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): May 13, 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)

            12120 SUNSET HILLS ROAD, SUITE 410 RESTON, VIRGINIA 20910
            ---------------------------------------------------------
        (Address of principal  executive  offices)           (Zip Code)


       Registrant's telephone number, including area code: (703) 674-4100
                                                           --------------


         8000 TOWERS CRESCENT DRIVE, SUITE 1350, VIENNA, VIRGINIA 22182
         --------------------------------------------------------------
         (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.

     At the  2005  Annual  Meeting  of  Shareholders  of IPIX  Corporation  (the
"Company") held on May 13, 2005, the  shareholders  of the Company  approved the
2005 Stock  Incentive Plan (the "Plan").  A description of the material terms of
the Plan was included in, and a copy of the Plan was attached to, the  Company's
Definitive  Proxy  Statement  on  Schedule  14A filed  with the  Securities  and
Exchange Commission on April 12, 2005. The Plan is filed as Exhibit 99.1 hereto,
and is incorporated herein by reference.


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.


 Exhibit No.         Description
 -----------         -----------
    99.1             2005 Stock Incentive Plan (incorporated herein by reference
                     to the Company's Definitive Proxy Statement on Schedule 14A
                     filed with the Securities and Exchange Commission on
                     April 12, 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:  May 20, 2005                    /s/ Charles A. Crew
                                        ------------------------
                                        Charles A. Crew
                                        Chief Financial 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": "05849007"}, "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): May 13, 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)

            12120 SUNSET HILLS ROAD, SUITE 410 RESTON, VIRGINIA 20910
            ---------------------------------------------------------
        (Address of principal  executive  offices)           (Zip Code)

       Registrant's telephone number, including area code: (703) 674-4100
                                                           --------------

         8000 TOWERS CRESCENT DRIVE, SUITE 1350, VIENNA, VIRGINIA 22182
         --------------------------------------------------------------
         (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.

     At the  2005  Annual  Meeting  of  Shareholders  of IPIX  Corporation  (the
"Company") held on May 13, 2005, the  shareholders  of the Company  approved the
2005 Stock  Incentive Plan (the "Plan").  A description of the material terms of
the Plan was included in, and a copy of the Plan was attached to, the  Company's
Definitive  Proxy  Statement  on  Schedule  14A filed  with the  Securities  and
Exchange Commission on April 12, 2005. The Plan is filed as Exhibit 99.1 hereto,
and is incorporated herein by reference.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.

 Exhibit No.         Description
 -----------         -----------
    99.1             2005 Stock Incentive Plan (incorporated herein by reference
                     to the Company's Definitive Proxy Statement on Schedule 14A
                     filed with the Securities and Exchange Commission on
                     April 12, 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:  May 20, 2005                    /s/ Charles A. Crew
                                        ------------------------
                                        Charles A. Crew
                                        Chief Financial Officer

                                       3