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

ences 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 shareh
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SOURCE MIGENIX Inc.
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