Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Crew Charles Anthony
 2. Date of Event Requiring Statement (Month/Day/Year)
04/01/2005		 3. Issuer Name and Ticker or Trading Symbol
IPIX CORP [IPIX]
(Last)
(First)
(Middle)
8000 TOWERS CRESCENT DR., SUITE 1350		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

VIENNA, VA 22182		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 0
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option   (1) 04/01/2015 Common Stock 250,000 $ 2.58 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Crew Charles Anthony
8000 TOWERS CRESCENT DR.
SUITE 1350
VIENNA, VA 22182		       Chief Financial Officer  

Signatures

/s/ Richard F. Mattern, Attorney-in-Fact 04/11/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) (1) Options to purchase 71,428 shares shall vest and first become exercisable on the first (1st) anniversary of the Vesting Start Date; (2) options to purchase 5,953 shares shall vest and first become exercisable monthly thereafter for each of the next twenty nine (29) months; and (3) any remaining unvested options constituting the Option shall vest and first become exercisable forty-two (42) months after the Vesting Start Date.

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