MIGENIX Reports Second Quarter Fiscal Year 2008 Financi...(d on the promising results from thisstud...)

MX-2401 (IV lipopeptide; treatment of gram-positive bacterial infections): MX-2401 is an injectable lipopeptide being developed for the treatment of serious gram positive bacterial infections. To date, preclinical studies conducted on MX-2401 have demonstrated very favorable activity, low toxicity, a long half-life, and other positive scientific and competitive features (with efficacy in multiple animal models, including pneumonia).

Based on these positive results, the Company initiated interactions with Health Canada to obtain feedback on the pre-Phase I development program. Good Laboratory Practices ("GLP") compliant non-clinical studies were then initiated in April 2007. The timing for completion of the GLP studies is dependent upon: (1) additional manufacturing process development work; (2) initiation of the remaining required GLP studies; and (3) financial resources.

MX-4565 (small molecule; treatment of neurodegenerative diseases): In June 2007 we were awarded a grant from the Michael J. Fox Foundation to fund research in our MX-4565 program. The grant award agreement provides Elan Pharmaceuticals with a limited right to license the technology arising from the project for certain uses in the field of human disease. Studies funded by the grant are ongoing.

Other Matters: In November 2007 we relocated our Vancouver office and research operations to new premises in close proximity to our former facility. Our new premises consist of approximately 9,500 sq. ft. of office and lab space, with leases that expire in December 2009. We have a renewal option for an additional three- year term and rights of first offer for approximately 1,200 sq. ft of additional lab space to expand our operations. <
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