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 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden hours per response... 0.5

(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)
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)
Code V Amount (A) or (D) Price
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 11/02/2006   P   7,086,379 A $ 0.67 7,086,379 I Accredited Venture Capital, LLC

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants $ 2.22 11/02/2006   A   832,606   11/02/2006 11/01/2011 Common Stock 832,606 $ 0 832,606 D  
Warrants $ 3.3 01/05/2007   A   7,651   01/05/2007 05/30/2015 Common Stock 7,651 $ 0 7,651 D  
Warrants $ 2.22 11/28/2006   A   373,639   11/28/2006 11/27/2016 Common Stock 373,369 $ 0 373,369 I Accredited Venture Capital, LLC
Stock Options $ 2.01 11/02/2006   A   271,058     (1) 11/01/2016 Common Stock 271,058 $ 0 271,058 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 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   07/17/2007
**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) 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.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.