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): February 11, 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) 277-9499
                                                           --------------

                                       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 2.01.  COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.


     On February  11,  2005,  IPIX  Corporation  and  AdMission  Corporation,  a
privately held Delaware corporation  ("AdMission") closed the transactions under
the asset  purchase  agreement  dated  January 11, 2005 between the parties (the
"Asset Purchase  Agreement").  Pursuant to the terms of the previously announced
Asset  Purchase  Agreement,  IPIX  sold  to  AdMission  certain  of  its  assets
(including certain patent rights and other intellectual  property) and contracts
relating to its IPIX  AdMission  business unit (the  "AdMission  Business").  In
consideration  for the sale,  IPIX  received  1,035,000  shares of the  Series A
Convertible  Preferred  Stock of  AdMission  and a warrant to  purchase  200,000
shares of the Common Stock of AdMission. Additionally, AdMission assumed certain
liabilities  associated  with the AdMission  business  unit.  The Asset Purchase
Agreement was previously  filed as Exhibit 10.1 to IPIX's Current Report on Form
8-K on January 18, 2005 and is incorporated herein by reference.

     Sarah Pate,  IPIX's former  Executive Vice President and General Manager of
IPIX AdMission, is the President and Chief Executive Officer of AdMission and an
investor in AdMission.

     In connection with the Asset Purchase Agreement, IPIX and AdMission entered
into the Patent Purchase,  License and Repurchase  Agreement  attached hereto as
Exhibit 10.2 which  provides  for the  transfer to AdMission of certain  patents
relating to the  AdMission  Business,  the license of those patents back to IPIX
for use by IPIX in the conduct of its security sector business and certain other
limited uses, and a repurchase right by IPIX in the event of certain  triggering
events  by  AdMission,  all as set forth in the  Patent  Purchase,  License  and
Repurchase Agreement.

     IPIX and  AdMission  also  entered  into the  IPIX  Trademark/Service  Mark
License Agreement  attached hereto as Exhibit 10.3 which provides AdMission with
an eighteen (18) month royalty-free,  nonexclusive  license to use the IPIX mark
and certain other  trademarks and business brands in connection with the conduct
of the AdMission Business.

     On February 17, 2005, IPIX issued a press release announcing the closing of
the sale of the AdMission Business to AdMission Corporation, which press release
is attached hereto as Exhibit 99.1 and is incorporated herein by reference.


<PAGE>

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.


(a) Financial Statements of Business Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable.

(c) Exhibits.

   10.1   Asset Purchase Agreement by and between IPIX Corporation and AdMission
          Corporation,  dated  January 11, 2005  (incorporated  by  reference to
          Exhibit 10.1 to IPIX's Current Report on Form 8-K filed on January 18,
          2005)

   10.2   Patent Purchase,  License and Repurchase Agreement by and between IPIX
          Corporation and AdMission Corporation, dated February 11, 2005

   10.3   IPIX  Trademark/Service  Mark  License  Agreement  by and between IPIX
          Corporation and AdMission Corporation, dated February 11, 2005

   99.1   Press Release dated  February 17, 2005  announcing  the closing of the
          sale of the Company's AdMission Business





<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:  February 17, 2005                   /s/ CLARA M. CONTI
                                           ---------------------------
                                           Clara M. Conti
                                           President and Chief Executive 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": "05625030"}, "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): February 11, 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) 277-9499
                                                           --------------

                                       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 2.01.  COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

     On February  11,  2005,  IPIX  Corporation  and  AdMission  Corporation,  a
privately held Delaware corporation  ("AdMission") closed the transactions under
the asset  purchase  agreement  dated  January 11, 2005 between the parties (the
"Asset Purchase  Agreement").  Pursuant to the terms of the previously announced
Asset  Purchase  Agreement,  IPIX  sold  to  AdMission  certain  of  its  assets
(including certain patent rights and other intellectual  property) and contracts
relating to its IPIX  AdMission  business unit (the  "AdMission  Business").  In
consideration  for the sale,  IPIX  received  1,035,000  shares of the  Series A
Convertible  Preferred  Stock of  AdMission  and a warrant to  purchase  200,000
shares of the Common Stock of AdMission. Additionally, AdMission assumed certain
liabilities  associated  with the AdMission  business  unit.  The Asset Purchase
Agreement was previously  filed as Exhibit 10.1 to IPIX's Current Report on Form
8-K on January 18, 2005 and is incorporated herein by reference.

     Sarah Pate,  IPIX's former  Executive Vice President and General Manager of
IPIX AdMission, is the President and Chief Executive Officer of AdMission and an
investor in AdMission.

     In connection with the Asset Purchase Agreement, IPIX and AdMission entered
into the Patent Purchase,  License and Repurchase  Agreement  attached hereto as
Exhibit 10.2 which  provides  for the  transfer to AdMission of certain  patents
relating to the  AdMission  Business,  the license of those patents back to IPIX
for use by IPIX in the conduct of its security sector business and certain other
limited uses, and a repurchase right by IPIX in the event of certain  triggering
events  by  AdMission,  all as set forth in the  Patent  Purchase,  License  and
Repurchase Agreement.

     IPIX and  AdMission  also  entered  into the  IPIX  Trademark/Service  Mark
License Agreement  attached hereto as Exhibit 10.3 which provides AdMission with
an eighteen (18) month royalty-free,  nonexclusive  license to use the IPIX mark
and certain other  trademarks and business brands in connection with the conduct
of the AdMission Business.

     On February 17, 2005, IPIX issued a press release announcing the closing of
the sale of the AdMission Business to AdMission Corporation, which press release
is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(a) Financial Statements of Business Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable.

(c) Exhibits.

   10.1   Asset Purchase Agreement by and between IPIX Corporation and AdMission
          Corporation,  dated  January 11, 2005  (incorporated  by  reference to
          Exhibit 10.1 to IPIX's Current Report on Form 8-K filed on January 18,
          2005)

   10.2   Patent Purchase,  License and Repurchase Agreement by and between IPIX
          Corporation and AdMission Corporation, dated February 11, 2005

   10.3   IPIX  Trademark/Service  Mark  License  Agreement  by and between IPIX
          Corporation and AdMission Corporation, dated February 11, 2005

   99.1   Press Release dated  February 17, 2005  announcing  the closing of the
          sale of the Company's AdMission Business
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:  February 17, 2005                   /s/ CLARA M. CONTI
                                           ---------------------------
                                           Clara M. Conti
                                           President and Chief Executive Officer