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): March 29, 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)


  8000 TOWERS CRESCENT DRIVE, SUITE 1350, VIENNA, VIRGINIA        22182
  ---------------------------------------------------------------------
        (Address of principal executive offices)                (Zip Code)


       Registrant's telephone number, including area code: (703) 847-3660
                                                           --------------

              3160 CROW CANYON ROAD, SAN RAMON, CALIFORNIA 94583
              --------------------------------------------------
          (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.


     On March 29, 2005, IPIX Corporation  (the "Company")  entered into a letter
agreement (the "Letter  Agreement") with Kara Brand, our interim Chief Financial
Officer,  which is being  filed  with this  report as Exhibit  10.1.  The Letter
Agreement  provides  for the payment of bonus  compensation  to Ms.  Brand in an
amount equal to (i) $20,000 in consideration of the successful completion of the
Company's ongoing Sarbanes-Oxley  Section 404 compliance  implementation project
and (ii) $60,000 for the successful  completion of Ms. Brand's  service as Chief
Financial Officer. The Letter Agreement further provides that Ms. Brand will not
be required to serve as the Company's Chief  Financial  Officer upon the earlier
of (i) the filing and  acceptance of the Company's Form 10-K or (ii) Ms. Brand's
removal as Chief Financial Officer by the Company's Board of Directors.



     The Letter  Agreement  further  supplements Ms. Brand's bonus  compensation
established  pursuant to a letter  agreement  dated October 25, 2004 (the "Prior
Letter Agreement"),  which was entered into prior to Ms. Brand's election as the
Company's  interim Chief Financial  Officer.  Pursuant to the terms of the Prior
Letter Agreement, the Company will pay Ms. Brand a bonus equal to $37,500 if she
remains with the Company  until May 6, 2005.  In addition,  the Company will pay
Ms. Brand a severance  payment  equal to $75,000 if she remains  employed by the
Company through May 6, 2005. A copy of the Prior Letter  Agreement is filed with
this report as Exhibit 10.2.



     Effective April 1, 2005, the Company entered into an employment agreement (
the  "Agreement")  with Charles  Crew,  which is being filed with this report as
Exhibit 10.3.  The Agreement  contains the terms of Mr.  Crew's  employment  and
provides that he will serve as Chief Financial  Officer of the Company until his
resignation or removal. The Agreement provides that Mr. Crew will receive a base
salary of $200,000 per year and will be eligible for an annual bonus, which will
be determined by the Board of Directors.  In addition, the Company issued to Mr.
Crew an option to purchase  250,000  shares of common stock at an exercise price
of $2.58 per share.  The Company may  terminate  the  Agreement  with or without
cause; however, if the Company terminates the Agreement without cause, or if Mr.
Crew  resigns for good  reason,  he is  entitled  to a severance  payment of his
then-current base salary which will be paid in twelve monthly  installments.  In
the event Mr. Crew is terminated  without cause or resigns for good cause within
two (2) years of a change of  control,  Mr.  Crew is  entitled to payment of his
then-current base salary within ten (10) days of his termination or resignation.
Within  thirty (30) days of  termination  without  cause,  resignation  for good
reason or termination or resignation  within two (2) years of change of control,
Mr. Crew would also be entitled to a pro-rata payment of any bonus earned.


                                       2
<PAGE>

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

     Effective  April 1, 2005,  Kara Brand  resigned as Interim Chief  Financial
Officer,  Treasurer  and  Secretary  of  the  Company.  The  Company  appointed,
effective  April 1,  2005,  Charles  Crew as  Executive  Vice  President,  Chief
Financial Officer, Treasurer and Secretary of the Company.


     Prior to his  appointment as Chief  Financial  Officer of the Company,  Mr.
Crew was executive vice president,  chief financial  officer and a member of the
Board of  Directors  of Cigital,  Inc.  Cigital,  Inc. is a provider of software
quality and software security solutions. Prior to joining Cigital Inc., Mr. Crew
spent nine years at Group 1 Software,  Inc. as executive vice  president,  chief
financial  officer  and a member of the  Board of  Directors.  Group 1  Software
provides  software  solutions  for  data  quality,  direct  marketing  and  data
integration.




ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.


 Exhibit No.     Description
 -----------     -----------
 10.1            Letter Agreement dated March 29, 2005 between the Company and
                 Kara Brand
 10.2            Letter Agreement dated October 25, 2004 between the Company and
                 Kara Brand
 10.3            Employment Agreement dated April 1, 2005 between the Company
                 and Charles Crew
 99.1            Press release dated April 4, 2005













                                       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:  April 4, 2005                  /s/ Clara M. Conti
                                       ----------------------
                                       Clara M. Conti
                                       President and Chief Executive 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): March 29, 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)

  8000 TOWERS CRESCENT DRIVE, SUITE 1350, VIENNA, VIRGINIA        22182
  ---------------------------------------------------------------------
        (Address of principal executive offices)                (Zip Code)

       Registrant's telephone number, including area code: (703) 847-3660
                                                           --------------

              3160 CROW CANYON ROAD, SAN RAMON, CALIFORNIA 94583
              --------------------------------------------------
          (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.

     On March 29, 2005, IPIX Corporation  (the "Company")  entered into a letter
agreement (the "Letter  Agreement") with Kara Brand, our interim Chief Financial
Officer,  which is being  filed  with this  report as Exhibit  10.1.  The Letter
Agreement  provides  for the payment of bonus  compensation  to Ms.  Brand in an
amount equal to (i) $20,000 in consideration of the successful completion of the
Company's ongoing Sarbanes-Oxley  Section 404 compliance  implementation project
and (ii) $60,000 for the successful  completion of Ms. Brand's  service as Chief
Financial Officer. The Letter Agreement further provides that Ms. Brand will not
be required to serve as the Company's Chief  Financial  Officer upon the earlier
of (i) the filing and  acceptance of the Company's Form 10-K or (ii) Ms. Brand's
removal as Chief Financial Officer by the Company's Board of Directors.

     The Letter  Agreement  further  supplements Ms. Brand's bonus  compensation
established  pursuant to a letter  agreement  dated October 25, 2004 (the "Prior
Letter Agreement"),  which was entered into prior to Ms. Brand's election as the
Company's  interim Chief Financial  Officer.  Pursuant to the terms of the Prior
Letter Agreement, the Company will pay Ms. Brand a bonus equal to $37,500 if she
remains with the Company  until May 6, 2005.  In addition,  the Company will pay
Ms. Brand a severance  payment  equal to $75,000 if she remains  employed by the
Company through May 6, 2005. A copy of the Prior Letter  Agreement is filed with
this report as Exhibit 10.2.

     Effective April 1, 2005, the Company entered into an employment agreement (
the  "Agreement")  with Charles  Crew,  which is being filed with this report as
Exhibit 10.3.  The Agreement  contains the terms of Mr.  Crew's  employment  and
provides that he will serve as Chief Financial  Officer of the Company until his
resignation or removal. The Agreement provides that Mr. Crew will receive a base
salary of $200,000 per year and will be eligible for an annual bonus, which will
be determined by the Board of Directors.  In addition, the Company issued to Mr.
Crew an option to purchase  250,000  shares of common stock at an exercise price
of $2.58 per share.  The Company may  terminate  the  Agreement  with or without
cause; however, if the Company terminates the Agreement without cause, or if Mr.
Crew  resigns for good  reason,  he is  entitled  to a severance  payment of his
then-current base salary which will be paid in twelve monthly  installments.  In
the event Mr. Crew is terminated  without cause or resigns for good cause within
two (2) years of a change of  control,  Mr.  Crew is  entitled to payment of his
then-current base salary within ten (10) days of his termination or resignation.
Within  thirty (30) days of  termination  without  cause,  resignation  for good
reason or termination or resignation  within two (2) years of change of control,
Mr. Crew would also be entitled to a pro-rata payment of any bonus earned.

                                       2
ITEM 5.02.  DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
            APPOINTMENT OF PRINCIPAL OFFICERS.

     Effective  April 1, 2005,  Kara Brand  resigned as Interim Chief  Financial
Officer,  Treasurer  and  Secretary  of  the  Company.  The  Company  appointed,
effective  April 1,  2005,  Charles  Crew as  Executive  Vice  President,  Chief
Financial Officer, Treasurer and Secretary of the Company.

     Prior to his  appointment as Chief  Financial  Officer of the Company,  Mr.
Crew was executive vice president,  chief financial  officer and a member of the
Board of  Directors  of Cigital,  Inc.  Cigital,  Inc. is a provider of software
quality and software security solutions. Prior to joining Cigital Inc., Mr. Crew
spent nine years at Group 1 Software,  Inc. as executive vice  president,  chief
financial  officer  and a member of the  Board of  Directors.  Group 1  Software
provides  software  solutions  for  data  quality,  direct  marketing  and  data
integration.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

 Exhibit No.     Description
 -----------     -----------
 10.1            Letter Agreement dated March 29, 2005 between the Company and
                 Kara Brand
 10.2            Letter Agreement dated October 25, 2004 between the Company and
                 Kara Brand
 10.3            Employment Agreement dated April 1, 2005 between the Company
                 and Charles Crew
 99.1            Press release dated April 4, 2005

                                       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:  April 4, 2005                  /s/ Clara M. Conti
                                       ----------------------
                                       Clara M. Conti
                                       President and Chief Executive Officer

                                       4