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): April 15, 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)

<PAGE>

ITEM 7:  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
         INFORMATION AND EXHIBITS.

         (c)  Exhibits

Exhibit
Number                              Description
-------                             -----------
99.1                       Press Release dated April 15, 2004


ITEM 12: RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The  following  information  is furnished  pursuant to Item 12,  "Disclosure  of
Results of Operations  and Financial  Condition" and shall not be deemed "filed"
for purposes of Section 18 of the Securities  Exchange Act of 1934, nor shall it
be deemed  incorporated  by reference in any filing under the  Securities Act of
1933.

On April 15,  2004,  IPIX  Corporation  issued a press  release  announcing  its
financial  results for the quarter  ended  March 31,  2004.  A copy of the press
release  is  attached  hereto  as  Exhibit  99.1 and is  incorporated  herein by
reference.

<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.

INTERNET PICTURES CORPORATION

Dated:  April 16, 2004
                                           /s/ Paul Farmer
                                           ---------------------
                                           Paul Farmer
                                           Chief Financial Officer


<PAGE>


                                  Exhibit Index


Exhibit
Number                            Description
-------                    --------------------------
99.1                    Press Release dated April 15, 2004

<PAGE>




                                                                    IR Contact:
                                                                    ------------
                                                                Paul Farmer, CFO
                                                                 (925) 242- 4002
                                                                    CFO@ipix.com


                   IPIX REPORTS RESULTS FOR first quarter 2004

OAK RIDGE, TN/SAN RAMON, CA - April 15, 2004 - IPIX Corporation (NASDAQ:  IPIX),
a leader  in  mission-critical  imaging  solutions,  today  announced  financial
results for the quarter ended March 31, 2004. For the quarter,  revenue was $0.7
million,  net loss available for common  shareholders was $3.6 million and fully
diluted loss per common share was $0.41. A comparison of 2004 financial  results
to prior  periods is not useful  since prior  periods  reflect  revenue from the
Company's  commercial agreement with eBay which ended in 2003.

"During the first  quarter,  we focused on bringing  new  products to market and
developing  our  sales  channels.  I am very  pleased  with  the  results,"  Don
Strickland,  IPIX(TM)  president  and CEO  said.  "At the end of  March  2004 we
launched   IPIX   Security   with  the   introduction   of  the  award   winning
CommandView(TM) family of video surveillance cameras."

IPIX  finished the first quarter of 2004 with  approximately  $9 million in cash
reserves  (cash  and  cash  equivalents,   short-term  restricted   investments,
long-term  restricted  cash and  short-term  investments)  and began the  second
quarter  by  generating  approximately  $8  million in cash from the sale of its
common stock (from  previously  disclosed April 5, 2004 private  investments and
from stock  option  exercises).  The  Company  has three  business  units all at
different stages in their  development.  Management  expects to continue to make
significant  investments in the development,  sale and marketing of new products
for the security market and in the image management (Ad Technologies) business.

About IPIX

IPIX  Corporation is a leader in  mission-critical  imaging  solutions for three
core  markets:   Full-360  degree  government  and  commercial  video  security;
360-degree  panoramic  photography  and  movies;  and self  service  on-line and
off-line advertising.  IPIX's extensive intellectual property covers patents for

<PAGE>



immersive imaging, video and surveillance applications. IPIX is headquartered in
Oak  Ridge,   Tennessee,   with   co-headquarters  in  San  Ramon,   California.
www.ipix.com

                                      # # #

IPIX and CommandView are trademarks and service marks of IPIX Corporation.

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:

(i)      our loss of existing, or an inability to attract new customers,
(ii)     changes in the demand for our products and services,
(iii)    our rate of revenue growth,
(iv)     our ability to control or affect reductions in costs,
(v)      our ability to design, manufacture and deliver high quality products
         in a timely fashion,
(vi)     uncertainty regarding our ability to continue as a going concern,
(vii)    our third-party supplier's ability to deliver high quality components
         to us in a timely fashion,
(viii)   technological changes,
(ix)     general economic, financial or market changes or developments and
(x)      the conversion of our Series B Preferred Stock into common stock.

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
and Form 8-Ks (www.sec.gov).


<PAGE>


                                IPIX CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<S>                                                                                                    <C>           <C>

                                                                                                       December 31,    March 31,
                                                                                                           2003          2004
                                                                                                     ---------------  -----------
                                                                                                            (1)       (unaudited)
(In thousands)

ASSETS
Cash and cash equivalents.........................................................................     $    10,241  $      6,981
Restricted short term investments.................................................................           1,100         1,100
Short term investments............................................................................             331           331
Accounts receivable, net..........................................................................             261           364
Inventory, net....................................................................................             398           503
Prepaid expenses and other current assets.........................................................           1,523         1,760
                                                                                                       -----------  ------------
      Total current assets........................................................................          13,854        11,039
Computer hardware, software and other, net........................................................           1,578         1,327
Restricted cash and other long term assets........................................................             852           718
                                                                                                       -----------  ------------
      Total assets................................................................................     $    16,284  $     13,084
                                                                                                       ===========  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable..................................................................................     $       612  $        402
Accrued liabilities...............................................................................           3,342         3,279
Deferred revenue..................................................................................              76            69
Current portion of obligations under capital leases...............................................             608           390
                                                                                                       -----------  ------------
      Total current liabilities...................................................................           4,638         4,140
Other long term liabilities.......................................................................             181            70
                                                                                                       -----------  ------------
         Total liabilities........................................................................           4,819         4,210
                                                                                                       -----------  ------------

STOCKHOLDERS' EQUITY:
Preferred stock (Aggregate liquidation value: $23,716 in 2003 and $24,116 in 2004)................
                                                                                                                 1             1
Common stock......................................................................................               9             9
Class B common stock..............................................................................              --            --
Additional paid-in capital........................................................................         515,186       515,805
Accumulated deficit...............................................................................        (503,731)     (506,941)
                                                                                                       ------------ -------------
      Total stockholders' equity..................................................................          11,465         8,874
                                                                                                       -----------  ------------

      Total liabilities and stockholders' equity..................................................     $    16,284  $     13,084
                                                                                                       ===========  ============
</TABLE>

      ----------------------

      (1) The December 31, 2003 balances were derived from the audited financial
          statements.

<PAGE>


                                IPIX CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<S>                                                                                      <C>              <C>

                                                                                             Three months ended
                                                                                                  March 31,
                                                                                        ---------------------------
                                                                                             2003           2004
                                                                                        --------------  -----------
                         (In thousands, except per share data)                                  (unaudited)

Revenue:
Ad Technologies..................................................                          $   5,602       $    246
InfoMedia........................................................                                784            474
Security.........................................................                                  5              2
                                                                                           ---------       --------
   Total revenue.................................................                              6,391            722
                                                                                           ---------       --------
Cost of revenue:
Ad Technologies..................................................                              1,782            678
InfoMedia........................................................                                338            297
Security.........................................................                                  4              1
                                                                                           ---------       --------
   Total cost of revenue.........................................                              2,124            976
                                                                                           ---------       --------

   Gross profit (loss)...........................................                              4,267           (254)
                                                                                           ---------       ---------

Operating expenses:
Sales and marketing..............................................                              1,761          1,342
Research and development.........................................                              1,260            925
General and administrative.......................................                                829            693
                                                                                           ---------       --------
   Total operating expenses......................................                              3,850          2,960
                                                                                           ---------       --------

Income (loss) from operations....................................                                417         (3,214)
Other............................................................                                (49)             4
                                                                                           ----------      --------

Net income (loss)................................................                          $     368       $ (3,210)
Preferred stock dividends........................................                               (440)          (400)
                                                                                           ---------       --------

Net loss available to common stockholders........................                          $     (72)      $ (3,610)
                                                                                           =========       ========

Loss per common share, basic and diluted ........................                          $   (0.01)      $  (0.41)
Weighted average common shares, basic and diluted................                              6,813          8,901

</TABLE>
[{"type": "8-K", "sequence": "1", "filename": "ipix8k041604.txt", "description": "CURRENT REPORT", "secsgml_size_bytes": 17500}]
{"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": "04737383"}, "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"}]}
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): April 15, 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)
ITEM 7:  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
         INFORMATION AND EXHIBITS.

         (c)  Exhibits

Exhibit
Number                              Description
-------                             -----------
99.1                       Press Release dated April 15, 2004

ITEM 12: RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The  following  information  is furnished  pursuant to Item 12,  "Disclosure  of
Results of Operations  and Financial  Condition" and shall not be deemed "filed"
for purposes of Section 18 of the Securities  Exchange Act of 1934, nor shall it
be deemed  incorporated  by reference in any filing under the  Securities Act of
1933.

On April 15,  2004,  IPIX  Corporation  issued a press  release  announcing  its
financial  results for the quarter  ended  March 31,  2004.  A copy of the press
release  is  attached  hereto  as  Exhibit  99.1 and is  incorporated  herein by
reference.
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.

INTERNET PICTURES CORPORATION

Dated:  April 16, 2004
                                           /s/ Paul Farmer
                                           ---------------------
                                           Paul Farmer
                                           Chief Financial Officer
Exhibit Index

Exhibit
Number                            Description
-------                    --------------------------
99.1                    Press Release dated April 15, 2004
IR Contact:
                                                                    ------------
                                                                Paul Farmer, CFO
                                                                 (925) 242- 4002
                                                                    CFO@ipix.com

                   IPIX REPORTS RESULTS FOR first quarter 2004

OAK RIDGE, TN/SAN RAMON, CA - April 15, 2004 - IPIX Corporation (NASDAQ:  IPIX),
a leader  in  mission-critical  imaging  solutions,  today  announced  financial
results for the quarter ended March 31, 2004. For the quarter,  revenue was $0.7
million,  net loss available for common  shareholders was $3.6 million and fully
diluted loss per common share was $0.41. A comparison of 2004 financial  results
to prior  periods is not useful  since prior  periods  reflect  revenue from the
Company's  commercial agreement with eBay which ended in 2003.

"During the first  quarter,  we focused on bringing  new  products to market and
developing  our  sales  channels.  I am very  pleased  with  the  results,"  Don
Strickland,  IPIX(TM)  president  and CEO  said.  "At the end of  March  2004 we
launched   IPIX   Security   with  the   introduction   of  the  award   winning
CommandView(TM) family of video surveillance cameras."

IPIX  finished the first quarter of 2004 with  approximately  $9 million in cash
reserves  (cash  and  cash  equivalents,   short-term  restricted   investments,
long-term  restricted  cash and  short-term  investments)  and began the  second
quarter  by  generating  approximately  $8  million in cash from the sale of its
common stock (from  previously  disclosed April 5, 2004 private  investments and
from stock  option  exercises).  The  Company  has three  business  units all at
different stages in their  development.  Management  expects to continue to make
significant  investments in the development,  sale and marketing of new products
for the security market and in the image management (Ad Technologies) business.

About IPIX

IPIX  Corporation is a leader in  mission-critical  imaging  solutions for three
core  markets:   Full-360  degree  government  and  commercial  video  security;
360-degree  panoramic  photography  and  movies;  and self  service  on-line and
off-line advertising.  IPIX's extensive intellectual property covers patents for
immersive imaging, video and surveillance applications. IPIX is headquartered in
Oak  Ridge,   Tennessee,   with   co-headquarters  in  San  Ramon,   California.
www.ipix.com

                                      # # #

IPIX and CommandView are trademarks and service marks of IPIX Corporation.

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:

(i)      our loss of existing, or an inability to attract new customers,
(ii)     changes in the demand for our products and services,
(iii)    our rate of revenue growth,
(iv)     our ability to control or affect reductions in costs,
(v)      our ability to design, manufacture and deliver high quality products
         in a timely fashion,
(vi)     uncertainty regarding our ability to continue as a going concern,
(vii)    our third-party supplier's ability to deliver high quality components
         to us in a timely fashion,
(viii)   technological changes,
(ix)     general economic, financial or market changes or developments and
(x)      the conversion of our Series B Preferred Stock into common stock.

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
and Form 8-Ks (www.sec.gov).
IPIX CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
December 31,    March 31,
                                                                                                           2003          2004
                                                                                                     ---------------  -----------
                                                                                                            (1)       (unaudited)
(In thousands)

ASSETS
Cash and cash equivalents.........................................................................     $    10,241  $      6,981
Restricted short term investments.................................................................           1,100         1,100
Short term investments............................................................................             331           331
Accounts receivable, net..........................................................................             261           364
Inventory, net....................................................................................             398           503
Prepaid expenses and other current assets.........................................................           1,523         1,760
                                                                                                       -----------  ------------
      Total current assets........................................................................          13,854        11,039
Computer hardware, software and other, net........................................................           1,578         1,327
Restricted cash and other long term assets........................................................             852           718
                                                                                                       -----------  ------------
      Total assets................................................................................     $    16,284  $     13,084
                                                                                                       ===========  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable..................................................................................     $       612  $        402
Accrued liabilities...............................................................................           3,342         3,279
Deferred revenue..................................................................................              76            69
Current portion of obligations under capital leases...............................................             608           390
                                                                                                       -----------  ------------
      Total current liabilities...................................................................           4,638         4,140
Other long term liabilities.......................................................................             181            70
                                                                                                       -----------  ------------
         Total liabilities........................................................................           4,819         4,210
                                                                                                       -----------  ------------

STOCKHOLDERS' EQUITY:
Preferred stock (Aggregate liquidation value: $23,716 in 2003 and $24,116 in 2004)................
                                                                                                                 1             1
Common stock......................................................................................               9             9
Class B common stock..............................................................................              --            --
Additional paid-in capital........................................................................         515,186       515,805
Accumulated deficit...............................................................................        (503,731)     (506,941)
                                                                                                       ------------ -------------
      Total stockholders' equity..................................................................          11,465         8,874
                                                                                                       -----------  ------------

      Total liabilities and stockholders' equity..................................................     $    16,284  $     13,084
                                                                                                       ===========  ============
----------------------

      (1) The December 31, 2003 balances were derived from the audited financial
          statements.
IPIX CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
                                                                                                  March 31,
                                                                                        ---------------------------
                                                                                             2003           2004
                                                                                        --------------  -----------
                         (In thousands, except per share data)                                  (unaudited)

Revenue:
Ad Technologies..................................................                          $   5,602       $    246
InfoMedia........................................................                                784            474
Security.........................................................                                  5              2
                                                                                           ---------       --------
   Total revenue.................................................                              6,391            722
                                                                                           ---------       --------
Cost of revenue:
Ad Technologies..................................................                              1,782            678
InfoMedia........................................................                                338            297
Security.........................................................                                  4              1
                                                                                           ---------       --------
   Total cost of revenue.........................................                              2,124            976
                                                                                           ---------       --------

   Gross profit (loss)...........................................                              4,267           (254)
                                                                                           ---------       ---------

Operating expenses:
Sales and marketing..............................................                              1,761          1,342
Research and development.........................................                              1,260            925
General and administrative.......................................                                829            693
                                                                                           ---------       --------
   Total operating expenses......................................                              3,850          2,960
                                                                                           ---------       --------

Income (loss) from operations....................................                                417         (3,214)
Other............................................................                                (49)             4
                                                                                           ----------      --------

Net income (loss)................................................                          $     368       $ (3,210)
Preferred stock dividends........................................                               (440)          (400)
                                                                                           ---------       --------

Net loss available to common stockholders........................                          $     (72)      $ (3,610)
                                                                                           =========       ========

Loss per common share, basic and diluted ........................                          $   (0.01)      $  (0.41)
Weighted average common shares, basic and diluted................                              6,813          8,901