SEC Form 3

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 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* MATSUNAGA TERRY O (Last) (First) (Middle) C/O IMARX THERAPEUTICS, INC. 1635 EAST 18TH STREET (Street) TUCSON AZ 85719 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 07/25/2007	3. Issuer Name and Ticker or Trading Symbol IMARX THERAPEUTICS INC [ IMRX ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Vice President, Research	5. 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 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	7,084	D

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: 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
Stock Option (Right to Buy)	01/12/2004	01/12/2010	Common Stock	8,000	$2.5	D
Stock Option (Right to Buy)	01/11/2005	01/11/2011	Common Stock	2,000	$2.5	D
Stock Option (Right to Buy)	06/01/2006	05/31/2012	Common Stock	1,600	$2.5	D
Stock Option (Right to Buy)	(1)	08/01/2013	Common Stock	6,000	$2.5	D
Stock Option (Right to Buy)	(2)	11/01/2015	Common Stock	4,400	$20	D
Stock Option (Right to Buy)	(3)	12/14/2015	Common Stock	2,000	$20	D
Stock Option (Right to Buy)	(4)	12/12/2016	Common Stock	1,200	$15	D

Explanation of Responses:

1. The option vests in four (4) equal installments on each of August 1, 2004, 2005, 2006 and 2007, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.

2. The option vests in four (4) equal installments on each of November 1, 2006, 2007, 2008 and 2009, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.

3. The option vests in four (4) equal installments on each of December 14, 2006, 2007, 2008 and 2009, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.

4. The option vests in four (4) equal installments on each of December 12, 2007, 2008, 2009 and 2010, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.

	Terry Matsunaga by Kevin Ontiveros, Attorney-in-Fact	07/25/2007
	** 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 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).
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