MIGENIX Reports Second Quarter Fiscal Year 2008 Financi...(l be reduced for actual royalties paid a...)

Date:12/13/2007

l be reduced for actual royalties paid, any units converted into common shares, and should our estimate of the probable royalties payable decline below $29.5 million) over the estimated royalty payment term using the effective interest method; and (ii) amortizing the deferred financing costs over the estimated royalty payment term using the effective interest method.

The foreign exchange gains/losses were nominal (< $0.1 million) for each of Q2/08, Q2/07, YTD Fiscal 2008 and YTD Fiscal 2007.

Equipment and Intangible Asset Expenditures

Equipment expenditures for Q2/08 were approximately $0.1 million (Q2/07: $0.1 million) and for YTD Fiscal 2008 were $0.2 million (YTD Fiscal 2007: $0.2 million).

Intangible asset costs capitalized in Q2/08, Q2/07, YTD Fiscal 2008 and YTD Fiscal 2007 were $nil.

Liquidity and Capital Resources

As of October 31, 2007, the Company had cash, cash equivalents and short-term investments of $10.5 million (April 30, 2007: $15.3 million) and the Company's net working capital was $9.7 million (April 30, 2007: $14.6 million). The $4.9 million decrease in net working capital from April 30, 2007 is primarily attributable to the cash loss of $4.5 million (loss excluding non-cash expenses: amortization, stock-based compensation and accretion of the convertible royalty participation units) for the six months ended October 31, 2007.

In March 2005 the Company obtained a $9.3 million funding commitment for the MX-2401 program from the Industrial Technologies Office - Industry Canada ("ITO"; formerly Technology Partnerships Canada). The ITO funding covers 26% of eligible costs and a royalty is payable to ITO if the MX-2401 program is successful (determination of success includes the obtaining of marketing approval). As at October 31, 2007, the Company had expenditures qualifying for $1.3 million of funding under this commitment of which $0.6 million had been received and $0.7 million was recorded as governme
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