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MIGENIX Corporate Update and Requisition of Special Meeting
Date:7/8/2008

s after approval of the product. This is a significant value opportunity for MIGENIX and was made possible only through the perseverance and commitment of the current management team and board of directors. Those knowledgeable about the biotech industry and the product development process understand that clinical success is required for value creation in drug development companies. We are no exception and have confidence in our strategy and in our ability to continue following through with the value opportunities we have created, regardless of the challenges inherent in this industry."

Program Update

Management and the Board have built a solid portfolio (pipeline) of programs to maximize value potential and mitigate development risk. The status of these programs is as follows:

Omigard(TM) (1% topical omiganan pentahydrocloride for preventing catheter-related infections): Patient enrolment in the Phase III US and European registration clinical trial conducted by Cadence Pharmaceuticals (who is fully funding the Omigard development program) is complete (see May 6, 2008 press release). Cadence expects to announce top-line data from this trial in the second half of 2008 and, with positive results, submit a new drug application for Omigard(TM) to the FDA in the first half of 2009. Upon successful completion of various milestones in this program (starting with FDA acceptance of the NDA for filing), we can receive up to US$27MM in development and commercialization milestone payments and a double-digit royalty on net sales. Cadence's commercialization focus is on the United States market and thus Cadence intends to establish a strategic partnership(s) for the commercialization of Omigard(TM) for the rights it has outside of the United States. MIGENIX management and Board are working to out-license Omigard(TM) rights either in combination with Cadence's rights outside the US to prospective global partners or to potential regional partners for rest of wor
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