Ownership Submission
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  PEW THOMAS W JR
 2. Date of Event Requiring Statement (Month/Day/Year)
07/25/2007		 3. Issuer Name and Ticker or Trading Symbol
IMARX THERAPEUTICS INC [IMRX]
(Last)
(First)
(Middle)
C/O IMARX THERAPEUTICS, INC., 1635 EAST 18TH STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
07/25/2007
(Street)

TUCSON, AZ 85719		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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 33,913
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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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 of Derivative Security: 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)   (1) 08/02/2014 Common Stock 11,000 $ 15 D  
Stock Purchase Warrant (Right to Buy) 10/01/2003 09/29/2010 Common Stock 2,069 $ 10 D  
Stock Purchase Warrant (Right to Buy) 01/30/2004 01/28/2011 Common Stock 505 $ 10 D  
Stock Purchase Warrant (Right to Buy) 01/30/2004 01/28/2011 Common Stock 708 $ 10 D  
Series A Preferred Stock   (2)   (3) Common Stock 11,388 (4) $ (4) D  
Series D Preferred Stock   (2)   (3) Common Stock 10,025 (5) $ (5) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
PEW THOMAS W JR
C/O IMARX THERAPEUTICS, INC.
1635 EAST 18TH STREET
TUCSON, AZ 85719		   X      

Signatures

Thomas W. Pew, Jr. 07/30/2007
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) The option vests in four equal installments on each of August 2, 2005, 2006, 2007 and 2008, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.
(2) These shares of Preferred Stock will automatically convert into shares of Common Stock upon the closing of the Issuer's initial public offering.
(3) Not applicable.
(4) These shares of Preferred Stock will automatically convert into Common Stock upon the closing of the Issuer's initial public offering, and reflect a 2.75/2.63 conversion ratio, as adjusted to reflect a 6-for-10 and subsequent 1-for-3 reverse stock split.
(5) These shares of Preferred Stock will automatically convert into Common Stock upon the closing of the Issuer's initial public offering, and reflect a 2.75/2.00 conversion ratio, as adjusted to reflect a 6-for-10 and subsequent 1-for-3 reverse stock split.

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