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

any will continue advancing its highest priority programs (see "Research and Development Expenses") while operating within an annual burn rate of approximately $9 million to $10 million (reduced from previously expected range of $11 million to $13 million principally due to delaying some non-essential development activities). 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 various programs. 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 (January 31, 2008: 94,463,806; April 30, 2007: 94,237,205) common shares outstanding; 29,465 convertible royalty participation units (January 31, 2008 and April 30, 2007: 29,465); and 5,250,000 (January 31, 2008: 5,250,000; April 30, 2007: 9,350,000) preferred shares outstanding. During Q3/08 we redeemed 4,000,000 Series E preferred shares for the aggregate sum of US$1 as the milestone obligations associated with these shares expired August 31, 2007.

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Conference Call

Investors, analysts and the media are invited to participate in a conference call and webcast on Thursday, March 13 at 11:00 a.m. ET (8:00 a.m. PT) to discuss this announcement. An update on company activities will also be provided. To participate in the conference call, please dial 416-644-3417 or 1-800-732-0232. The call will be available for replay until March 27, 2008 by calling 416-640-1917 or 1-877-289-8525 and entering the pass code 21263848 followed by the number sign. The live and archived webcast will be accessible through the company's website at http://www.migenix.com for the
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