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

at MX-2401 has a good safety profile and very favorable pharmacokinetic and pharmcodymamic properties including a long half-life and efficacy in multiple animal models of infectious diseases, including pneumonia. The features of MX-2401 indicate a highly competitive intravenous agent for treating serious gram positive infections (including the highly publicized resistant bacteria, VRE and MRSA). Activities in the program are currently focused on manufacturing and advancing the program to an IND/CTA for clinical development by late 2009. Advances in manufacturing process development have recently been achieved. We have a $9.3 million investment commitment with Canada Industrial Technologies Office (formerly Technology Partnership's Canada (TPC) program) for the development of this compound.

SB9000 (dinucleotide for Hepatitis B Virus infections): This program was out-licensed to Spring Bank Pharmaceuticals and is currently in pre-clinical development. Spring Bank plans to advance the program into the clinical stage of development in the first quarter of 2010. We have a 1,000,000 convertible preferred share and 50,000 common share ownership position in Spring Bank. Under the terms of a license agreement, MIGENIX can also receive up to US$3.5 million in milestone payments during development of the compound and royalties upon commercialization.

MX-4565 (for neurodegenerative diseases): This pre-clinical program has been supported by a grant from the Michael J. Fox Foundation ("MJFF") awarded to us in June 2007 for research related to Parkinson's and other disease indications. The potential for a second year of funding is under review by MJFF and us. The grant award agreement provides Elan Pharmaceuticals with a limited right to license the technology arising from the MJFF project for certain uses in the field of human disease. Other license discussions for ophthalmologic indications are currently active.

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