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MIGENIX Reports First Quarter Fiscal 2009 Financial Results
Date:9/15/2008

g creating greater awareness of MX-240-1 at the important Interscience Conference on Antimicrobial Agents and Chemotherapy ("ICAAC") to be held October 25-28, 2008 in Washington, D.C., as well as key development activities to support the program. Development activities in the MX-2401 program will be based on available resources and completion of an evaluation of the program and resource requirements by management and our Board. Manufacturing process development at a European-based contract manufacturer was initiated during the quarter and other work related to the manufacturing process has been successfully completed. At this time, we are unable to provide guidance as to the timing for advancing this program to clinical trials.

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 cap
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