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): November 18, 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


                                       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 2.05.  COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.

     On November 18, 2005,  the Company  issued a press release  announcing
action taken to further streamline the Company's  structure and reduce cost. The
action taken was intended to reduce personnel costs,  facility costs and
expenses. As a result of these  actions,  the Company  reduced its total
headcount by 15 staff positions.  A restructuring charge,  estimated to be
approximately  $550,000, is expected to be recorded in the fourth  quarter of
2005.  While the Company will coninue to have a presence in Oak Ridge,
Tennessee, the Company  expects to incur  charges  of  approximately   $100,000
related  to  separation  packages, approximately  $350,000  relating to costs
associated with long-term lease arrangements  and  approximately  $100,000
related to the cost of consolidating facilities and relocating equipment and
materials.


     Approximately $546,000 of these charges will result in cash expenditures,
$228,000 of which will be incurred in the fourth quarter with the balance being
incurred in 2006.


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     Furnished as Exhibit 99.1 is a copy of the Company's  press release  issued
on November 18, 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:  November 23, 2005                  /s/ Charles A. Crew
                                           -------------------------------------
                                           Charles A. Crew
                                           Executive Vice President and Chief
                                           Financial Officer






                                       3
<PAGE>

                                                                  Exhibit 99.1


IPIX Streamlines Operations and Reduce Costs

RESTON,  Va.-- Nov. 18,  2005--IPIX  Corporation  (NASDAQ:  IPIX) today detailed
actions the company is taking to further  streamline  its  structure  and reduce
costs.  Combined  with  previous  operational  adjustments  in August 2005,  the
company  expects these actions to reduce  personnel  costs,  facility  costs and
expenses  and  consolidate  all  operations  into  the  company's  Reston,   VA.
headquarters.  The company  expects  that these  reductions  will  mitigate  the
company's losses.

Most of these actions will  streamline  IPIX's  operations  to more  effectively
address our client prospects, needs and opportunities.

"After  a  thorough  review  of the  third  quarter  financials,  we are  making
additional   changes  that  while   difficult  will  uphold  our  obligation  to
shareholders,"  said Clara Conti,  IPIX chief  executive  officer and president.
"After analyzing our business operations, we are confident this is the best path
forward.  We are absolutely  committed to delivering the best  performance - for
our shareholders, customers and employees."

Today IPIX is reducing 15 staff  positions.  These  changes  will help to better
position the company for further growth.

About IPIX
IPIX  Corporation  is a premium  provider  of  immersive  imaging  products  for
government  and  commercial  applications.   We  combine  experience,   patented
technology and strategic  partnerships to deliver visual intelligence  solutions
worldwide. Our immersive,  360-degree imaging technology has been used to create
high-resolution  digital still  photography and video products for surveillance,
visual documentation and forensic analysis. www.ipix.com

                                       ###

This press release may contain forward-looking information within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange Act of 1934,  and is subject to the safe harbors under those  sections.
In some cases, you can identify  forward-looking  statements by terminology such
as "expect," "believe," "may," "will," "plans" and "anticipate," or the negative
of such terms or comparable  terminology.  Forward-looking  statements appearing
herein include statements concerning operating and profitability plans and goals
and restructuring efforts and are based on current expectations.

Actual results may differ materially from those projected in the forward-looking
statements based upon a number of factors  including:  changes in the demand for
our products and services;  our third-party  supplier's  ability to deliver high
quality  components to us in a timely fashion;  our ability to control or effect
reductions  in costs;  uncertainty  regarding our ability to continue as a going
concern;  our ability to raise capital and fund our  operations;  our ability to
attract  and  retain  highly  qualified   personnel;   our  ability  to  design,
manufacture  and deliver high  quality  products in a timely  fashion;  and, the
burdens and costs of defending against potential infringement claims.

The matters discussed in this press release also involve risks and uncertainties
described from time to time in documents  filed with the Securities and Exchange
Commission,  including but not limited to Form 10-Ks, Form 10-K/As,  Form 10-Qs,
Form S-3s and Form 8-Ks (www.sec.gov).

                                       ###

IPIX Media Contact
(202)478-3563
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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): November 18, 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

                                       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 2.05.  COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.

     On November 18, 2005,  the Company  issued a press release  announcing
action taken to further streamline the Company's  structure and reduce cost. The
action taken was intended to reduce personnel costs,  facility costs and
expenses. As a result of these  actions,  the Company  reduced its total
headcount by 15 staff positions.  A restructuring charge,  estimated to be
approximately  $550,000, is expected to be recorded in the fourth  quarter of
2005.  While the Company will coninue to have a presence in Oak Ridge,
Tennessee, the Company  expects to incur  charges  of  approximately   $100,000
related  to  separation  packages, approximately  $350,000  relating to costs
associated with long-term lease arrangements  and  approximately  $100,000
related to the cost of consolidating facilities and relocating equipment and
materials.

     Approximately $546,000 of these charges will result in cash expenditures,
$228,000 of which will be incurred in the fourth quarter with the balance being
incurred in 2006.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     Furnished as Exhibit 99.1 is a copy of the Company's  press release  issued
on November 18, 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:  November 23, 2005                  /s/ Charles A. Crew
                                           -------------------------------------
                                           Charles A. Crew
                                           Executive Vice President and Chief
                                           Financial Officer

                                       3
Exhibit 99.1

IPIX Streamlines Operations and Reduce Costs

RESTON,  Va.-- Nov. 18,  2005--IPIX  Corporation  (NASDAQ:  IPIX) today detailed
actions the company is taking to further  streamline  its  structure  and reduce
costs.  Combined  with  previous  operational  adjustments  in August 2005,  the
company  expects these actions to reduce  personnel  costs,  facility  costs and
expenses  and  consolidate  all  operations  into  the  company's  Reston,   VA.
headquarters.  The company  expects  that these  reductions  will  mitigate  the
company's losses.

Most of these actions will  streamline  IPIX's  operations  to more  effectively
address our client prospects, needs and opportunities.

"After  a  thorough  review  of the  third  quarter  financials,  we are  making
additional   changes  that  while   difficult  will  uphold  our  obligation  to
shareholders,"  said Clara Conti,  IPIX chief  executive  officer and president.
"After analyzing our business operations, we are confident this is the best path
forward.  We are absolutely  committed to delivering the best  performance - for
our shareholders, customers and employees."

Today IPIX is reducing 15 staff  positions.  These  changes  will help to better
position the company for further growth.

About IPIX
IPIX  Corporation  is a premium  provider  of  immersive  imaging  products  for
government  and  commercial  applications.   We  combine  experience,   patented
technology and strategic  partnerships to deliver visual intelligence  solutions
worldwide. Our immersive,  360-degree imaging technology has been used to create
high-resolution  digital still  photography and video products for surveillance,
visual documentation and forensic analysis. www.ipix.com

                                       ###

This press release may contain forward-looking information within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange Act of 1934,  and is subject to the safe harbors under those  sections.
In some cases, you can identify  forward-looking  statements by terminology such
as "expect," "believe," "may," "will," "plans" and "anticipate," or the negative
of such terms or comparable  terminology.  Forward-looking  statements appearing
herein include statements concerning operating and profitability plans and goals
and restructuring efforts and are based on current expectations.

Actual results may differ materially from those projected in the forward-looking
statements based upon a number of factors  including:  changes in the demand for
our products and services;  our third-party  supplier's  ability to deliver high
quality  components to us in a timely fashion;  our ability to control or effect
reductions  in costs;  uncertainty  regarding our ability to continue as a going
concern;  our ability to raise capital and fund our  operations;  our ability to
attract  and  retain  highly  qualified   personnel;   our  ability  to  design,
manufacture  and deliver high  quality  products in a timely  fashion;  and, the
burdens and costs of defending against potential infringement claims.

The matters discussed in this press release also involve risks and uncertainties
described from time to time in documents  filed with the Securities and Exchange
Commission,  including but not limited to Form 10-Ks, Form 10-K/As,  Form 10-Qs,
Form S-3s and Form 8-Ks (www.sec.gov).

                                       ###

IPIX Media Contact
(202)478-3563