Navigation Links
Migenix averts proxy contest; reaches agreement with DJohnson holdings

VANCOUVER, Aug. 11 /PRNewswire-FirstCall/ - MIGENIX Inc. ("MIGENIX") announced today that it has reached an agreement with DJohnson Holdings Inc. ("DJohnson"), a significant shareholder of MIGENIX, that will avoid a proxy contest at MIGENIX's annual meeting of shareholders scheduled for October 31, 2008. As part of the agreement, MIGENIX has reduced the size of its board of directors from seven members to five and accepted the resignations of the following directors: David Scott, James DeMesa, Steven Gillis, Colin Mallet and Michael Abrams. The new board will be comprised of two members from the incumbent board, Pieter Dorsman and Alistair Duncan, and the following DJohnson nominees:

Douglas Johnson - Mr. Johnson has over 30 years of experience in the financing of both public and private companies. Mr. Johnson has operated Canfund Ventures Corporation ("Canfund") since 1982 as chief executive officer and president. Canfund is a venture investor specializing in microcap and start-up companies and has extensive investments in resources and technology companies. Mr. Johnson is the president, chief executive officer and a director of Foundation Resources Inc., and is also a director of both Search Capital Inc. and Ridgeline Energy Services Inc., formerly Gavwest Resources Ltd., all of which are listed on the TSX Venture Exchange.

Bruce Schmidt - Mr. Schmidt is a founder and chief executive officer of a University of British Columbia spin-off biotechnology company focused on novel compounds for the treatment of various cancers and neurological disorders. In 2000, Mr. Schmidt helped found Genome British Columbia, a life-sciences research institute with the objective of building world class genomics capabilities for British Columbia. Mr. Schmidt has also served as a director for a number of high-tech and biotech companies in Canada. Previous activities include acting as a director of the Canadian Healthcare Licensing Association and chairman of LifeSciences British Columbia (formerly BCBiotech).

Andrew Rae - Mr. Rae is the chief executive officer and president of iCo Therapeutics Inc., an ocular development company he co-founded in 2005. Mr. Rae has spent a decade in the biotechnology industry, formerly as chief financial officer with Ability Biomedical Corporation. Mr. Rae has also served as vice president, Finance and Corporate Affairs at Active Pass Pharmaceuticals. Previously, Mr. Rae served as biotechnology equities analyst at Goepel Shields & Partners (now Raymond James Ltd.), covering Canadian biotechnology stocks.

To facilitate a resolution between the parties, Dr. James DeMesa has also agreed to resign as president and chief executive officer of MIGENIX effective immediately. Bruce Schmidt has been appointed as interim president and chief executive officer of MIGENIX.

Dr. Jim DeMesa, resigning president and chief executive officer of MIGENIX, commented: "We are pleased a solution between MIGENIX and DJohnson has been reached. As a result of a detailed assessment of MIGENIX's current financial condition, the opportunities which lie ahead, and the standby commitment for a rights offering that has been made by DJohnson, the board determined that a settlement with DJohnson was in the best interests of shareholders."

Doug Johnson, president of DJohnson, stated, "I am glad the impending proxy battle has been resolved. I am pleased to have myself, Bruce Schmidt and Andrew Rae join the board of directors to help guide MIGENIX in realizing its objectives. Our agreement with MIGENIX increases shareholder representation on our board and is consistent with our commitment of accountability to shareholders."

As a first step, the new board will concentrate its efforts on raising additional capital to finance MIGENIX's pipeline projects and for general working capital purposes. Doug Johnson commented, "We are committed to raising funds for MIGENIX in a manner that is fair to all shareholders. Our proposal is to conduct a rights offering in the aggregate amount of $2,500,000 in which MIGENIX's shareholders can participate. The rights offering will have the dual benefit of raising the funds MIGENIX requires while at the same time preventing further dilution of shareholders' investment in MIGENIX." As a part of its commitment to restructure and stabilize MIGENIX, DJohnson has agreed to provide a standby commitment to take up shares in an aggregate amount equal to a minimum of $1,250,000 and a maximum of $2,500,000 of the proposed rights offering. Additional information concerning the rights offering will be provided by MIGENIX in a forthcoming communication.


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 (Phase III), the treatment of dermatological diseases (end of Phase II), the treatment of chronic hepatitis C infections (Phase II and preclinical), the treatment of serious gram positive bacterial infections (preclinical) and the treatment of hepatitis B infections (preclinical). MIGENIX is headquartered in Vancouver, British Columbia, Canada with US operations in San Diego, California. Additional information can be found at


This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, and forward-looking information within the meaning of applicable securities laws in Canada (collectively referred to as "forward-looking statements"). Statements, other than statements of historical fact, are forward-looking statements and include, without limitation, statements regarding our strategy, future operations, timing and completion of clinical trials, prospects, plans and objectives of management. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking statements, which include underlying assumptions, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other things contemplated by the forward-looking statements will not occur. Although we believe that the expectations represented by such forward-looking statements are reasonable, there is significant risk that the forward-looking statements may not be achieved, and the underlying assumptions thereto will not prove to be accurate. Forward-looking statements in this news release include, but are not limited to, statements concerning our expectations for: MIGENIX conducting a rights offering in the aggregate amount of $2,500,000. Actual results or events could differ materially from the plans, intentions and expectations expressed or implied in any forward-looking statements, including the underlying assumptions thereto, as a result of numerous risks, uncertainties and other factors are described in detail in MIGENIX's annual information form and annual report on Form 20-F and other filings with the Canadian securities regulatory authorities and the U.S. Securities & Exchange Commission. Forward-looking statements are based on our current expectations and MIGENIX assumes no obligations to update such information to reflect later events or developments.

Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Notice of MIGENIX General Meeting of Shareholders
2. MIGENIX Fourth Quarter and Fiscal Year 2008 Financial Results Conference Call & Webcast Notification
3. MIGENIX Corporate Update and Requisition of Special Meeting
4. Migenix Takes Operational Actions To Extend Cash Past Upcoming Key Milestones
5. MIGENIX Appoints Pieter Dorsman to Board of Directors
6. MIGENIX Reports Third Quarter Fiscal Year 2008 Financial Results
7. MIGENIX Third Fiscal Quarter 2008 Financial Results Conference Call & Webcast Notification
8. MIGENIX releases CEO message #22
9. MIGENIX to Add 600mg Daily Celgosivir Dose to Phase II Viral Kinetics Study
10. MIGENIX Reports Second Quarter Fiscal Year 2008 Financial Results
11. MIGENIX Second Fiscal Quarter 2008 Financial Results Conference Call & Webcast Notification
Post Your Comments:
(Date:10/8/2015)... , Oct. 8, 2015  Today, DuPont ... technologies for genome editing, jointly announced a strategic ... Caribou have cross-licensed their respective patent portfolios, with DuPont ... applications in major row crops, and non-exclusive rights ... --> --> ...
(Date:10/8/2015)... , Oct. 8, 2015  Sigma-Aldrich Corporation ... Cerilliant ® brand within its Applied Diagnostics ... bile acid reference standards product line with ten ... routinely tested bile acids and their stable-labeled internal ... consist of lithocholic acid, taurocholic acid and native ...
(Date:10/7/2015)... , October 8, 2015 ... Medical biotechnology accounts for largest bioinformatics market ... in drug discovery and development process says ... . --> ... the basis of applications, the bioinformatics market ...
(Date:10/7/2015)... , Oct. 7, 2015  ChromaDex Corp. (OTCQX: ... nutritional ingredients that creates science-based solutions for dietary ... and pharmaceutical products, today announced that the October ... and Founder, is now available for on-demand viewing ... -->   --> ...
Breaking Biology Technology:
... WAYNE, Pa., March 7, 2012 Molecular Detection ... to increase the speed and accuracy of infectious ... a $1.5 million financing.  The funds are primarily ... panels for the detection of sepsis and gastrointestinal ...
... HAWTHORNE, N.J., March 6, 2012   Proteonomix, Inc. ... definitive agreements with certain institutional investors, pursuant to which ... Series E convertible preferred stock at an aggregate purchase ... a total of  895,291 shares of Proteonomix common stock) ...
... researchers including Drexel University,s Dr. Yury Gogotsi has given ... functions of the electrodes of supercapacitors the low-cost, ... and many other applications. In a piece published in ... Gogotsi, and his collaborators from universities in France and ...
Cached Biology Technology:
(Date:10/9/2015)... ) ... "Samsung Galaxy S6 Fingerprint Sensor - Reverse ... --> ) has announced ... S6 Fingerprint Sensor - Reverse Costing Analysis" ... Research and Markets ( ) ...
(Date:10/8/2015)... , Oct. 8, 2015 Synaptics ... human interface solutions, announced today that it will ... fiscal 2016 on Thursday, October 22, 2015, after ... a corresponding conference call for analysts and investors ... which management may discuss forward-looking information.    ...
(Date:10/8/2015)... , 8. Oktober 2015 Die ... tätiges Unternehmen des Bereiches Tracking, hat heute ... der Gefängnisbehörde Virginias (Department of Corrections – ... Überwachungsdienste für alle Strafen geliefert werden, die ... , Präsident für den Amerikanischen Kontinent der ...
Breaking Biology News(10 mins):
... Finland have in collaboration with the University of Turku, ... and Pharmatest Services Ltd, discovered a novel mechanism regulating ... that heparin-like compounds can potentially be used to inhibit ... were published on the Molecular Cancer Research ...
... of Australian and US scientists has found there has been ... found off the coast of Antarctica.,Comparing detailed measurements taken during ... to historical data dating back to 1970, scientists estimate there ... in the volume of Antarctic Bottom Water, the cold dense ...
... San Diego has identified an approved arthritis drug that is ... could offer a low-dose, low cost treatment for the amoebic ... Based on these results, the team has received Orphan Drug ... Food and Drug Administration, and has applied for approval to ...
Cached Biology News:
... Highly efficient delivery of siRNA while ... Electroporate up to 96 samples simultaneously ... from cell harvest to post-electroporation incubation ... , Designed for use with ...
100 adhesive strips....
Request Info...
Bethyl Laboratories packages antibodies, conjugates and calibrators to provide quantitative ELISA kits. Each kit contains the following components, sufficient for 1000 single well assays....
Biology Products: