Malignolipin (Kosacki), the unique antigenic phospholipid reported to exist in “all malignant tissues and in the blood of cancer bearing patients,” is reviewed, objectively evaluated and discussed; its potential importance as an adjunct to cancer diagnosis and management is presented. The picrate method of Malignolipin extraction was performed on 44 coded blood or tissue specimens with a 25.0% oncodiagnostic accuracy. The authors conclude that the picrate extraction of Malignolipin is, as yet, an unreliable and impractical diagnostic test for cancer and that additional investigation is needed to substantiate the clinical value of this compound.