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MIGENIX Reports Third Quarter Fiscal Year 2008 Financial Results
Date:3/13/2008

cond quarter of 2008, with results available in the second half of 2008 and if the results of this trial are positive, Cadence submitting a new drug application (NDA) for Omigard(TM) in the first half of 2009; our plans to add approximately six patients at 600 mg dose in the celgosivir Phase II viral kinetics study and having results from the study in the third quarter of 2008; Cutanea Life Sciences' plans to advance omiganan for the treatment of rosacea into Phase III clinical development in 2008, our estimate of the probable royalties payable to the holders of the convertible royalty participation units; our plans to advance MX-2401 into the clinic in late 2009; Spring Bank's plans to advance the SB 9000 program into the clinic in 2009; the Company continuing to advance its highest priority programs while operating within an annual burn rate of $9 million to $10 million; and the Company's financial resources being sufficient to fund operations into the fourth quarter of 2008.

With respect to the forward-looking statements contained in this news release, we have made numerous assumptions regarding, among other things: Cadence's ability to enroll sufficient patients to complete the Omigard(TM) Phase III trial; the adequacy of the Omigard(TM) Phase III trial design to generate data that are deemed sufficient by regulatory authorities to support potential regulatory filings, including an NDA, for Omigard(TM); our ability to enroll approximately six patients at the 600 mg dose in the celgosivir Phase II viral kinetics study and having results from the study in the third quarter of 2008; Cutanea's ability to manage, fund and advance omiganan for dermatological applications into Phase III, the adequacy of Cutanea's Phase II results for regulatory authorities to support advancing to Phase III; Spring Bank's ability to manage, fund and advance SB 9000 into clinical development; our ability to manage licensing opportunities; our ability to initiate, fund and complete
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