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 *
  ZUTSHI REENA
 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)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP Program Management
 5. If Amendment, Date Original Filed(Month/Day/Year)
(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)

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) 08/16/2005 08/16/2011 Common Stock 3,000 $ 2.5 D  
Stock Option (Right to Buy) 06/01/2006 05/31/2012 Common Stock 160 $ 2.5 D  
Stock Option (Right to Buy)   (1) 08/01/2013 Common Stock 1,600 $ 2.5 D  
Stock Option (Right to Buy)   (2) 11/01/2015 Common Stock 10,240 $ 20 D  
Stock Option (Right to Buy)   (3) 12/14/2015 Common Stock 2,000 $ 20 D  
Stock Option (Right to Buy)   (4) 12/12/2016 Common Stock 2,550 $ 15 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
ZUTSHI REENA
C/O IMARX THERAPEUTICS, INC.
1635 EAST 18TH STREET
TUCSON, AZ 85719		       VP Program Management  

Signatures

Reena Zutshi by Kevin Ontiveros, Attorney-in-Fact 07/25/2007
**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 (4) equal installments on each of August 1, 2004, 2005, 2006 and 2007, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.
(2) The option vests in four (4) equal installments on each of November 1, 2006, 2007, 2008, 2009, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.
(3) The option vest in four (4) equal installments on each of December 14, 2006, 2007, 2008, and 2009, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.
(4) The option vests in four (4) equal installments on each of December 12, 2007, 2008, 2009 and 2010, and may be exercised prior to vesting, subject to certain rights of repurchase by the Issuer.

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