SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

PATE SARAH

(Last)

(First)

(Middle)

3160 CROW CANYON ROAD

4TH FLOOR

(Street)

SAN RAMON

94583

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IPIX CORP [ IPIX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice President Finance

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/01/2001		A		4,880	A	$0	11,346.7	D
Common Stock	04/20/2004		M		13,000	A	$1.5	24,346.7	D
Common Stock	04/20/2004		S		13,000	D	$10.0482	11,346.7	D
Common Stock	04/20/2004		M		43	A	$1.5	11,389.7	D
Common Stock	04/20/2004		S		43	D	$9.75	11,346.7	D
Common Stock	04/20/2004		M		157	A	$1.5	11,503.7	D
Common Stock	04/20/2004		S		157	D	$9.75	11,346.7	D
Common Stock	04/20/2004		M		61,800	A	$1.5	73,146.7	D
Common Stock	04/20/2004		S		61,800	D	$9.5098	11,346.7	D
Common Stock	04/20/2004		M		44,500	A	$2.04	55,846.7	D
Common Stock	04/20/2004		S		44,500	D	$9.5098	11,346.7	D
Common Stock	04/20/2004		M		55,500	A	$2.04	66,846.7	D
Common Stock	04/20/2004		S		55,500	D	$9.6001	11,346.7	D
Common Stock	04/20/2004		M		31,250	A	$1.07	42,596.7	D
Common Stock	04/20/2004		S		31,250	D	$9.6001	11,346.7	D
Common Stock								496	I	by Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Incentive Stock Option (right to buy)	$1.07	01/03/2003		A		50,000		⁽¹⁾	01/03/2013	Common Stock	50,000	$0	50,000	D
Incentive Stock Option (right to buy)	$1.07	04/20/2004		M			31,250	⁽¹⁾	01/03/2013	Common Stock	31,250	$0	18,750	D
Incentive Stock Option (right to buy)	$1.5	09/24/2001		A		13,043		⁽²⁾	09/24/2011	Common Stock	13,043	$0	13,043	D
Incentive Stock Option (right to buy)	$1.5	04/20/2004		M			13,000	⁽²⁾	09/24/2011	Common Stock	13,000	$0	43	D
Incentive Stock Option (right to buy)	$1.5	04/20/2004		M			43	⁽²⁾	09/24/2011	Common Stock	43	$0	0	D
Incentive Stock Option (right to buy)	$2.3	03/10/2004		A		55,009		⁽¹⁾	03/10/2014	Common Stock	55,009	$0	55,009	D
Incentive Stock Option (right to buy)	$2.8	06/28/2001		A		9,500		⁽³⁾	06/28/2011	Common Stock	9,500	$0	9,500	D
Incentive Stock Option (right to buy)	$14.1	06/15/1996		A		679.5		⁽⁶⁾	06/15/2006	Common Stock	679.5	$0	679.5	D
Incentive Stock Option (right to buy)	$14.1	07/01/1996		A		453		⁽⁶⁾	07/01/2006	Common Stock	453	$0	453	D
Incentive Stock Option (right to buy)	$14.1	10/30/1997		A		566.2		⁽⁶⁾	10/30/2007	Common Stock	566.2	$0	566.2	D
Incentive Stock Option (right to buy)	$52.9	01/12/2000		A		993		⁽⁶⁾	01/12/2010	Common Stock	993	$0	993	D
Incentive Stock Option (right to buy)	$87.5	04/03/2000		A		159.4		⁽⁶⁾	04/03/2010	Common Stock	159.4	$0	159.4	D
Non-Qualified Stock Option (right to buy)	$1.5	09/24/2001		A		61,957		⁽²⁾	09/24/2011	Common Stock	61,957	$0	61,957	D
Non-Qualified Stock Option (right to buy)	$1.5	04/20/2004		M			157	⁽²⁾	09/24/2011	Common Stock	157	$0	61,800	D
Non-Qualified Stock Option (right to buy)	$1.5	04/20/2004		M			61,800	⁽²⁾	09/24/2011	Common Stock	61,800	$0	0	D
Non-Qualified Stock Option (right to buy)	$2.02	06/06/2002		A		50,000		⁽⁴⁾	06/06/2012	Common Stock	50,000	$0	50,000	D
Non-Qualified Stock Option (right to buy)	$2.04	12/11/2001		A		100,000		⁽⁴⁾	12/11/2011	Common Stock	100,000	$0	100,000	D
Non-Qualified Stock Option (right to buy)	$2.04	04/20/2004		M			44,500	⁽⁴⁾	12/11/2011	Common Stock	44,500	$0	55,500	D
Non-Qualified Stock Option (right to buy)	$2.04	04/20/2004		M			55,500	⁽⁴⁾	12/11/2011	Common Stock	55,500	$0	0	D
Non-Qualified Stock Option (right to buy)	$2.3	03/10/2004		A		44,991		⁽¹⁾	03/10/2014	Common Stock	44,991	$0	44,991	D
Non-Qualified Stock Option (right to buy)	$2.8	06/28/2001		A		65,500		⁽³⁾	06/28/2011	Common Stock	65,500	$0	65,500	D
Non-Qualified Stock Option (right to buy)	$52.9	01/12/2000		A		26		⁽⁶⁾	01/12/2010	Common Stock	26	$0	26	D
Non-Qualified Stock Option (right to buy)	$123.13	05/17/2000		A		3,500		⁽⁵⁾	05/17/2010	Common Stock	3,500	$0	3,500	D
Non-Qualified Stock Option (right to buy)	$287.5	04/03/2000		A		6,840.6		⁽⁶⁾	04/03/2010	Common Stock	6,840.6	$0	6,840.6	D

Explanation of Responses:

1. These options vest 50% one year from the date of grant and the remaining 50% vest 1/12 each month thereafter for the next year.

2. 25% of this option vested immediately; 25% vested on 03/01/02; 25% vested on 09/24/02 and the remaining 25% vests 1/12 monthly thereafter.

3. 25% of this option vested immediately; 25% vested on 01/01/02; 25% vested on 07/01/02 and the remainnig 25% vests 1/12 monthly thereafter.

4. These options vest 100% one year from the date of grant.

5. These options vest 33.3% one year from the date of grant and the remaining 66.6% vest equally each month thereafter for the succeeding 24 months.

6. This option is immediately exercisable.

	/s/ Sarah Pate	04/22/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (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).
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