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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001125282-05-005146.txt : 20051004
<SEC-HEADER>0001125282-05-005146.hdr.sgml : 20051004
<ACCEPTANCE-DATETIME>20051004172908
ACCESSION NUMBER:		0001125282-05-005146
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050930
FILED AS OF DATE:		20051004
DATE AS OF CHANGE:		20051004

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INKINE PHARMACEUTICAL CO INC
		CENTRAL INDEX KEY:			0000929547
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				133754005
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1787 SENTRY PARKWAY WEST
		STREET 2:		BUILDING 18 SUITE 440
		CITY:			BLUE BELL
		STATE:			PA
		ZIP:			19422
		BUSINESS PHONE:		2152836850

	MAIL ADDRESS:	
		STREET 1:		1787 SENTRY PARKWAY WEST
		STREET 2:		BUILDING 18 SUITE 440
		CITY:			BLUE BELL
		STATE:			PA
		ZIP:			19422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PANAX PHARMACEUTICAL CO LTD
		DATE OF NAME CHANGE:	19940906

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Cullen John
		CENTRAL INDEX KEY:			0001316741

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25572
		FILM NUMBER:		051122788

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		215-283-6853

	MAIL ADDRESS:	
		STREET 1:		C/O INKINE PHARMACEUTICAL COMPANY, INC.
		STREET 2:		1787 SENTRY PARKWAY W., BLDG 18, STE 440
		CITY:			BLUE BELL
		STATE:			PA
		ZIP:			19422
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-09-30</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000929547</issuerCik>
        <issuerName>INKINE PHARMACEUTICAL CO INC</issuerName>
        <issuerTradingSymbol>INKP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001316741</rptOwnerCik>
            <rptOwnerName>Cullen John</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1787 SENTRY PARKWAY WEST</rptOwnerStreet1>
            <rptOwnerStreet2>BUILDING 18 SUITE 440</rptOwnerStreet2>
            <rptOwnerCity>BLUE BELL</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19422</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>1</isOfficer>
            <officerTitle>Sr. VP and GC</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Copmmon Stock (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.05</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-09-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-03-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">All of the options described above were converted in the merger into options to purchase Salix common stock based on an exchange ratio of 0.1737. These options, which are fully vested, now represent the right to purchase 8,685 shares of Salix common stock at a weighted average exercise price of $17.56 per share.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Robert F. Apple, as attorney-in-fact for John M. Cullen, Ph.D., J.D.</signatureName>
        <signatureDate>2005-10-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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