Migenix Takes Operational Actions To Extend Cash Past Upcoming Key ...(t(s) milestones and royalty terms Cel...)

Celgosivir (hepatitis C virus):

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- Phase II viral kinetics 12 week study results in Q3/08

CLS001 (rosacea and other dermatologic conditions):

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- Our partner, Cutanea Life Sciences, to initiate a Phase III clinical

trial to treat rosacea (with associated milestone payment)

MX-2401 (serious bacterial infections):

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- Further advancement through preclinical development to move this

project into the clinic in late 2009.

SPECIFIC COST-CUTTING ACTIONS:

- Program-related: The planned extension of the celgosivir viral

kinetics study to include a 600 mg celgosivir combination arm (600 mg

celgosivir combined with the standard of care drugs, pegylated

interferon alfa-2b plus ribavirin) will be stopped. The study will be

completed with the patients already enrolled in the 400 mg celgosivir

combination treatment arm and the standard of care treatment arm. In

addition to reducing expenses, the decision to stop the 600 mg

combination arm of the study at this time was made based on the loss

of patients that were being transitioned to a new study site after a

prior study site ceased operations (see March 13, 2008 news release).

Results of the study are expected in Q3/08. The Company will seek

strategic options for the celgosivir program including current

licensing and collaboration opportunities.

- Senior Management Salary Reductions: salary reduction of the CEO, Dr.

Jim DeMesa extended to a 40% reduction, and reductions between 20%

and 35% for the Chief Business Officer, the Chief Science Officer and

the Chief Financial Officer - for an average of 31% reduction in

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