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Migenix averts proxy contest; reaches agreement with DJohnson holdings
Date:8/11/2008

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 LifeSci
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SOURCE MIGENIX Inc.
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