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 25, 2005

                                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)

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):

  [  ]  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))

<PAGE>


ITEM 1.01.  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.


     Effective January 21, 2005 (the "Termination  Date"),  Paul Farmer resigned
as  the  Chief  Financial  Officer,  Executive  Vice  President,  Secretary  and
Treasurer of, and as an employee of, IPIX Corporation.  The Company entered into
a separation  agreement (the  "Separation  Agreement") with Mr. Farmer effective
January  25,  2005,  which is being  filed  with this  report as  Exhibit  99.1.
Pursuant to the terms of the  Separation  Agreement and in  accordance  with the
terms of the employment  agreement between the Company and Mr. Farmer dated July
1, 2001 (the  "Employment  Agreement"),  (i) the Company will pay, within thirty
(30) days of the  Termination  Date,  any portion of Mr.  Farmer's  base salary,
vacation time,  travel and business  expense incurred or accrued but not paid as
of the  Termination  Date,  (ii) the  Company  will pay Mr.  Farmer a  severance
payment of  $112,500,  which will be paid in twelve  semi-monthly  installments,
(iii) any stock  options  granted to Mr.  Farmer  that were  unvested  as of the
Termination  Date will  continue  to vest for six months  after the  Termination
Date,  and such options must be exercised  within  ninety (90) days  thereafter,
after which time they will expire and (iv) for a period of six months  after the
Termination  Date,  the Company will  reimburse Mr. Farmer for the amount of any
premium  payments for group health  coverage made by Mr. Farmer  pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985. The Employment Agreement
was  terminated  effective  January 21, 2005,  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. Farmer was terminated
effective January 21, 2005. The principal terms of the Employment Agreement have
been described in a previous SEC filing by the Company. A copy of the Employment
Agreement was filed as Exhibit 10.3 to the  quarterly  report on Form 10-Q filed
by the Company on August 14, 2001 (File No. 000-26363).


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     Filed as Exhibit 99.1 is a copy of the Separation Agreement entered into by
and between the Company and Mr. Farmer effective January 25, 2005.



                                       2
<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:  January 28, 2005                   /s/ Clara M. Conti
                                           ----------------------------------
                                           Clara M. Conti
                                           President and Chief Executive Officer






                                       3
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{"company-data": {"conformed-name": "IPIX CORP", "cik": "0001088022", "assigned-sic": "7389", "irs-number": "522213841", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26363", "film-number": "05559595"}, "business-address": {"street1": "1009 COMMERCE PARK DR", "street2": "SUITE 400", "city": "OAK RIDGE", "state": "TN", "zip": "37830", "phone": "8654823000"}, "mail-address": {"street1": "1009 COMMERCE PARK DR", "street2": "SUITE 400", "city": "OAK RIDGE", "state": "TN", "zip": "37830"}, "former-company": [{"former-conformed-name": "INTERNET PICTURES CORP", "date-changed": "20000210"}, {"former-conformed-name": "BAMBOO COM INC", "date-changed": "19990604"}]}
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 25, 2005

                                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)

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):

  [  ]  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))
ITEM 1.01.  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

     Effective January 21, 2005 (the "Termination  Date"),  Paul Farmer resigned
as  the  Chief  Financial  Officer,  Executive  Vice  President,  Secretary  and
Treasurer of, and as an employee of, IPIX Corporation.  The Company entered into
a separation  agreement (the  "Separation  Agreement") with Mr. Farmer effective
January  25,  2005,  which is being  filed  with this  report as  Exhibit  99.1.
Pursuant to the terms of the  Separation  Agreement and in  accordance  with the
terms of the employment  agreement between the Company and Mr. Farmer dated July
1, 2001 (the  "Employment  Agreement"),  (i) the Company will pay, within thirty
(30) days of the  Termination  Date,  any portion of Mr.  Farmer's  base salary,
vacation time,  travel and business  expense incurred or accrued but not paid as
of the  Termination  Date,  (ii) the  Company  will pay Mr.  Farmer a  severance
payment of  $112,500,  which will be paid in twelve  semi-monthly  installments,
(iii) any stock  options  granted to Mr.  Farmer  that were  unvested  as of the
Termination  Date will  continue  to vest for six months  after the  Termination
Date,  and such options must be exercised  within  ninety (90) days  thereafter,
after which time they will expire and (iv) for a period of six months  after the
Termination  Date,  the Company will  reimburse Mr. Farmer for the amount of any
premium  payments for group health  coverage made by Mr. Farmer  pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985. The Employment Agreement
was  terminated  effective  January 21, 2005,  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. Farmer was terminated
effective January 21, 2005. The principal terms of the Employment Agreement have
been described in a previous SEC filing by the Company. A copy of the Employment
Agreement was filed as Exhibit 10.3 to the  quarterly  report on Form 10-Q filed
by the Company on August 14, 2001 (File No. 000-26363).

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     Filed as Exhibit 99.1 is a copy of the Separation Agreement entered into by
and between the Company and Mr. Farmer effective January 25, 2005.

                                       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.

                                           IPIX CORPORATION

Dated:  January 28, 2005                   /s/ Clara M. Conti
                                           ----------------------------------
                                           Clara M. Conti
                                           President and Chief Executive Officer

                                       3