The Company has received from Douglas Johnson (a shareholder holding approximately 5% of MIGENIX's outstanding common shares) a requisition for a special meeting of shareholders for the purpose of replacing a majority of the MIGENIX board of directors. Mr. Johnson has reported that DJohnson Holdings Inc. has beneficial ownership of and/or voting control and direction over a total of 14,042,400 MIGENIX common shares, representing approximately 15% of the total issued and outstanding common shares of Migenix.
The MIGENIX board of directors has appointed a Special Committee of directors in respect of the requisition and related matters, comprising David Scott, Mike Abrams, Alistair Duncan, Steve Gillis and Colin Mallet, all of whom are independent of management. The Company will respond to the requisition of a special meeting as required by law in due course.
Management and the Special Committee believe that Mr. Johnson's actions in seeking to acquire control of the Company has created significant uncertainty and may have a negative impact on current business discussions (e.g. partnering/licensing, government assistance) and other opportunities for funding being pursued by management. This action will also distract management and burden the Company with additional direct and opportunity costs it cannot afford.
MIGENIX is committed to advancing therapy, improving health, and
enriching life by developing and commercializing drugs primarily in the
area of infectious diseases. The Company's programs include drug candidates
for: the prevention of catheter-related infections (end of Phase III), the
treatment of chronic hepatitis C infections (Phase II and preclinical), the
treatment of dermatological diseases (end of Phase II), the treatment of
serious gram positive bacterial infections (preclinical) and the treatment
of hepatitis B infections (preclinical). MIGENIX is headquartered in
Vancouver, British Columbia, Canada with US
|SOURCE MIGENIX Inc.|
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