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): April 4, 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 5.  OTHER EVENTS.

     On April 5, 2004, the Registrant issued a press release  announcing that it
had  agreed  to  sell  909,090  shares  of its  unregistered  common  stock  and
additional   investment  rights  to  purchase  another  888,180  shares  of  its
unregistered common stock,  resulting in gross proceeds (assuming no exercise of
the additional  investment  rights) of  approximately  $5 million,  in a private
offering to accredited  institutional  investors. A copy of the press release is
filed  herewith  as  Exhibit  99. A copy of the  securities  purchase  agreement
entered into by and between the  Registrant  and the investors is filed herewith
as Exhibit 10 and a form of the additional  investment  rights is filed herewith
as Exhibit 4.

     The shares of common stock  subject to the  securities  purchase  agreement
were  sold at $5.50 per share and the  shares  of common  stock  underlying  the
additional investment rights are purchasable at $6.05 per share.

     The  additional  investment  rights are  exercisable  until 90 trading days
after  the  effectiveness  of a  registration  statement  to  be  filed  by  the
Registrant covering the shares of common stock and additional  investment rights
sold at the closing.

ITEM 7.  EXHIBITS

     The  following  exhibits are  attached  hereto and  incorporated  herein by
reference.

    Exhibit No.                          Exhibit Description
------------------      --------------------------------------------------------
        4               Form of Additional Investment Right dated as of April 4,
                        2004 by and between the Registrant and the Purchasers

       10               Securities Purchase Agreement dated as of April 4, 2004
                        by and between the Registrant and the Purchasers

       99               Press Release dated April 5, 2004


<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:  April 7, 2004                       /s/ Paul Farmer
                                            ------------------------------------
                                            Paul Farmer, Chief Financial Officer
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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": "04722437"}, "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"}]}
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): April 4, 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 5.  OTHER EVENTS.

     On April 5, 2004, the Registrant issued a press release  announcing that it
had  agreed  to  sell  909,090  shares  of its  unregistered  common  stock  and
additional   investment  rights  to  purchase  another  888,180  shares  of  its
unregistered common stock,  resulting in gross proceeds (assuming no exercise of
the additional  investment  rights) of  approximately  $5 million,  in a private
offering to accredited  institutional  investors. A copy of the press release is
filed  herewith  as  Exhibit  99. A copy of the  securities  purchase  agreement
entered into by and between the  Registrant  and the investors is filed herewith
as Exhibit 10 and a form of the additional  investment  rights is filed herewith
as Exhibit 4.

     The shares of common stock  subject to the  securities  purchase  agreement
were  sold at $5.50 per share and the  shares  of common  stock  underlying  the
additional investment rights are purchasable at $6.05 per share.

     The  additional  investment  rights are  exercisable  until 90 trading days
after  the  effectiveness  of a  registration  statement  to  be  filed  by  the
Registrant covering the shares of common stock and additional  investment rights
sold at the closing.

ITEM 7.  EXHIBITS

     The  following  exhibits are  attached  hereto and  incorporated  herein by
reference.

    Exhibit No.                          Exhibit Description
------------------      --------------------------------------------------------
        4               Form of Additional Investment Right dated as of April 4,
                        2004 by and between the Registrant and the Purchasers

       10               Securities Purchase Agreement dated as of April 4, 2004
                        by and between the Registrant and the Purchasers

       99               Press Release dated April 5, 2004
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:  April 7, 2004                       /s/ Paul Farmer
                                            ------------------------------------
                                            Paul Farmer, Chief Financial Officer