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

ld territories. We expect a license agreement or agreements with up-front payment(s), milestones and royalty terms to be completed after positive Phase III clinical trial results. Analysts publishing research on Cadence Pharmaceuticals have forecast annual US sales of Omigard(TM) of up to $250 million. Sales in global markets outside of the US would increase the annual sales potential.

CLS001 (2.5% topical omiganan pentahydrocloride for dermatological applications): This program is at the end of Phase II stage of development and is funded completely by our dermatology partner - Cutanea Life Sciences. Cutanea has completed an end of Phase II meeting with the FDA and plans to initiate a Phase III clinical trial in 2008 to treat rosacea. Upon successful completion of various milestones in this program (starting with Phase III enrollment), we can receive up to US$21MM in development and commercialization milestone payments and a single-digit royalty on net sales.

Celgosivir (oral alpha-glucosidase inhibitor for Hepatitis C Virus infections): A Phase II study assessing 400 mg celgosivir for tolerability, pharmacokinetics and viral kinetics when combined with the standard of care drugs, pegylated interferon alfa-2b plus ribavirin, as compared to the standard of care drugs alone for up to 12 weeks of therapy in treatment-naive HCV infected genotype 1 patients is in the final stages of completion. Results from the study are expected in the next several weeks. A previous Phase II study in non-responder genotype 1 patients provided proof of concept in that HCV patient population (see April 11, 2007 news release and January 31, 2008 Management Discussion & Analysis). The Company is currently in key strategic discussions for the partnering and advancement of celgosivir.

MX-2401 (injectable lipopeptide for serious gram positive bacterial infections): This pre-clinical compound is expected to be our next clinical candidate. Pre-clinical studies demonstrate th
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