Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
IMAGE INVESTOR PORTFOLIO A SEP SER OF MEMPHIS ANGELS LLC
   2. Issuer Name and Ticker or Trading Symbol
IPIX CORP [IPIX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
6410 POPLAR AVENUE, SUITE 395		 3. Date of Earliest Transaction (Month/Day/Year)
08/19/2005
(Street)

MEMPHIS, TN 38119		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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)
Code V Amount (A) or (D) Price
Common Stock 08/19/2005   S   65,625 D $ 3.5879 39,818 D  
Common Stock 08/19/2005   J(1)   38,566 D $ 0 1,252 D  
Common Stock 08/19/2005   J(7)   2,228 A $ 0 2,228 D  
Common Stock 08/19/2005   C(8)   45,383 A $ 2.17 47,611 D  
Common Stock 08/19/2005   S(8)   47,611 D $ 3.6568 0 D  

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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series B Convertible Preferred Stock $ 2.17 08/19/2005   J(2)     230,513   (3)   (4) Common Stock 2,122,448 $ 0 2,769 D  
Tranche A Warrants $ 40 08/19/2005   J(5)     96,831   (3) 05/14/2006 Series B Convertible Preferred Stock 96,831 $ 0 2,769 (6) D  
Series B Convertible Preferred Stock $ 2.17 08/19/2005   J(7)   4,929     (3)   (4) Common Stock 45,383 $ 0 4,929 D  
Series B Convertible Preferred Stock $ 2.17 08/19/2005   C     4,929 08/19/2005   (4) Common Stock 45,383 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
IMAGE INVESTOR PORTFOLIO A SEP SER OF MEMPHIS ANGELS LLC
6410 POPLAR AVENUE, SUITE 395
MEMPHIS, TN 38119		     X    
MCGREW IV FRANK A
150 4TH AVE NORTH STE. 1050
NASHVILLE, TN 37219-2419		     X    
PARADIGM HOLDINGS
1661 INTERNATIONAL DR STE.330
MEMPHIS, TN 38120		     X    
MEMPHIS ANGELS LLC
1661 INTERNATIONAL DR STE 330
MEMPHIS, TN 38120		     X    
PARADIGM CAPITAL EQUITY PARTNERS LLC
1661 INTERNATIONAL DR STE.330
MEMPHIS, TN 38120		     X    

Signatures

 /s/Debra A. Wiles, as Attorney in Fact for Frank McGrew, IV, individually and as Managing Partner of Paradigm Holdings, Managing Member of Paradigm Capital Equity Partners, LLC, Manager of Image Investors Portfolio, a Separate Series of Memphis Angels LLC   08/23/2005
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Distribution of 31,246 shares of common stock to the members of Image Investor Portfolio, including 1,252 shares to Paradigm Holdings, 2,228 shares of Common Stock to Frank McGrew, IV, and of 8,572 shares of common stock to one unaffiliated non-member.
(2) Distribution of 214,316 shares of Series B Convertible Preferred Stock to members of Image Investors Portfolio, including 2,769 shares to Paradigm Holdings, 4,929 shares to Frank McGrew, IV, and 18,966 shares of Series B Convertible Preferred Stock to one unaffiliated non-member.
(3) Exercisable at any time.
(4) No expiration date.
(5) Image Investors received the Tranche A Warrant which entitles Image to purchase 99,600 shares of Series B Preferred Stock in connection with a Securities Purchase Agreement between IPIX Corp. and Image Investors. Image is distributing the rights to purchase 89,640 shares of Series B Preferred Stock to its members and distributing the rights to purchase 9,960 shares of Series B Preferred Stock to one unaffiliated non-member.
(6) Paradigm Holdings received a Tranche A Warrant entitling it to purchase 996 shares of Series B Preferred Stock; Frank McGrew, IV, received a Tranche A Warrant entitling him to purchase 1,773 shares of Series B Preferred Stock.
(7) Pro rata distribution from Image Investors Portfoliao to Frank McGrew, IV, Managing Partner of Paradigm Holdings.
(8) Conversion of Series B Preferred Stock and sale of common stock by Frank McGrew, IV.

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