~~Table~~ UNITED ofSTATES SECURITIES ~~Contents~~AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

~~UNITED~~ FORM ~~STATES SECURITIES AND EXCHANGE COMMISSION~~8-K

~~WASHINGTON,~~ CURRENT ~~D.C. 20549~~REPORT

~~FORM~~ Pursuant ~~8-K~~to Section 13 or 15(d) of the Securities Exchange Act of 1934

~~CURRENT~~Date ~~REPORT Pursuant~~of toReport ~~Section 13 or 15~~(d)Date of ~~the~~Earliest ~~Securities~~Event ~~Exchange~~Reported): ~~Act~~June of26, ~~1934~~ 2007

~~Date~~ of Sipex ~~Report~~ Corporation __________________________________________ (~~Date~~Exact name of ~~Earliest~~registrant ~~Event~~as ~~Reported):~~specified ~~February 21,~~in ~~2007~~its charter)

Sipex Corporation


Delaware	1-33403	04-6135748
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)

233 South Hillview Drive, Milpitas, California		95035
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

~~(Exact~~Registrant’s ~~name~~telephone ofnumber, ~~registrant~~including asarea ~~specified~~code: ~~in its charter)~~408-934-7500

Delaware	000-27892	04-6135748
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
233 South Hillview Drive, Milpitas, California		95035
(Address of principal executive offices)		(Zip Code)

Not Applicable
______________________________________________
Former name or former address, if changed since last report

~~Registrant’s~~ Check ~~telephone~~the ~~number,~~appropriate ~~including~~box ~~area~~below ~~code:~~if ~~408~~the Form 8-~~934-7500~~K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

~~Not~~ [ ] Written ~~Applicable~~communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~Former~~ Top ~~name~~of orthe ~~former address, if changed since last report~~Form

~~Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the~~ ~~filing~~ Item ~~obligation~~1.01 ofEntry ~~the~~into ~~registrant~~a ~~under~~Material ~~any~~Definitive ~~of the following provisions:~~Agreement.

o On ~~Written~~June ~~communications~~26, ~~pursuant~~2007, Sipex Corporation ("Sipex") entered into Amendment No. 7 ("Amendment No. 7") to ~~Rule 425~~the ~~under~~Loan and Security Agreement with Silicon Valley Bank (the ~~Securities~~"Bank") ~~Act~~dated July 21, 2005 (17as ~~CFR~~amended ~~230~~on October 7, 2005, November 10, 2005, January 19, 2006, May 18, 2006, August 1, 2006 and September 28, 2006).~~425~~ Amendment No. 7 modifies the Loan and Security Agreement as follows (capitalized terms not otherwise defined herein shall have the meaning ascribed to them in Amendment No. 7):Section 2.1.5 (b) (Term Loan) is amended to provide that all of the Term Loan Obligations shall be paid in full no later than the earliest of (i) a violation of Section 7.2(a) or (b), (ii) a Merger or Acquisition, or (iii) the Borrower’s receipt of net proceeds from the consummation of an equity financing of no less than $10,000,000, all of the Term Loan Obligations shall be immediately due. Section 2.3 (Interest Rate, Payments) is amended to provide that advances will accrue interest on the outstanding balance at a per annum rate equal to the Prime Rate plus three percent (3.00%). Section 2.4 (Fees) (a) is added to include the following success fees: (i) on or prior to June 26, 2007, a fully-earned, non-refundable success fee of $20,000, (ii) on or prior to a Merger or Acquisition, an additional, fully-earned, non-refundable success fee of $55,000 and (iii) an additional, fully-earned, non-refundable fee of $2,500 shall be incurred per day if the any of the Obligations are not paid in full within 3 days of the applicable maturity date.Section 6.2 (Financial Statements, Reports, Certificates) is amended to require a monthly Compliance Certificate no later than 30 days after the end of each fiscal month including consolidated financial statements, deferred revenue reports, a detailed aging of Sipex’s accounts receivable and accounts payable, and a Borrowing Base Certificate. Section 6.7 (Financial Covenants) is amended to provide that Sipex will maintain as of the last day of each fiscal month, a Liquidity Ratio of not less than 1.50:1.00. In addition, Sipex will maintain a minimum Tangible Net Worth of (-$20,000,000) for the fiscal quarter ending June 30, 2007 and a minimum Tangible Net Worth of $2,500,000 plus 50% of any positive net income for each fiscal quarter thereafter.Section 13 (Definitions) is amended to define that "Revolving Maturity Date" is the earliest of (i) a violation of Section 7.2(a) or (b), (ii) a Merger or Acquisition, (iii) the Borrower’s receipt of net proceeds from the consummation of an equity financing of no less than $10,000,000 or (iv) September 29, 2007. The foregoing does not purport to be a complete description of Amendment No. 7 and is qualified in its entirety by reference to the actual Amendment No. 7, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

o Item ~~Soliciting~~9.01 ~~material~~Financial ~~pursuant~~Statements toand ~~Rule 14a-12 under the Exchange Act (17 CFR 240~~Exhibits.~~14a-12)~~

o (d) ~~Pre-commencement~~Exhibits ~~communications~~10.1 Amendment ~~pursuant~~No.7 to ~~Rule 14d-2(b)~~Loan ~~under~~and ~~the~~Security ~~Exchange~~Agreement ~~Act~~between ~~(17~~Sipex ~~CFR 240~~Corporation and Silicon Valley Bank dated June 26, 2007.~~14d-2(b))~~

o Top ~~Pre-commencement~~of ~~communications pursuant to Rule 13e-4(c) under~~ the ~~Exchange Act (17 CFR~~Form ~~240.13e-4(c))~~

~~TABLE OF CONTENTS~~ SIGNATURES

~~Item~~ Pursuant ~~2.02.~~to ~~Results~~the requirements of ~~Operations~~the ~~and~~Securities ~~Financial~~Exchange ~~Condition~~Act ~~Item~~of ~~9.01~~1934, ~~Financial~~the registrant ~~Statements~~has ~~and~~duly ~~Exhibits~~caused ~~SIGNATURES~~this ~~EXHIBIT~~report ~~INDEX~~to ~~EXHIBIT~~be 99signed on its behalf by the undersigned hereunto duly authorized.1


	Sipex Corporation

June 27, 2007	By:	Clyde R. Wallin

		Name: Clyde R. Wallin
		Title: Chief Financial Officer and Senior VP of Finance

~~Item 2.02.~~ Top ~~Results~~ of ~~Operations~~the ~~and Financial Condition.~~Form

~~On February 21, 2007, Sipex Corporation (“Sipex” or the “Company”) reported its financial~~ ~~results for its fiscal fourth quarter and fiscal year ended December 30, 2006. A copy of the press~~ ~~release issued by the Company concerning the foregoing results is furnished herewith as~~ Exhibit Index ~~99.1.~~

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any other filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. In accordance with General Instruction B.2 of Form 8-K, the information in this report is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.


Exhibit No.		Description

10.1		Amendment No.7 to Loan and Security Agreement between Sipex Corporation and Silicon Valley Bank dated June 26, 2007.

The attached press release includes non-GAAP gross profit (loss), non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share. The Company excludes the following items for non-GAAP measures:

Increased depreciation due to shorter economic life of Hillview facility – This represents increased depreciation expense on the Milpitas facility in California after determination that the facility had a shorter economic useful life to Sipex. The Company excludes the depreciation impact of this infrequent event for comparability with other periods.

Stock-based compensation – These expenses primarily consisted of expenses for employee stock options under Statement of Financial Accounting Standards (“SFAS”) No. 123 (R). The Company excludes stock-based compensation expenses for its non-GAAP measures primarily because they are non-cash expenses that Sipex does not believe are reflective of ongoing operating results. Further, the Company believes that it is useful to investors to understand the impact of the application of SFAS 123(R) to its results of operations.

Restructuring and other – The charges primarily consisted of employee severance costs for the Company’s reduction of workforce plan in the fiscal fourth quarter of 2006, stock option compensation expense due to vesting acceleration of stock options held by a terminated senior executive, employee severance and retention costs relating to the closure of its wafer fabrication facility in Milpitas, California and lease costs associated with the unused portion of its Hillview and Billerica facilities. Sipex believes it is useful to exclude restructuring charges in measuring Sipex’s results of operations because they are non-recurring costs.

Impairment of fixed assets — In the fiscal second quarter of 2005, Sipex recognized an impairment charge for its long-lived assets. Based on changes in the planned use for its wafer fabrication assets, the Company performed an impairment evaluation in accordance with SFAS No. 144 and determined that the appropriate grouping for this impairment evaluation was the wafer fabrication assets taken together and the associated cash flows for these assets. The Company excludes the impairment charge as it believes that it is an infrequent event, which makes the operating results less comparable between reporting periods.

Item 9.01 Financial Statements and Exhibits

Exhibit		Description
99.1		Press release dated Feb. 21, 2007 announcing Sipex’s financial results for its fiscal fourth quarter and fiscal year of 2006.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SIPEX CORPORATION
DATE: February 21, 2007	/s/ Clyde R. Wallin
	Clyde R. Wallin Chief Financial Officer and Senior Vice President of Finance

EXHIBIT INDEX

Exhibit		Description
99.1		Press release dated Feb. 21, 2007 announcing Sipex’s financial results for its fiscal fourth quarter and fiscal year of 2006.

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