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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001209188-05-000001.txt : 20050823
<SEC-HEADER>0001209188-05-000001.hdr.sgml : 20050823
<ACCEPTANCE-DATETIME>20050823171206
ACCESSION NUMBER:		0001209188-05-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050819
FILED AS OF DATE:		20050823
DATE AS OF CHANGE:		20050823

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			IMAGE INVESTOR PORTFOLIO A SEP SER OF MEMPHIS ANGELS LLC
		CENTRAL INDEX KEY:			0001141302
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26363
		FILM NUMBER:		051044224

	BUSINESS ADDRESS:	
		STREET 1:		6410 POPLAR AVENUE
		STREET 2:		SUITE 395
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38119
		BUSINESS PHONE:		9016826060

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IPIX CORP
		CENTRAL INDEX KEY:			0001088022
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				522213841
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1009 COMMERCE PARK DR
		STREET 2:		SUITE 400
		CITY:			OAK RIDGE
		STATE:			TN
		ZIP:			37830
		BUSINESS PHONE:		8654823000

	MAIL ADDRESS:	
		STREET 1:		1009 COMMERCE PARK DR
		STREET 2:		SUITE 400
		CITY:			OAK RIDGE
		STATE:			TN
		ZIP:			37830

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNET PICTURES CORP
		DATE OF NAME CHANGE:	20000210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAMBOO COM INC
		DATE OF NAME CHANGE:	19990604

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PARADIGM CAPITAL EQUITY PARTNERS LLC
		CENTRAL INDEX KEY:			0001141300
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26363
		FILM NUMBER:		051044220

	BUSINESS ADDRESS:	
		STREET 1:		6410 POPLAR AVENUE
		STREET 2:		SUITE 395
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38119
		BUSINESS PHONE:		9016826060

	MAIL ADDRESS:	
		STREET 1:		1661 INTERNATIONAL DR STE.330
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38120

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MEMPHIS ANGELS LLC
		CENTRAL INDEX KEY:			0001141301
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26363
		FILM NUMBER:		051044221

	BUSINESS ADDRESS:	
		STREET 1:		6410 POPLAR AVENUE
		STREET 2:		SUITE 395
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38119
		BUSINESS PHONE:		9016826060

	MAIL ADDRESS:	
		STREET 1:		1661 INTERNATIONAL DR STE 330
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38120

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MCGREW IV FRANK A
		CENTRAL INDEX KEY:			0001141303
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26363
		FILM NUMBER:		051044223

	BUSINESS ADDRESS:	
		STREET 1:		6410 POPLAR AVENUE
		STREET 2:		SUITE 395
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38119
		BUSINESS PHONE:		9016826060

	MAIL ADDRESS:	
		STREET 1:		150 4TH AVE NORTH STE. 1050
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37219-2419

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PARADIGM HOLDINGS
		CENTRAL INDEX KEY:			0001141304
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26363
		FILM NUMBER:		051044222

	BUSINESS ADDRESS:	
		STREET 1:		6410 POPLAR AVENUE
		STREET 2:		SUITE 395
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38119
		BUSINESS PHONE:		9016826060

	MAIL ADDRESS:	
		STREET 1:		1661 INTERNATIONAL DR STE.330
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38120
</SEC-HEADER>
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<SEQUENCE>1
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    <documentType>4</documentType>

    <periodOfReport>2005-08-19</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001088022</issuerCik>
        <issuerName>IPIX CORP</issuerName>
        <issuerTradingSymbol>IPIX</issuerTradingSymbol>
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        <reportingOwnerId>
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            <rptOwnerName>IMAGE INVESTOR PORTFOLIO A SEP SER OF MEMPHIS ANGELS LLC</rptOwnerName>
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            <rptOwnerStreet1>6410 POPLAR AVENUE, SUITE 395</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MEMPHIS</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>38119</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
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            <rptOwnerName>MCGREW IV FRANK A</rptOwnerName>
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        <reportingOwnerAddress>
            <rptOwnerStreet1>150 4TH AVE NORTH STE. 1050</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NASHVILLE</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>37219-2419</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
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            <isOther>0</isOther>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001141304</rptOwnerCik>
            <rptOwnerName>PARADIGM HOLDINGS</rptOwnerName>
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        <reportingOwnerAddress>
            <rptOwnerStreet1>1661 INTERNATIONAL DR STE.330</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MEMPHIS</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>38120</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001141301</rptOwnerCik>
            <rptOwnerName>MEMPHIS ANGELS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1661 INTERNATIONAL DR STE 330</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MEMPHIS</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>38120</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001141300</rptOwnerCik>
            <rptOwnerName>PARADIGM CAPITAL EQUITY PARTNERS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1661 INTERNATIONAL DR STE.330</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MEMPHIS</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>38120</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>65625</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>3.5879</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>39818</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
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            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>38566</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1252</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F7"/>
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            <transactionTimeliness>
                <value></value>
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            <transactionAmounts>
                <transactionShares>
                    <value>2228</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2228</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
                    <value>2.17</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>47611</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F8"/>
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            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>47611</value>
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                <transactionPricePerShare>
                    <value>3.6568</value>
                </transactionPricePerShare>
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                </transactionAcquiredDisposedCode>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
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    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Series B Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.17</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-08-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
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            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>230513</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2122448</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2769</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Tranche A Warrants</value>
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            <conversionOrExercisePrice>
                <value>40</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-08-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F5"/>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>96831</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2006-05-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Series B Convertible Preferred Stock</value>
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                <underlyingSecurityShares>
                    <value>96831</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2769</value>
                    <footnoteId id="F6"/>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Series B Convertible Preferred Stock</value>
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            <conversionOrExercisePrice>
                <value>2.17</value>
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            <transactionDate>
                <value>2005-08-19</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F7"/>
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            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>4929</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
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                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F3"/>
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            <expirationDate>
                <footnoteId id="F4"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                    <value>45383</value>
                </underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
                    <value>4929</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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            <securityTitle>
                <value>Series B Convertible Preferred Stock</value>
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            <conversionOrExercisePrice>
                <value>2.17</value>
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            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
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                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>4929</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-08-19</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>45383</value>
                </underlyingSecurityShares>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">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.</footnote>
        <footnote id="F2">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.</footnote>
        <footnote id="F3">Exercisable at any time.</footnote>
        <footnote id="F4">No expiration date.</footnote>
        <footnote id="F5">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.</footnote>
        <footnote id="F6">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.</footnote>
        <footnote id="F7">Pro rata distribution from Image Investors Portfoliao to Frank McGrew, IV, Managing Partner of Paradigm Holdings.</footnote>
        <footnote id="F8">Conversion of Series B Preferred Stock and sale of common stock by Frank McGrew, IV.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/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</signatureName>
        <signatureDate>2005-08-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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