Edgar Filing: PIPEX PHARMACEUTICALS, INC.

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN 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 ^*

KANZER STEVE H

2. Issuer Name and Ticker or Trading Symbol
PIPEX PHARMACEUTICALS, INC. [PP]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	__X__ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
CEO

(Last)

(First)

(Middle)

C/O PIPEX, 3930 VARSITY DRIVE

3. Date of Earliest Transaction (Month/Day/Year)
07/16/2007

(Street)

ANN ARBOR, MI 48108

4. If Amendment, Date Original Filed(Month/Day/Year)
07/18/2007

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 Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/16/2007		P		8,467	A	$ 4.8	175,713	D
Common Stock	07/16/2007		P		11,400	A	$ 4.75	187,113	D
Common Stock	07/16/2007		P		3,500	A	$ 4.7	190,613	D
Common Stock	07/16/2007		P		13,733	A	$ 4.9	204,346	D
Common Stock	07/16/2007		P		1,400	A	$ 4.86	205,746	D
Common Stock	07/16/2007		P		2,000	A	$ 4.94	207,746	D
Common Stock	07/16/2007		P		5,200	A	$ 4.85	212,946	D
Common Stock	07/16/2007		P		600	A	$ 5.24	213,546	D
Common Stock	07/16/2007		P		1,600	A	$ 4.6	215,146	D
Common Stock	07/16/2007		P		200	A	$ 4.65	215,346	D
Common Stock	07/16/2007		P		600	A	$ 4.55	215,946	D
Common Stock	07/16/2007		P		1,200	A	$ 4.76	217,146	D
Common Stock	07/16/2007		P		200	A	$ 4.67	217,346	D
Common Stock	07/16/2007		P		200	A	$ 4.61	217,546	D
Common Stock	07/16/2007		P		1,200	A	$ 4.49	218,746	D
Common Stock	07/16/2007		P		1,500	A	$ 4.81	220,246	D
Common Stock	07/16/2007		P		13,000	A	$ 4.88	233,246	D
Common Stock	07/16/2007		P		5,000	A	$ 4.79	238,246	D
Common Stock	07/16/2007		P		10,000	A	$ 4.98	248,246	D
Common Stock	10/31/2006		P		7,086,379	A	⁽¹⁾	7,086,379	I	Accredited Venture Capital, LLC

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrants

$ 2.22

10/31/2006

832,606

10/31/2006

10/30/2011

Common Stock

832,606

$ 0 ⁽²⁾

832,606

Accredited Venture Capital, LLC

Warrants

$ 3.3

01/05/2007

7,651

01/05/2007

05/30/2015

Common Stock

7,651

$ 0 ⁽³⁾

7,651

Accredited Venture Capital, LLC

Warrants

$ 2.22

11/28/2006

373,639

11/28/2006

11/27/2016

Common Stock

373,369

$ 0 ⁽⁴⁾

373,369

Accredited Venture Capital, LLC

Stock Options

$ 2.01

10/31/2006

271,058

⁽⁵⁾

10/30/2016

Common Stock

271,058

$ 0 ⁽⁶⁾

271,058

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
KANZER STEVE H C/O PIPEX 3930 VARSITY DRIVE ANN ARBOR, MI 48108	X	X	CEO

Signatures

/s/ Steve H. Kanzer		07/19/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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)	Received in exchange for shares of Pipex Therapeutics, Inc. common stock upon the October 31, 2006 merger of Pipex Therapeutics, Inc. and a wholly owned subsidiary of the Registrant. Mr. Kanzer is the managing member of Pharmainvestors, LLC, the managing member of Accredited Venture Capital, LLC.
(2)	Received in exchange for warrants of Pipex Therapeutics, Inc. upon the October 31, 2006 merger of Pipex Therapeutics, Inc and a wholly owned subsidiary of the Registrant. Mr. Kanzer is the managing member of Pharmainvestors, LLC, the managing member of Accredited Venture Capital, LLC.
(3)	Received in exchange for warrants of Effective Pharmaceuticals, Inc. upon the January 5, 2007 merger of Effective Pharmaceuticals, Inc. and a wholly owned subsidiary of the Registrant. Mr. Kanzer is the managing member of Pharmainvestors, LLC, the managing member of Accredited Venture Capital, LLC.
(4)	Received in connection with placement agent services performed on behalf of Pipex Pharmaceuticals, Inc. Mr. Kanzer is the managing member of Pharmainvestors, LLC, the managing member of Accredited Venture Capital, LLC.
(5)	One third of these stock options vested on the grant date and the remaining options will vest in equal installments on the first and second anniversaries of the grant date.
(6)	Received in exchange for options of Pipex Therapeutics, Inc. upon the October 31, 2006 merger of Pipex Therapeutics, Inc. and a wholly owned subsidiary of the Registrant.

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