MX-4565 (small molecule; treatment of neurodegenerative diseases): The potential for a second year of funding from the Michael J. Fox Foundation ("MJFF") to fund research in our MX-4565 program is under review by MJFF. Our agreement with the MJFF provides us a relationship with Elan Pharmaceuticals ("Elan") whereby Elan has a limited right to license the technology arising from the MJFF project from us for certain uses in the field of human disease.
Other Matters: As previously announced in August 2008, we reached an
agreement with DJohnson Holdings Inc. ("DJohnson"), a significant
shareholder of our Company, which avoided a proxy contest at our annual
meeting of shareholders scheduled for October 31, 2008. As part of the
agreement, we reduced the size of our Board from seven members to five and
restructured the Board with three new directors, namely Douglas Johnson,
Bruce Schmidt and Andrew Rae. Two members of the incumbent Board, Pieter
Dorsman and Alistair Duncan, stayed on as directors of our Company. Bruce
Schmidt was also appointed our interim President and CEO. The new Board has
instructed management to concentrate its efforts on restructuring and
stabilizing our operations and to make preparations to raise additional
|SOURCE MIGENIX Inc.|
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