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

    <schemaVersion>X0202</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2005-02-16</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001067262</rptOwnerCik>
            <rptOwnerName>LEVINE STUART P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>500 LAKE COOK ROAD,</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 130</rptOwnerStreet2>
            <rptOwnerCity>DEERFIELD</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60615</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1002386</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>250000</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Owned by family partnership controlled by reporting person</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>25000</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Owned by foundation controlled by reporting person</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Previously reported.</footnote>
        <footnote id="F2">Under SEC rules, the reporting person was deemed to own the shares covered by a voting, drag-along and right of first refusal
agreement dated as of November 12, 2002 where the parties agreed to maintain IMCOR's board at seven members and to vote to
elect certain persons to the board. This voting agreement was unanimously terminated by the parties thereto. The
termination agreement was executed by the final signatory on February 16, 2005 with the termination effective as of February
1, 2005.</footnote>
        <footnote id="F3">In addition to shares owned directly by the reporting person, shares beneficially owned by the reporting person include: (i)
250,000 owned by SL Investment Enterprises, LP, and (ii) 25,000 shares owned by the Stuart and Sheri Levine Family
Foundation, Inc.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Stuart P. Levine</signatureName>
        <signatureDate>2005-03-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
