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

ase include, but are not limited to, statements concerning our expectations for: our expectation that we will be able to bring in additional cash to enable continued key development activities to maximize long-term shareholder value and extend the Company's cash position into 2009; our expectation that we will be able to complete the cost reduction actions; our expectation of achieving significant value-driving milestones during the second half of this year and the first half of next year, along with the potential start of Omigard(TM) related revenues; Cadence Pharmaceuticals having results of the Omigard(TM) Phase III trial in the second half of 2008 and if the results of this trial are positive, Cadence submitting a new drug application (NDA) for Omigard(TM) in the first half of 2009; completion of rest of world partnership(s) for Omigard(TM) in the next 12 months with associated up-front payments; Cutanea Life Sciences' plans to advance omiganan for the treatment of rosacea into Phase III clinical development; our plans to have results from the celgosivir Phase II viral kinetics study in the third quarter of 2008; our plans to seek strategic options for the cegosivir program; our plans to advance MX-2401 into the clinic in late 2009; the cost cutting initiatives reducing the Company's cash burn rate by an estimated $1.5 million annually with the Company operating within an annual burn rate of approximately $8 million or less; and the Company's financial resources being sufficient to fund operations through the Omigard(TM) Phase III results.

With respect to the forward-looking statements contained in this news release, we have made numerous assumptions regarding, among other things: our ability to bring in additional cash; our ability to achieve cost reductions; our ability to achieve milestones related to the clinical programs; the adequacy of the Omigard(TM) Phase III trial design to generate data that are deemed sufficient by regulatory authorities to su
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SOURCE MIGENIX Inc.
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