**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-K/A**

**(Amendment      No. 1)**

**[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF      1934**

**[      ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE      ACT OF 1934**

**IPIX      CORPORATION**

| **DELAWARE**                                                                            |   | **52-2213841**                                   |
|-----------------------------------------------------------------------------------------|--------|--------------------------------------------------|
|                                                                                    |   |                                             |
| State                or other jurisdiction incorporation                or organization |   | (IRS                Employer Identification No.) |

**12120      Sunset Hills Road, Suite 410, Reston, Virginia 20190**

**(703)      674-4100**

**None.**

**Common      Stock, $0.001 par value**

----

**EXPLANATORY      NOTE:**

**PART      III**

**Item 10.      **
***Directors      and Executive Officers of the Registrant.***

**Directors** 

| Name                               | Age | First                Year Elected a Director |  Position(s)                with the Company              |
|------------------------------------|-----|----------------------------------------------|----------------------------------------------------------------|
| Clara                M. Conti      | 44  | 2004                                         | President,                Chief Executive Officer and Director |
| David                M. Wilds      | 65  | 2001                                         | Chairman                                                       |
| Michael                D. Easterly | 59  | 2000                                         | Director                                                       |
| James                H. Hunt       | 55  | 2005                                         | Director                                                       |
| Laban                P. Jackson    | 63  | 2000                                         | Director                                                       |
| Andrew                P. Seamons   | 36  | 2002                                         | Director                                                       |

----

**Executive      Officer**

| Name                                      | Age            | Position                                                                   | In                Current Position Since  |
|-------------------------------------------|----------------|----------------------------------------------------------------------------|-------------------------------------------|
|  Clara                M. Conti  |  44  |  President,                Chief Executive Officer and Director  |  September                2004  |

**Section 16(a)      Beneficial Ownership Reporting Compliance **

**Audit      Committee **

**Code      of Conduct and Ethics **

----

**Item 11.      **
***Executive      Compensation.***

**Summary      Compensation Table**

| ** **** **                                 | **Annual                Compensation** |                          | **Long                Term Compensation** |                                                |
|------------------------------------------------------|----------------------------------------|-------------------------------|-------------------------------------------|-----------------------------------------------------|
| **Name                and****Principal Postion**     | **Year**                               | **Salary                ($)** | **Bonus                ($)**              | **Other                Annual Compensation****($)** |   | **Restricted                Stock****Awards                ($)** | **Securities                Underlying****Options** | **All                Other Compensation ($)** |
|                                                 |                                   |                          |                                      |                                                |   |   |   |   |
| Clara                M. Conti                        | 2005                                   | 275,000                       | -                                         | 49,229                (1)                           |   | - | 100,000 | - |
| President                and Chief Executive Officer | 2004                                   | 80,208                        | -                                         | 175                (2)                              |   | - | 500,000 | - |
|                                                 |                                   |                          |                                      |                                                |   |   |   |   |
| Kara                Brand (3)                        | 2005                                   | 74,848                        | 117,500                                   | 316                (2)                              |   | - | - | 75,000                (4) |
| Former                CFO                            | 2004                                   | 150,000                       | 8,941                                | 690                (2)                              |   | - | 30,000 | - |
|                                                 | 2003                                   | 150,000                       | 15,000                                    | 690                (2)                              |   | - | 25,000 | - |
|                                                 |                                   |                          |                                      |                                                |   |   |   |   |
| Charles                A. Crew (5)                   | 2005                                   | 150,000                       | 10,000                                    | 2,195                (2)                            |   | - | 250,000 | - |
| Executive                Vice President and CFO      |                                   |                          |                                      |                                                |   |   |   |   |
|                                                 |                                   |                          |                                      |                                                |   |   |   |   |
| Geoffrey                Egnal (6)                    | 2005                                   | 135,227                       | 15,938                                    | 220                (2)                              |   | - | 150,000 | - |
| Chief                Technology Officer              |                                   |                          |                                      |                                                |   |   |   |   |
|                                                 |                                   |                          |                                      |                                                |   |   |   |   |
| Jean                Watterson (7)                    | 2005                                   | 148,390                       | 21,905                                    | 459                (2)                              |   | - | 20,000 | - |
| VP                Marketing                          | 2004                                   | 18,791                        | 0                                    | 34                (2)                               |   | - | 30,000  | - |

| (1) |   | This                amount includes $600 of life insurance premiums and $48,629 in                reimbursements of business expenses for the purchase of certain apparel,                marketing and trade show materials accounted for as                compensation. |   |
|-----|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (2) |   |  This                amount includes taxable income to the named executive for life insurance                premiums we paid on behalf of the named executive                                                                                                        |   |
| (3) |   | Ms.                Brand resigned as Interim CFO effective May 13, 2005.                                                                                                                                                                                                   |   |
| (4) |   | This                amount includes severance payments made to Ms. Brand.                                                                                                                                                                                                  |   |
| (5) |   | Mr.                Crew joined IPIX on April 1, 2005. Mr. Crew and IPIX entered into                a                Separation Agreement effective April 1, 2006.                                                                                                         |   |
| (6) |   | Mr.                Egnal joined IPIX on March 15, 2005.                                                                                                                                                                                                                    |   |
| (7) |   | Ms.                Watterson resigned as VP Marketing effective January 13,                2006.                                                                                                                                                                           |   |

----

officers      as of December 31, 2005. 

**Stock      Option Grants in the Fiscal Year ended December 31, 2005**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **Number                of Securities Underlying Option****Granted** |   | **Percentage                of Total Options Granted to Employees in****Fiscal                2005** |   | **Exercise                or Base Price****($/Share)** |   | **Expiration****Date** |   | **Potential                Realizable Value At Assumed Annual Rates of Stock Price Appreication                for****Option                Term (1)** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                 |   |                                                                                                 |   |                                                   |   |                   |   | **5%                ($)**                                                                                                                              | **10%                ($)** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                 |   |                                                                                                 |   |                                                   |   |                   |   |                                                                                                                                                   |   |
| Clara                Conti                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 100,000                                                              |   | 6.20%                                                                                                |   | $                3.05                                  |   | 3/28/15                |   | $                191,813                                                                                                                               | $                486,091 |
| Kara                Brand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | -                                                                    |   | -                                                                                                    |   | $                -                                     |   | -                      |   | $                -                                                                                                                                     | $                - |
| Charles                Crew                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 250,000                                                              |   | 15.50%                                                                                               |   | $                2.58                                  |   | 4/1/15                 |   | $                162,255                                                                                                                               | $                411,186 |
| Geoffrey                Egnal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 150,000                                                              |   | 9.30%                                                                                                |   | $                3.46                                  |   | 3/15/15                |   | $                305,598                                                                                                                               | $                639,435 |
| Jean                Watterson                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | -                                                                    |   | -                                                                                                    |   | $                -                                     |   | -                      |   | $                -                                                                                                                                     | $                - |
| (1)                   Assumes                increases in the fair market value of the common stock of 5% and                10% per                year from the exercise price over the terms of the options in compliance                with the rules and regulations                of the Securities and Exchange Commission, and does not represent                our                estimate or projection of the future value of the common stock. The                actual                value realized may be                greater or less than the potential realizable values presented in                the                table. |

**Stock      Option Exercise and Values for Fiscal Year ended December 31, 2005**

|                              |   | **Shares                Acquired on** |   | **Value**    |   | **Number                of Shares Underlying Unexercised Options** |   | **Value                of Unexercised In-the-Money Options** |    |
|-----------------------------------|--------|---------------------------------------|--------|--------------|--------|--------------------------------------------------------------------|--------|--------------------------------------------------------------|---------|
| **Name**                          |   | **Exercise**                          |   | **Realized** |   | **Exercisable**                                                    |   | **Unexercisable**                                            |    | **Exercisable** |   | **Unexercisable** |   |
|                              |   |                                  |   |         |   |                                                               |   |                                                         |    |   |   |   |   |
| Clara                Conti (1)    |   |                                  | -      |         | $      | -                                                                  |   |                                                         | 199,547 |   |   | 400,453 |   | $ | - |   | $ | - |   |
| Kara                Brand         |   |                                  | 29,375 |         | $      | 68,464                                                             |   |                                                         | -       |   |   | - |   | $ | - |   | $ | - |   |
| Charles                Crew (1)   |   |                                  | -      |         | $      | -                                                                  |   |                                                         | -       |   |   | 250,000 |   | $ | - |   | $ | - |   |
| Geoffrey                Egnal (1) |   |                                  | -      |         | $      | -                                                                  |   |                                                         | -       |   |   | 150,000 |   | $ | - |   | $ | - |   |
| Jean                Watterson (1) |   |                                  | -      |         | $      | -                                                                  |   |                                                         | 10,000  |   |   | 10,000 |   | $ | - |   | $ | - |   |

| (1) |  These              officers did not exercise options in 2005. |   |
|-----|---------------------------------------------------------------------|--------|

**Employment      and Separation Agreements **

*Clara      M. Conti*

*Charles      A. Crew*

----

*Kara      Brand*

**Director      Compensation**

**Compensation      Committee Interlocks and Insider Participation **

**Report      of the Compensation Committee on Executive Compensation **

**General      Compensation Policy **

----

**Base      Salary **

**Cash-Based      Incentive Compensation **

**Long-Term      Incentive Compensation **

**Compensation      of the Chief Executive Officer **

**Deductibility      of Executive Compensation **

----

**Performance      Graph **

|  **Total                Return Analysis**                            December                31, |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                              | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 |
| IPIX                Corporation                                                                                                                                                                                                                   | $                100.00 | $                21.78 | $                10.84 | $                18.17 | $                59.87 | $                17.13 |
| S&P                500 Information Technology                                                                                                                                                                                                 | $                100.00 | $                74.15 | $                46.42 | $                68.25 | $                70.00 | $                70.69 |
| Nasdaq                Composite                                                                                                                                                                                                                   | $                100.00 | $                78.95 | $                54.06 | $                81.09 | $                88.06 | $                89.27 |

**Item 12.      **
***Security      Ownership of Certain Beneficial Owners and Management.***

**Beneficial      Ownership of IPIX Common Stock of Principal Stockholders, Directors and      Management **

----

| **Name                of Beneficial Owner**                                                                                                                   |   | **Number                of Shares Beneficially****Owned** |            | **Percentage                of****Shares                (%) (12)** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------------|--------------------------------------------------------------------|
|                                                                                                                                                          |   |                                                      |            |                                                               |   |
| Clara                M. Conti                                                                                                                                 |   | 278,268                                                   | (1)             |                                                               | 1.00% |
| Kara                Brand    59                Tost Court    Crockett,                CA 94525                        |   | 30,156                                          | (2)   |                                                               | *   |
| Charles                A. Crew    52                N. Orchard                Way    Potomac,                MD 20854 |   | 200,000                                         | (3)   |                                                               | *   |
| Geoffrey                Egnal                                                                                                                                 |   | 50,000                                                    | (4)             |                                                               | * |
| Jean                Watterson    1934                Sagewood Lane    Reston,                VA 20191                 |   | 4,019                                           | (5)   |                                                               | *   |
| Michael                D. Easterly                                                                                                                            |   | 76,450                                                    | (6)             |                                                               | * |
| James                H. Hunt                                                                                                                                  |   | 20,000                                                    | (7)             |                                                               | * |
| Laban                P. Jackson, Jr.                                                                                                                          |   | 137,500                                                   | (8)             |                                                               | * |
| Andrew                P. Seamons                                                                                                                              |   | 107,996                                                   | (9)             |                                                               | * |
| David                M. Wilds                                                                                                                                 |   | 160,096                                                   | (10)            |                                                               | * |
| All                directors, executive officers and former executive officers as a                group                (10) persons                     |   | 1,064,485                                                 | (11)            |                                                               | 3.70% |

| *    |  Less              than one percent                                                                                                                                                                                                                                                                                                                                                                                      |   |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (1)  |  Ms.              Clara M. Conti’s number              of shares beneficially owned includes              270,692 shares of common stock issuable upon the exercise of stock              options.                                                                                                                                                                                                                 |   |
| (2)  |  Ms.              Kara Brand’s number of shares beneficially owned consists of common stock.                                                                                                                                                                                                                                                                                                                       |   |
| (3)  |  Mr.              Charles A. Crew’s number of shares beneficially owned includes 200,000              shares of common stock issuable upon the exercise of stock              options.                                                                                                                                                                                                                             |   |
| (4)  |  Mr.              Geoffrey Egnal’s number of shares beneficially owned includes 50,000              shares of common stock issuable upon the exercise of stock              options.                                                                                                                                                                                                                               |   |
| (5)  |  Ms.              Jean Watterson’s number of shares beneficially owned consists of common              stock.                                                                                                                                                                                                                                                                                                      |   |
| (6)  |  Mr.              Michael D. Easterly’s number of shares beneficially owned includes 76,450              shares of common stock issuable upon the exercise of stock options.                                                                                                                                                                                                                                       |   |
| (7)  |  Mr.              James H. Hunt’s number of shares beneficially owned includes 20,000 shares              of common stock issuable upon the exercise of stock options.                                                                                                                                                                                                                                             |   |
| (8)  |  Mr.              Laban P. Jackson, Jr., number of shares beneficially owned includes              92,500              shares of common stock issuable upon the exercise of stock options.                                                                                                                                                                                                                               |   |
| (9)  |  Mr.              Andrew P. Seamons number of shares beneficially owned includes 92,500              shares of common stock issuable upon the exercise of stock options              and              15,496 shares of common stock issuable upon the conversion of Series              B              Preferred Stock warrants.                                                                                         |   |
| (10) |  Mr.              David M. Wilds number of shares beneficially owned includes 6,250 shares              of common stock directly held, 40,000 shares of common stock issuable              upon              the exercise of stock options and 113,556 shares of common stock issuable              upon the conversion of Series B Preferred Stock.                                                                     |   |
| (11) |  Includes              809,542 shares of common stock issuable upon the exercise of stock              options, 113,556 shares of common stock issuable upon the conversion              of              Series B Preferred Stock and 15,496 shares of common stock issuable              upon the conversion of Series B Preferred Stock Warrants.                                                                 |   |
| (12) |  The              percentage of outstanding shares beneficially owned by each person              is              calculated based on the 27,483,874 outstanding common shares as of              April 1, 2006, plus the shares that such person has the right to              acquire as of April 1, 2006 or within 60 days thereafter upon              the exercise of conversion rights and options. |   |

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The      table      below sets forth information relating to our shareholder approved compensation      plans as of the end of 2005:

|     **Plan                Category**           |  **Number                of securities to be issued upon exercises of outstanding options,                warrants                and rights** |  **Weighted-average                exercise price of outstanding options, warrants and                rights** |  **Securities                remaining available for future issuance (excluding securities in                column                (a))** |
|--------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                               | (a)                                                                                                                                                 | (b)                                                                                                                 | (c)                                                                                                                                            |
| 2005                Stock Incentive Plan                           | —                                                                                                                                             | —                                                                                                             | 5,000,000                                                                                                                                      |
| 2001                Equity Compensation                            | 2,000,635                                                                                                                                           | $4.31                                                                                                               | —                                                                                                                                        |
| 2000                Equity Compensation                            | 2,195                                                                                                                                               | $101.59                                                                                                             | —                                                                                                                                        |
| 1998                Employee, Director and Consultant Stock Option | 172                                                                                                                                                 | $300.00                                                                                                             | —                                                                                                                                        |
| 1997                Equity Compensation                            | 5,238                                                                                                                                               | $148.38                                                                                                             | —                                                                                                                                        |
| Prior                option plans                                  | 425,100                                                                                                                                             | $2.70                                                                                                               | —                                                                                                                                        |
| Employee                Stock Purchase                             | —                                                                                                                                             | —                                                                                                             | 289,469                                                                                                                                        |
| **Total**                                                          | 2,433,340                                                                                                                                           | $4.45                                                                                                               | 5,289,469                                                                                                                                      |

**Item 13.      **
***Certain      Relationships and Related Transactions.***

On      February 11, 2005, we sold to AdMission Corporation certain of our assets      (including certain patent rights and other intellectual property) and contracts      relating to our AdMission business unit. In consideration for the sale, we      received 1,035,000 shares of the Series A Convertible Preferred Stock of      AdMission and a warrant to purchase 200,000 shares of the Common Stock of      AdMission. Additionally, AdMission assumed certain liabilities associated with      the AdMission business unit. Sarah Pate, IPIX’s former Executive Vice President      and General Manager of IPIX AdMission, is the President and Chief Executive      Officer of AdMission and an investor of AdMission. 

**Item 14.      **
***Principal      Accountant Fees and Services.***

| **Fees**                             |   | **2005** |    | **2004** |   |
|--------------------------------------|--------|----------|---------|----------|--------|
|                                 |   | **AM**   |    | **PWC**  |   | **AM** |   | **PWC** |   |
| Audit                  Fees          |   | $        | 246,531 |     | $      | - |   | $ | 120,000 |   | $ | 37,000 |   |
| Audit                  Related Fees  |   |     | 93,340  |     |   | 84,250 |   |   | 316,000 |   |   | - |   |
| Other                  Fees          |   |     |         |     |   |  |   |   |  |   |   |  |   |
| Tax                  Compliance Fees |   |     | -       |     |   | 48,000 |   |   | - |   |   | 53,000 |   |
| All                  Other Fees      |   |     | 36,194  |     |   | 16,250 |   |   | - |   |   | 32,000 |   |
| Totals                               |   | $        | 376,065 |     | $      | 148,500 |   | $ | 436,000 |   | $ | 122,000 |   |

**Engagement      Policies **

----

**PART      IV**

**Item 15.*****Exhibits      and Financial Statement Schedules.***

|  **Exhibit** |   |                                                                                                                                                                                                                                                                                                                                               |
|-------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Number**        |   | **Description**                                                                                                                                                                                                                                                                                                                                    |
| 3.1               |   | Amended                  and Restated Certificate of Incorporation of the Registrant (incorporated                  herein by reference to Form S-1 as declared effective on                  August 25, 1999 (File No. 333-80639)).                                                                                                |
| 3.1(a)            |   | Amendment                  to the Amended and Restated Certificate of Incorporation of the                  Registrant                  (incorporated herein by reference to Form S-1 as filed with the                  Commission on March 17, 2000).                                                                                  |
| 3.2               |   | Amended                  and Restated Bylaws of the Registrant (incorporated herein by reference                  to                  Form 10-Q as filed with the Commission on November 14, 2000).                                                                                                                                      |
| 3.3               |   | Certificate                  of Designations of Series A Junior Participating Preferred Stock                  (incorporated herein by reference to Form 8-A as filed with the                  Commission on November 2, 2000).                                                                                                    |
| 3.3               |   | Amended                  Certificate of Designations of Series B Preferred Stock (incorporated                  herein by reference to Form 8-K as filed with the Commission on                  October 3, 2001).                                                                                                                  |
| 4.1               |   | Form                  of certificate representing the common stock, $.001 par value per                  share of                  IPIX Corporation (incorporated herein by reference to Form 10-K                  as filed                  with the Commission on March 29, 2000).                                                         |
| 4.2               |   | Rights                  Agreement dated October 31, 2000 between IPIX Corporation and EquiServe                  (incorporated herein by reference to Form 8-A as filed with the                  Commission                  on November 2, 2000).                                                                                                |
| 4.3               |   | Registration                  Rights Agreement dated May 14, 2001 between IPIX Corporation and                  Image Investors Portfolio, a separate series of Memphis Angels,                  LLC                  (incorporated herein by reference to Form 8-K as filed with the                  Commission on May 29, 2001). |
| 4.4               |   | Registration                  Rights Agreement dated April 4, 2004 between IPIX Corporation and                  institutional investors named therein (incorporated by reference                  to                  Form 8-K as filed with the Commission on April 7, 2004).                                                     |
| 10.1*             |   | Employment                  Agreement dated July 1, 2001, between IPIX Corporation and Donald W.                  Strickland (incorporated herein by reference to Form 10-Q as filed                  with the Commission on August 14, 2001).                                                                                      |
| 10.2*             |   | Employment                  Agreement dated July 1, 2001, between IPIX Corporation and Paul A.                  Farmer (incorporated herein by reference to Form 10-Q as filed with                  the Commission on August 14, 2001).                                                                                            |
| 10.3*             |   | Employment                  Agreement dated July 1, 2001 between IPIX Corporation and Sarah Pate                  (incorporated herein by reference to Form 10-K as filed with the                  Commission on March 31, 2003).                                                                                                  |
| 10.4              |   | Reserved                                                                                                                                                                                                                                                                                                                                           |
| 10.5*             |   | Amended                  and Restated IPIX Corporation 2001 Equity Incentive Plan (incorporated                  herein by reference to Form S-8 as filed with the Commission on                  January 16, 2002).                                                                                                                     |
| 10.6*             |   | Amended                  and Restated 1997 Equity Compensation Plan (incorporated herein                  by                  reference to Form S-4 as declared effective on December 16, 1999                  (File No. 91139).                                                                                                   |
| 10.7*             |   | Amended                  and Restated 1998 Employee, Director and Consultant Stock Plan                  (incorporated herein by reference to Form S-4 as declared effective                  on December 16, 1999 (File No. 91139)).                                                                                               |
| 10.8*             |   | 1999                  Employee Stock Purchase Plan (incorporated herein by reference                  to                  Form S-4 as declared effective on December 16, 1999 (File                  No. 91139)                                                                                                                     |
| 10.9*             |   | 2000                  Equity Incentive Plan (incorporated herein by reference to Form                  S-8 as                  declared effective on June 27, 2000 (File No. 333-40160).                                                                                                                                                 |

----

| 10.10*                   |   | PictureWorks                  Technology, Inc. 1994 Stock Option Plan (incorporated herein by                  reference                  to Form S-8 as declared effective on May 2, 2000 (File                  No. 333-36068))                                                                              |
|--------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.11*                   |   | PictureWorks                  Technology, Inc. 1996 Stock Option Plan (incorporated herein by                  reference                  to Form S-8 as declared effective on May 2, 2000 (File                  No. 333-36068))                                                                              |
| 10.12*                   |   | PictureWorks                  Technology, Inc. 1997 Stock Option Plan (incorporated herein by                  reference                  to Form S-8 as declared effective on May 2, 2000 (File                  No. 333-36068))                                                                              |
| 10.13                    |   | Form                  of Indemnification Agreement between the Registrant and each of                  its                  directors and officers (incorporated herein by reference to Form                  S-1 as                  declared effective on August 25, 1999 (File                  No. 333-80639)). |
| 10.14*                   |   | Separation                  Agreement dated September 16, 2004, between IPIX Corporation and                  Donald W. Strickland (incorporated by reference to Form 8-K as filed                  with the Commission on September 21, 2004).                                                                |
| 10.15                  * |   | Employment                  Agreement dated September 16, 2004 between IPIX Corporation and Clara                  M. Conti (incorporated herein by reference to Form 10-Q as filed with                  the Commission on November 15, 2004).                                                                |
| 10.16*                   |   | Separation                  Agreement dated January 25, 2005, between IPIX Corporation and Paul                  A. Farmer (incorporated herein by reference to Form 8-K as filed with                  the Commission on January 31, 2005).                                                                   |
| 10.17                    |   | Lease                  dated February 3, 2005, between IPIX Corporation and Oak Ridge                  Technical Center Partners — One, LP                                                                                                                                                                         |
| 10.18                    |   | Patent                  Purchase, License and Repurchase Agreement dated February 11, 2005,                  between IPIX Corporation and AdMission Corporation (incorporated                  by                  reference to Form 8-K filed with the Commission on February 17,                  2005).     |
| 10.19                    |   | Trademark/Service                  Mark License Agreement dated February 11, 2005, between IPIX                  Corporation and AdMission Corporation (incorporated by reference                  to                  Form 8-K filed with the Commission on February 17, 2005).                               |
| 10.20                    |   | Letter                  Agreement dated October 25, 2004, between IPIX Corporation and Kara                  Brand (incorporated by reference to Form 8-K filed with the                  Commission on April 4, 2005).                                                                                        |
| 10.21                    |   | Letter                  Agreement dated March 29, 2005, between IPIX Corporation and Kara                  Brand (incorporated by reference to Form 8-K filed with the                  Commission on April 4, 2005).                                                                                          |
| 10.22                    |   | Employment                  Agreement effective April 1, 2005, between IPIX Corporation and                  Charles A.                  Crew (incorporated by reference to Form 8-K filed with the Commission                  on April 4, 2005).                                                                  |
| 10.23                    |   | Lease                  Agreement dated February 15, 2000, by and between R.E.C. Partners,                  L.P. and Thomas Group, Inc. (incorporated by reference to Form 10-Q                  filed with the Commission on May 10, 2005).                                                                    |
| 10.24                    |   | Sublease                  Agreement dated April 18, 2005, between Thomas Group, Inc. and IPIX                  Corporation (incorporated by reference to Form 10-Q filed with the                  Commission on May 10, 2005).                                                                                |
| 10.25                    |   | Securities                  Purchase Agreement dated June 21, 2005, among IPIX Corporation                  and each of                  the purchasers (incorporated by reference to Form 8-K filed with the                  Commission on June 23, 2005).                                                        |
| 10.26                    |   | Separation                  Agreement dated February 27, 2006, between IPIX Corporation and                  Charles A.                  Crew (incorporated by reference to Form 8-K filed with the Commission                  on March 3, 2006).                                                                  |
| 10.27                    |   | Amendment                  A Termination of Lease dated March 13, 2006, by and between IPIX                  Corporation and Oak Ridge Technical Center Partners - One, L.P.                  (incorporated by reference to Form 8-K filed with the Commission                  on March                  16, 2006).          |
| 14.1                     |   | Code                  of Ethics for Chief Executive Officer and Senior Financial Officers                  (incorporated by reference to Form 10-K filed with the Commission on                  March 30, 2004)                                                                                                    |
| 14.2                     |   | Code                  of Business Conduct and Ethics (incorporated by reference to Form                  10-K                  filed with the Commission on March 30, 2004)                                                                                                                                              |
| 16.1                     |   | Letter                  dated June 15, 2004 regarding change in certifying accountant                  (incorporated by reference to Form 8-K filed with the Commission on                  June 18, 2004).                                                                                                    |
| 21.1                     |   | Subsidiaries                  of the Registrant (incorporated herein by reference to Form 10-K                  filed with the Commission on March 31, 2003).                                                                                                                                                       |
| 23.1                     |   | Consent                  of PricewaterhouseCoopers LLP (incorporated by reference to Form                  10-K                  filed with the Commission on March 22, 2006).                                                                                                                                                |
| 23.2                     |   | Consent                  of Armanino McKenna LLP (incorporated by reference to Form 10-K                  filed with                  the Commission on March 22, 2006).                                                                                                                                                      |
| 24.1                     |   | Power                  of Attorney (incorporated by reference to Form 10-K filed with                  the                  Commission on March 22, 2006).                                                                                                                                                                    |
| 31.1                     |   | Certification                  of Chief Executive Officer pursuant to Rule 13a-14(a) under the                  Securities Exchange Act of 1934 (incorporated by reference to Form                  10-K                  filed with the Commission on March 22, 2006).                                                  |
| 31.2                     |   | Certification                  of Chief Financial Officer pursuant to Rule 13a-14(a) under the                  Securities Exchange Act of 1934 (incorporated by reference to Form                  10-K                  filed with the Commission on March 22, 2006).                                                  |
| 31.3#                    |   | Certification                  of Chief Executive Officer and Interim Chief Financial Officer                  pursuant to                  Rule 13a-14(a) under the Securities Exchange Act of                  1934.                                                                                                   |
| 32                       |   | Certification                  pursuant to 18 U.S.C. Section 1350, as adopted pursuant to                  Section 906 of the Sarbanes-Oxley Act of 2002(incorporated by                  reference to Form 10-K filed with the Commission on March 22, 2006).                                                      |

| *                Executive Compensation Plan or Agreement |
|-----------------------------------------------------------|
| #                Filed Herewith                           |

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**SIGNATURES**

| **IPIX                CORPORATION** |                                                                                                |
|-------------------------------------|-----------------------------------------------------------------------------------------------------|
|   By:                     |   /s/ Clara M. Conti                                                                      |   |   |
|                                | Clara                M. Conti                                                                       |   |   |
|                                | President                and Chief Executive Officer(Duly                Authorized Representative) |   |   |
|  Date:                         |                   May 1, 2006                                                             |   |   |

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