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): October 1, 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)

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 1.02.  TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.

     On October 1, 2004,  the  license  agreement  dated  January  12, 2001 (the
"License  Agreement")  between IPIX  Corporation  (the  "Company") and Homestore
Virtual Tours, Inc.  ("Homestore") was terminated.  Under the License Agreement,
Homestore had the exclusive right to sell the Company's  virtual tour technology
to the U.S. residential real estate market and was required to pay the Company a
royalty for each virtual tour sold. A copy of the license agreement was filed as
Exhibit  10.16 to the  Company's  quarterly  report on Form 10-K  filed with the
Securities and Exchange  Commission on April 2, 2001 (File No. 000-26363).  As a
result of the  termination,  Homestore no longer has the exclusive right to sell
the  Company's  virtual  tour  technology  to the U.S.  residential  real estate
market,  and the Company may sell, or license  another third party to sell,  its
virtual tour technology into this market.  IPIX and Homestore  mutually released
each other from any further obligations under the License Agreement.

ITEM 8.01.  OTHER EVENTS.

     In a press release issued on October 5, 2004, IPIX and Homestore  announced
their  agreement  to  jointly  market the  Company's  virtual  tour  photography
solution,  the IPIX Interactive  Studio,  directly to the U.S.  residential real
estate market. IPIX also granted Homestore a license to the IPIX Wizard software
and IPIX  image  viewer  software  to  support  IPIX  real  estate  Keys sold by
Homestore.  A copy of the Company's  press release is attached hereto as Exhibit
99.1.




ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     Furnished as Exhibit 99.1 is a copy of the Company's  press release  issued
on October 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:  October 5, 2004                     /s/  Paul Farmer
                                            ------------------------
                                            Paul Farmer
                                            Chief Financial Officer




                                       2
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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): October 1, 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)

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 1.02.  TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.

     On October 1, 2004,  the  license  agreement  dated  January  12, 2001 (the
"License  Agreement")  between IPIX  Corporation  (the  "Company") and Homestore
Virtual Tours, Inc.  ("Homestore") was terminated.  Under the License Agreement,
Homestore had the exclusive right to sell the Company's  virtual tour technology
to the U.S. residential real estate market and was required to pay the Company a
royalty for each virtual tour sold. A copy of the license agreement was filed as
Exhibit  10.16 to the  Company's  quarterly  report on Form 10-K  filed with the
Securities and Exchange  Commission on April 2, 2001 (File No. 000-26363).  As a
result of the  termination,  Homestore no longer has the exclusive right to sell
the  Company's  virtual  tour  technology  to the U.S.  residential  real estate
market,  and the Company may sell, or license  another third party to sell,  its
virtual tour technology into this market.  IPIX and Homestore  mutually released
each other from any further obligations under the License Agreement.

ITEM 8.01.  OTHER EVENTS.

     In a press release issued on October 5, 2004, IPIX and Homestore  announced
their  agreement  to  jointly  market the  Company's  virtual  tour  photography
solution,  the IPIX Interactive  Studio,  directly to the U.S.  residential real
estate market. IPIX also granted Homestore a license to the IPIX Wizard software
and IPIX  image  viewer  software  to  support  IPIX  real  estate  Keys sold by
Homestore.  A copy of the Company's  press release is attached hereto as Exhibit
99.1.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     Furnished as Exhibit 99.1 is a copy of the Company's  press release  issued
on October 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:  October 5, 2004                     /s/  Paul Farmer
                                            ------------------------
                                            Paul Farmer
                                            Chief Financial Officer

                                       2