Board and Management Focused on Near-Term Milestones and Maintain
Commitment to Strategy
VANCOUVER and SAN DIEGO, July 8 /PRNewswire-FirstCall/ - MIGENIX Inc. (TSX: MGI, OTC: MGIFF), a clinical-stage developer of drugs for infectious diseases, has received a requisition for a special meeting of shareholders for the purpose of acquiring control of MIGENIX's board of directors (see "Requisition of Shareholder Meeting"). Management and the board maintain their commitment to all MIGENIX shareholders to create value based on our existing pharmaceutical product development strategy and are continuing to work diligently on opportunities to create value (see "Program Update").
Jim DeMesa, M.D., President and CEO of MIGENIX stated, "Since
announcing our strategic plan in 2002, management has maintained a focus on
achieving the objectives outlined in that plan to build long-term value for
our shareholders. Familiar to all in the biotech space, drug development is
a long, risky process with many setbacks. We have been navigating that
course and are now on the verge of some of the results of our strategy.
Importantly, we are very close to a pivotal milestone for our latest-stage
product candidate - Omigard(TM), with Phase III clinical results expected
before the end of the calendar year (see "Program Update" below). Armed
with positive results from this study, our partner in this program, Cadence
Pharmaceuticals, plans to submit a New Drug Application (NDA) for marketing
approval of Omigard(TM) in the United States in the first half of calendar
2009 - which is a significant event for any biotech or pharmaceutical
company. Also, with positive Phase III results, we expect to partner the
additional commercial rights to Omigard to maximize revenue to the Company
for further value creation. This is in addition to the potential US$27MM in
milestone payments under our agreement with Cadence and double digit
royalty revenue on net sale
|SOURCE MIGENIX Inc.|
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