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

olders. 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.

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 (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 http://www.migenix.com.

FORWARD-LOOKING STATEMENTS

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
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