MIGENIX Reports Second Quarter Fiscal Year 2008 Financi...(ntassistance receivable. Based on a meet...)

Date:12/13/2007

nt assistance receivable. Based on a meeting with ITO it was determined that a substantive amendment to our agreement with ITO would be required as milestones in the program had shifted principally as a result of more manufacturing process development work being undertaken in the program compared to the original work plan for ITO. Currently our claims for ITO funding including the $0.7 million recorded as government assistance receivable are on hold and we are working with ITO to address these claims. It is possible that the ITO repayment terms could change in conjunction with other changes, if any, in the ITO agreement. Royalties, if any, that may be payable to ITO would be accounted for in the period in which it is determined that payment is likely.

MIGENIX believes that its funds on hand at October 31, 2007 are sufficient to provide for operations into the third quarter of calendar 2008 before funds received, if any, from existing or new license agreements, the exercise of warrants and options and future financing activities. The Company will continue advancing its highest priority programs while operating within an annual burn rate of $11 million to $13 million. The magnitude of spending in the Company's development programs will be dependent on the licensing status of the celgosivir program and results in the programs, and we may need to increase or decrease our annual burn rate in response to such results. MIGENIX is likely to need to raise additional funds in support of its operations and there is no assurance that such funds can be obtained.

Outstanding Shares

There are currently 94,463,806 (October 31, 2007: 94,463,806; April 30, 2007: 94,237,205) common shares outstanding; 29,465 convertible royalty participation units (October 31, 2007 and April 30, 2007: 29,465); and 9,250,000 (October 31, 2007: 9,250,000; April 30, 2007: 9,350,000) preferred shares outstanding. As of December 13, 2007 MIGENIX approved the redemption of the outstandi
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SOURCE MIGENIX Inc. Copyright©2007 PR Newswire. All rights reserved

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