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

ted on MX-2401 have demonstrated very favorable activity with low toxicity, a long half-life, and other positive pharmacological and competitive features (with efficacy in multiple animal models, including pneumonia). Good Laboratory Practices ("GLP") compliant non-clinical studies were initiated in April 2007. Activities in the program are currently focused on manufacturing process development and advancing the program into the clinic in late 2009.

SB 9000 (dinucleotide; treatment of chronic hepatitis B virus infections): This preclinical program was out-licensed to Spring Bank Technologies and is supported in part with NIH funding. Spring Bank has made significant progress and plans to advance the program into the clinic in 2009. We have a convertible preferred share ownership position in Spring Bank.

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. Studies funded by the grant are ongoing.

Other Matters: We provided notice to the University of Florida Research Foundation Inc. (UFRFI) of the termination of the license agreement between the Company and UFRFI. The license agreement relates primarily to the Company's MX-4509 program that was written off in the year ended April 30, 2007.

FINANCIAL RESULTS

For the three months ended January 31, 2008 ("Q3/08"), MIGENIX incurred a loss of $3.4 million (Q3/07: $6.7 million) or $0.04 (Q3/07: $0.08) per common share, and for the nine months ended January 31, 2008 ("YTD Fiscal 2008") the loss is $9.5 million ($0.10 per common share) compared to a loss of $12.9 million ($0.16 per common share) for the nine months ended January 31, 2007 ("YTD Fiscal 2007"). The YTD Fiscal 2008 loss includes $2.5 million in non-cash expenses (YTD Fiscal 2007: $5.5 million). The $3.3 million decrease in the Q3/08 loss compared to the Q3/07 loss is principally attributable to a $2.8 m
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