This was one of the very first Pip & Flinx books to be written, but Chronologically it fall as #10 in the series. This does cause a few storyline inconsistencies, such a Pip changing gender.
The overall story is that an ancient monster, the Vom, capable of consuming all life on a planet, is woken by some scientists and transported to the world of Repler. One of the Tar-Aiym, an ancient warrior race who was supposed to be guarding the vom enlists Flinx's aid in dealing with it. The whole bloodhype drug thing is really just a side plot.
Flinx uses his powers and has them expanded in this book, which is one of the reasons I like it.
I wanted for Flinx to develop and use his psionic talents. The series is now something like 15 books and his mental talents in the next book go back to being unreliable and pretty much useless; this was a very, very, very big disappointment to me for the series as a whole.