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 21, 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 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

Furnished as Exhibit 99.1 is a copy of IPIX  Corporation's  earnings release for
the quarter ended September 30, 2004, which was issued October 21, 2004.



ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(C)  Exhibits

The  following  exhibit  is  furnished  pursuant  to  Item  2.02,  is  not to be
considered  "filed" under the Securities  Exchange Act of 1934, as amended,  and
shall not be incorporated by reference into any of IPIX  Corporation's  previous
or future filings under the Securities Act of 1933, as amended,  or the Exchange
Act.

Exhibit Number             Description
--------------             -----------
99.1                       Earnings Release for the quarter ended September 30,
                           2004, which was issued October 21, 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 25, 2004                      /s/ Paul Farmer
                                              ----------------------
                                              Paul Farmer
                                              Chief Financial Officer



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