The iPix announcement, made on August 2, came on the heels of the resignation of three iPix board members — Laban Jackson, director and member of the audit committee, resigned on July 6; Andrew Seamons resigned on July 17; and David Wilds, chairman, resigned July 19. No reason was given for their departures.  The firm had entered into an agreement for a private stock placement that was expected to create $US5 million with which to fund ongoing operations. According to the Washington Business Journal, iPix reported a loss of $3.8 million during the first quarter of this year.