SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G
                                 (Rule 13d-102)

          INFORMATION TO BE INCLUDED IN THE STATEMENTS FILED 
          PURSUANT TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO
          FILED PURSUANT TO RULE 13d-2(b)

                               (Amendment No. 1)*

                        Hollis-Eden Pharmaceuticals, Inc.
                        ---------------------------------
                                (Name of Issuer)

                     Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    435902101
                                 --------------
                                 (CUSIP Number)

                                  July 15, 2005
-------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

       [ ]        Rule 13d-1(b)
       [X]        Rule 13d-1(c)
       [ ]        Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                                  SCHEDULE 13G
CUSIP NO. 435902101                                              Page 2 of 8
-----------------------------------------------------------------------------
1    NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

     Cranshire Capital, L.P.
-----------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP     (a) [ ]
                                                          (b) [ ]
-----------------------------------------------------------------------------
3    SEC USE ONLY

-----------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION

     Illinois
-----------------------------------------------------------------------------
NUMBER OF      5    SOLE VOTING POWER

SHARES              N/A
               --------------------------------------------------------------
BENEFICIALLY   6    SHARED VOTING POWER

OWNED BY            N/A
               --------------------------------------------------------------
EACH           7    SOLE DISPOSITIVE POWER

REPORTING           N/A
               --------------------------------------------------------------
PERSON         8    SHARED DISPOSITIVE POWER

WITH                N/A
-----------------------------------------------------------------------------
9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     N/A
-----------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                   [X]
-----------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     Less than 5%
-----------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON

     PN
-----------------------------------------------------------------------------

                                  SCHEDULE 13G
CUSIP NO. 435902101                                              Page 3 of 8
-----------------------------------------------------------------------------
1    NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

     Downsview Capital, Inc.
-----------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP     (a) [ ]
                                                          (b) [ ]
-----------------------------------------------------------------------------
3    SEC USE ONLY

-----------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION

     Illinois
-----------------------------------------------------------------------------
NUMBER OF      5    SOLE VOTING POWER

SHARES              N/A
               --------------------------------------------------------------
BENEFICIALLY   6    SHARED VOTING POWER

OWNED BY            N/A
               --------------------------------------------------------------
EACH           7    SOLE DISPOSITIVE POWER

REPORTING           N/A
               --------------------------------------------------------------
PERSON         8    SHARED DISPOSITIVE POWER

WITH                N/A
-----------------------------------------------------------------------------
9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     N/A
-----------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                   [X]
-----------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     Less than 5%
-----------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON

     CO
-----------------------------------------------------------------------------

                                  SCHEDULE 13G
CUSIP NO. 435902101                                              Page 4 of 8
-----------------------------------------------------------------------------
1    NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

     Mitchell P. Kopin
-----------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP     (a) [ ]
                                                          (b) [ ]
-----------------------------------------------------------------------------
3    SEC USE ONLY

-----------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION

     U.S.A.
-----------------------------------------------------------------------------
NUMBER OF      5    SOLE VOTING POWER

SHARES              N/A
               --------------------------------------------------------------
BENEFICIALLY   6    SHARED VOTING POWER

OWNED BY            N/A
               --------------------------------------------------------------
EACH           7    SOLE DISPOSITIVE POWER

REPORTING           N/A
               --------------------------------------------------------------
PERSON         8    SHARED DISPOSITIVE POWER

WITH                N/A
-----------------------------------------------------------------------------
9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     N/A
-----------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                   [X]
-----------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     Less than 5%
-----------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON

     IN
-----------------------------------------------------------------------------

                                  SCHEDULE 13G
CUSIP NO. 435902101                                              Page 5 of 8

Item 1(a).     Name of Issuer:

               Hollis-Eden Pharmaceuticals, Inc., a Delaware corporation(the
               "Issuer")

Item 1(b).     Address of Issuer's Principal Executive Offices:

               4435 Eastgate Mall, Suite 400
               San Diego, California 92121

Items 2(a),    Name of Persons Filing, Address of Principal Business Office and
(b) and        Citizenship:
(c).

               This Amendment No. 1 to Schedule 13G is being filed on behalf of
               (i) Cranshire Capital, L.P., an Illinois limited partnership
               ("Cranshire"), (ii) Downsview Capital, Inc., an Illinois
               corporation ("Downsview") and (iii) Mitchell P. Kopin, an
               individual who is a citizen of the U.S.A. ("Kopin," together with
               Cranshire and Downsview, the "Reporting Persons").

               The Reporting Persons have entered into a Joint Filing Agreement,
               a copy of which is filed with this Amendment No. 1 to Schedule
               13G as Exhibit 1, pursuant to which the Reporting Persons have
               agreed to file this Amendment No. 1 to Schedule 13G jointly in
               accordance with the provisions of Rule 13d-1(k) of the Securities
               Exchange Act of 1934, as amended.

               The principal business office of each of the Reporting Persons is
               666 Dundee Road, Suite 1901, Northbrook, Illinois, 60062.

Item 2(d).     Title of Class of Securities:

               Common Stock, par value $0.01 per share, of the Issuer (the
               "Common Stock")

Item 2(e).     CUSIP Number:

               435902101

Item 3.        Not applicable.

Item 4.        Ownership.

               (a)  Amount beneficially owned: N/A

               (b)  Percent of class: Less than 5%

               (c)  Number of shares to which such person has:

                    (i)   Sole power to vote or direct the vote: N/A

                    (ii)  Shared power to vote or direct the vote: N/A

                                  SCHEDULE 13G
CUSIP NO. 435902101                                              Page 6 of 8

                    (iii) Sole power to dispose or to direct the disposition of:
                          N/A

                    (iv)  Shared power to dispose of or direct the disposition
                          of: N/A

               The beneficial ownership of the Reporting Persons excludes
               certain shares of Common Stock issuable upon the exercise of
               warrants held by Cranshire. Such warrants issued to Cranshire
               contain exercise caps which prohibit the holder of the warrants
               from exercising such warrants to the extent that giving effect to
               such exercise, such holder would beneficially own in excess of
               4.99% of the Issuer's outstanding Common Stock (determined in
               accordance with Section 13(d) of the Securities Exchange Act of
               1934).

Item 5.        Ownership of Five Percent or Less of a Class.

               If this statement is being filed to report the fact that as of
               the date hereof the reporting persons have ceased to be the
               beneficial owner of more than five percent of the class of
               securities, check the following |X|.

Item 6.        Ownership of More than Five Percent on Behalf of Another Person.

               Not Applicable.

Item 7.        Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported By the Parent Holding
               Company.

               Not Applicable.

Item 8.        Identification and Classification of Members of the Group.

               Not Applicable.

Item 9.        Notice of Dissolution of a Group.

               Not Applicable.

Item 10.       Certification.

               By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were not acquired and
               are not held for the purpose of or with the effect of changing or
               influencing the control of the issuer of the securities and were
               not acquired and are not held in connection with or as a
               participant in any transaction having that purpose or effect.

                                  SCHEDULE 13G
CUSIP NO. 435902101                                              Page 7 of 8

                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:   July 15, 2005

                                 CRANSHIRE CAPITAL, L.P.

                                 By: Downsview Capital, Inc.,
                                     its general partner

                                 By:/s/ Mitchell P. Kopin
                                    ------------------------------
                                    Mitchell P. Kopin, President


                                 DOWNSVIEW CAPITAL, INC.

                                 By:/s/ Mitchell P. Kopin
                                    ------------------------------
                                    Mitchell P. Kopin, President


                                 /s/ Mitchell P. Kopin
                                 ---------------------------------
                                 Mitchell P. Kopin


                                  SCHEDULE 13G
CUSIP NO. 435902101

                                                                      Exhibit 1

                             JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934,
as amended, the undersigned agree to the joint filing on behalf of each of them
of a statement on Schedule 13G (including amendments thereto) with respect to
certain shares of Common Stock of Hollis-Eden Pharmaceuticals, Inc., and further
agree that this Joint Filing Agreement shall be included as an exhibit to such
joint filings.

     The undersigned further agree that each party hereto is responsible for the
timely filing of such Schedule 13G and any amendments thereto, and for the
completeness and accuracy of the information concerning such party contained
therein; provided, however, that no party is responsible for the completeness or
accuracy of the information concerning any other party making the filing, unless
such party knows or has reason to believe that such information is inaccurate.

     IN WITNESS WHEREOF, the parties have executed this Joint Filing Agreement
on July 15, 2005.

                                 CRANSHIRE CAPITAL, L.P.

                                 By: Downsview Capital, Inc.,
                                     its general partner

                                 By:/s/ Mitchell P. Kopin
                                    -------------------------------
                                    Mitchell P. Kopin, President


                                 DOWNSVIEW CAPITAL, INC.

                                 By:/s/ Mitchell P. Kopin
                                    -------------------------------
                                    Mitchell P. Kopin, President


                                 /s/ Mitchell P. Kopin
                                 ----------------------------------
                                 Mitchell P. Kopin