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

illion decrease in the write-down in intangible assets (see "Write-down of Intangible Assets" below) and a $0.6 million decrease in research and development expenses (see "Research and Development Expenses" below).

Revenues

During Q3/08 the Company had no revenues (Q3/07: < $0.1 million) and during YTD Fiscal 2008 research and development collaboration revenue was nominal (i.e. < $0.1 million) (YTD Fiscal 2007: nominal). 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 Nine months ended

January 31 January 31

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2008 2007 2008 2007

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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 0.5 1.0 1.1

MX-2401 (net of government

assistance) 0.1 0.4 0.2 0.9

MX-4509 0.0 0.0 0.0 0.0

Other projects 0.1 0.1 0.1 0.2

--------------------------------------------

Total Program Expenses $0.5 $1.0 $1.3 $2.2


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SOURCE MIGENIX Inc.
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