees and executive officers of the Company.

     Prior to her  appointment as President and Chief  Executive  Officer of the
Company, Ms. Conti was President and Chief Executive Officer of ObjectVideo from
2001  to  January  2004.   ObjectVideo,   Inc.  is  a  video  security  business
headquartered  in  Reston,  Virginia.  From  2000 to 2001,  Ms.  Conti  was Vice
President of eBusiness  Solutions for DynCorp,  an  information  technology  and
outsourcing company headquartered in Reston, Virginia. Prior to joining DynCorp,
Ms.  Conti  was  President  and Chief  Executive  Officer  of Aurora  Enterprise
Solutions,  a business to business  internet security products and services firm
headquartered in Reston, Virginia.


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     Furnished as Exhibit  99.1 is a copy of the  Separation  Agreement  entered
into between the Company and Mr. Strickland on September 16, 2004.











                                       3
<PAGE>





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.


                                            IPIX CORPORATION



Dated:  September 21, 2004                  /s/ Paul Farmer
                                            -----------------------
                                            Paul Farmer
                                            Chief Financial Officer






                                       4
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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 16, 2004

                                IPIX CORPORATION
                                ----------------
             (Exact name of registrant as specified in its charter)

         DELAWARE                 000-26363                    52-2213841
         --------                 ---------                    ----------
      (State or other            (Commission                 (IRS Employer
jurisdiction of incorporation)    File Number)            Identification Number)

3160 Crow Canyon Road, San Ramon, California                     94583
--------------------------------------------------------------------------------
  (Address of principal executive offices)                     (Zip Code)

       Registrant's telephone number, including area code: (925) 242-4002
                                                           --------------

                                       N/A
          (Former name or former address, if changed since last report)
ITEM 1.01.  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

     On September 16, 2004, Donald W. Strickland resigned as President and Chief
Executive  Officer and as a Director of IPIX Corporation  (the  "Company").  The
Company  entered  into  a  separation   agreement  (the  "Agreement")  with  Mr.
Strickland,  which is being  filed with this report as Exhibit  99.1.  Under the
Agreement,  the Company  will pay any portion of Mr.  Strickland's  base salary,
vacation time, travel and business expense incurred or accrued. In addition, the
Company will pay Mr. Strickland a severance  payment of $167,500,  which will be
paid in six monthly  installments.  Any stock options granted to Mr.  Strickland
will continue to vest through March 16, 2005, and such options must be exercised
on or before June 14,  2005,  at which time they will  expire.  The Company will
reimburse Mr. Strickland for the amount of any premium payments for group health
coverage made by Mr.  Strickland  pursuant to the  Consolidated  Omnibus  Budget
Reconciliation Act of 1985. The employment agreement between the Company and Mr.
Strickland  dated  July 1, 2001 (the  "Employment  Agreement")  was  terminated,
except that certain obligations concerning confidentiality, non-solicitation and
non-disparagement will survive termination.

ITEM 1.02.  TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.

     The  Employment  Agreement  between  the  Company  and Mr.  Strickland  was
terminated  on  September  16,  2004.  The  principal  terms  of the  Employment
Agreement have been described in previous SEC filings by the Company.  A copy of
the  agreement  was filed as Exhibit 10.2 to the  quarterly  report on Form 10-Q
filed by the Company on August 14, 2001 (File No. 000-26363).

ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL  OFFICERS;  ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS.

     On September 16, 2004, Donald W. Strickland resigned as President and Chief
Executive  Officer  and as a Director of the  Company.  The  resignation  of Mr.
Strickland  was not as a result of a disagreement  with the Company  relating to
its operations, policies or practices.

     The Company  appointed,  effective  September 16, 2004,  Ms. Clara M. Conti
President and Chief Executive Officer of the Company. Ms. Conti was also elected
to the Board of Directors as a Class II director and will serve on the Executive
Committee  of the Board.  Ms.  Conti will  receive a base salary of $275,000 per
annum  and  will be  entitled  to such  bonus  as the  Board  of  Directors  may
determine.  In addition, the Company has authorized the issuance to Ms. Conti of
either:  (i) an option to purchase 500,000 shares of common stock of the Company
, (ii)  restricted  shares of the common  stock of the Company at an  equivalent
economic  value of the option  grant,  or (iii) a  combination  of  options  and

                                       2
restricted  shares.  The  Compensation  Committee is authorized to determine the
terms  and  conditions  of the  award  consistent  with  the  provisions  of the
Company's  2001 Equity  Incentive  Plan. Ms. Conti will also be entitled to such
other benefits accorded employees and executive officers of the Company.

     Prior to her  appointment as President and Chief  Executive  Officer of the
Company, Ms. Conti was President and Chief Executive Officer of ObjectVideo from
2001  to  January  2004.   ObjectVideo,   Inc.  is  a  video  security  business
headquartered  in  Reston,  Virginia.  From  2000 to 2001,  Ms.  Conti  was Vice
President of eBusiness  Solutions for DynCorp,  an  information  technology  and
outsourcing company headquartered in Reston, Virginia. Prior to joining DynCorp,
Ms.  Conti  was  President  and Chief  Executive  Officer  of Aurora  Enterprise
Solutions,  a business to business  internet security products and services firm
headquartered in Reston, Virginia.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     Furnished as Exhibit  99.1 is a copy of the  Separation  Agreement  entered
into between the Company and Mr. Strickland on September 16, 2004.

                                       3
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.

                                            IPIX CORPORATION

Dated:  September 21, 2004                  /s/ Paul Farmer
                                            -----------------------
                                            Paul Farmer
                                            Chief Financial Officer

                                       4