MIGENIX Reports Second Quarter Fiscal Year 2008 Financi...(/p FINANCIAL RESULTS For the three ...)

FINANCIAL RESULTS

For the three months ended October 31, 2007 ("Q2/08"), MIGENIX incurred a loss of $3.0 million (Q2/07: $3.7 million) or $0.03 (Q2/07: $0.05) per common share, and for the six months ended October 31, 2007 ("YTD Fiscal 2008") the loss is $6.1 million ($0.06 per common share) compared to a loss of $6.2 million ($0.08 per common share) for the six months ended October 31, 2006 ("YTD Fiscal 2007"). The $0.7 million decrease in the Q2/08 loss compared to Q2/07 consists of: (i) a $0.4 million decrease in research and development expenses (see "Research and Development Expenses" below); (ii) a $0.2 million decrease in general and corporate expenses (see "General and Corporate Expenses" below; and (iii) a $0.1 million decrease in amortization expense (see "Amortization" below).

Revenues

During Q2/08 the Company had no revenues (Q2/07: $nil) and during YTD Fiscal 2008 research and development collaboration revenue was nominal (i.e. < $0.1 million) (YTD Fiscal 2007: $nil). This research and development collaboration revenue is pursuant to the sale of omiganan drug substance to Cutanea Life Sciences.

Research and Development Expenses

The following table summarizes our research and development expenses for the periods indicated:

Three months ended Six months ended

October 31 October 31

2007 2006 2007 2006

Program Expenses Canadian dollars, millions

Omiganan 1% gel (partnered) 0.0 0.0 0.0 0.0

Omiganan for dermatological

diseases (partnered) 0.0 0.0 0.0 0.0

Celgosivir 0.3 0.2 0.7 0.6

MX-2401 (net of government

assistance) 0.1 0.6 0.1 0.6<
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