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Migenix Takes Operational Actions To Extend Cash Past Upcoming Key Milestones
Date:5/27/2008

ficer salaries. As incentive for the salary reductions the members

of senior management are to receive a compensation package that

includes stock options. It is anticipated that certain other

employees of the Company (both management and non-management) will

take salary reductions as well or other means to reduce our

compensation expense.

- Reductions in headcount: Headcount has been decreased 18%, from 34 to

28.

- Board Reductions: The Board of Directors is being reduced from 10 to

7 members. In addition, the 6 remaining non-executive directors are

taking a 50% reduction in their cash compensation and these directors

will receive stock options for this reduction. Retiring from the

board are: Richard DeVries, Walter Moos and Keith Schilit.

- Non-personnel expenses: several non-personnel related expenses have

been reduced, such as moving the Company's San Diego office to a

small executive suite and across the board reductions of various

other operational expenses. Cost reduction activities are ongoing.

These initiatives will reduce the Company's cash burn rate by an estimated $1.5 million annually and we anticipate additional reductions as a result of the above initiatives. The Company expects to operate with an annual burn rate of approximately $8 million or less (reduced from previously expected range of $9 million to $10 million).

About MIGENIX

MIGENIX is committed to advancing therapy, improving health, and enriching life by developing and commercializing drugs primarily in the area of infectious diseases. The Company's programs include drug candidates for: the prevention of catheter-related infections (end of Phase III), the treatment of chronic hepatitis C infections (Phase II and preclinical), the treatment of dermatological diseases (end of Phase II), the treatment of serious gram posi
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SOURCE MIGENIX Inc.
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