<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2005-01-20</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000761237</issuerCik>
        <issuerName>IMCOR PHARMACEUTICAL CO</issuerName>
        <issuerTradingSymbol>ICRP.PK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001262306</rptOwnerCik>
            <rptOwnerName>MCPHEE WILLIAM D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ONE HOLLIS STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WELLESLEY</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02482</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>135643</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>President of managing general partnership of a limited partnership</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Options (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>44</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2003-04-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-04-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3000</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3000</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Reflects one-for-twenty reverse split that was effective as of March 4, 2005.</footnote>
        <footnote id="F2">Previously reported.</footnote>
        <footnote id="F3">Mr. McPhee is the President of Mi3 Services, L.L.C., the Managing General Partner of Mi3, L.P. and under SEC rules may be
deemed to beneficially own shares owned by Mi3, L.P. Mr. McPhee disclaims ownership of Mi3, L.P.'s shares for all other
purposes.</footnote>
        <footnote id="F4">Mr. McPhee was granted an option to acquire a total of 3,000 shares of common stock of the issuer pursuant to a letter
agreement dated effective as of April 1, 2003. These options terminate 90 days after the termination of Mr. McPhee's
membership on the issuer's board of directors as set forth in Mr. McPhee's award agreement.</footnote>
    </footnotes>

    <remarks>Mr. McPhee's service as a director of the issuer terminated on January 20, 2005.</remarks>

    <ownerSignature>
        <signatureName>/s/ William D. Mcphee</signatureName>
        <signatureDate>2005-03-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
