VANCOUVER and SAN DIEGO, May 27 /PRNewswire-FirstCall/ - MIGENIX Inc. (TSX: MGI, OTC: MGIFF), a clinical-stage developer of drugs for infectious diseases, is taking aggressive steps to further reduce expenses to extend its cash runway through the Omigard(TM) Phase III results milestone expected in the second half of 2008 while continuing to focus on advancing the Company's MX-2401 program. Efforts are also underway to raise additional cash which will be required to enable continued key development activities expected to maximize long-term shareholder value and extend the Company's cash position into 2009.
The cost reduction actions include some limited program-related changes, substantial management and board compensation cuts, personnel reductions, and other operational streamlining activities (see "SPECIFIC COST-CUTTING ACTIONS" below).
Jim DeMesa, M.D., President and CEO of MIGENIX stated, "We must preserve our cash during this very difficult financial market for biotech companies. With the significant value-driving milestones we expect during the second half of this year and the first half of next year - along with the potential start of Omigard(TM) related revenues - we must take these actions to extend our cash runway as long as possible while continuing to advance our greatest product opportunities. These actions are expected to achieve both. All of us at MIGENIX are committed to creating value for our shareholders, advancing our pipeline of promising drug candidates and improving lives."
As a result of these initiatives, the following are our potential
milestones over the next 12 months:
Omigard(TM) (prevention of catheter-related infections):
- Positive Phase III results in H2/08
- NDA submission in H1/09, with the associated milestone payments
- Completion of rest of world partnership(s), with associated up-front
|SOURCE MIGENIX Inc.|
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