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

ital to finance our Company. Further, management has been evaluating our programs, personnel and business strategies, and is currently working to reduce our financial commitments and, where necessary, rationalize certain programs though controlled spending and increased out-licensing efforts.

As previously announced, we plan to raise up to $2.5 million pursuant to a rights offering. Additional information concerning the rights offering will be provided by us in a forthcoming communication.

FINANCIAL RESULTS

For the three months ended July 31, 2008 ("Q1/09"), MIGENIX incurred a loss of $2.6 million (Q1/08: $3.1 million) or $0.03 (Q1/08: $0.03) per common share. The $0.5 million decrease in the Q1/09 loss compared to the Q1/08 loss is principally attributable to a $0.7 million decrease in research and development expenses, which was partially offset by a $0.2 million increase in accretion expense and a $0.1 million decrease in interest income. The accretion expense is a non-cash expense resulting from accreting the liability component of the convertible royalty participation units and amortizing the related deferred financing costs.

As of July 31, 2008, the Company had cash, cash equivalents and short- term investments of $3.6 million (April 30, 2008: $5.6 million) and the Company's net working capital was $3.3 million (April 30, 2008: $5.0 million). The $1.7 million decrease in net working capital from April 30, 2008 is primarily attributable to the $1.7 million in expenses for the three months ended July 31, 2008 that do not require the use of cash (i.e. non-cash expenses include:: amortization, stock-based compensation, deferred share unit compensation and the accretion of the convertible royalty participation units).

MIGENIX believes that its funds on hand at July 31, 2008 and $0.5 million in funds received in August 2008 from the July 31, 2008 government assistance receivable (see balance sheet), combined with ongoing cost reduc
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SOURCE MIGENIX Inc.
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