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MIGENIX Reports First Quarter Fiscal Year 2008 Financial Results
Date:9/11/2007

efficacy of CLS001 in up to 240 subjects with papulopustular rosacea. The primary efficacy endpoint is the mean percent reduction in the number of inflammatory lesions. This study is expected to be completed by the end of 2007.

MX-2401 (IV lipopeptide; treatment of gram-positive bacterial infections): Good Laboratory Practices ("GLP") non-clinical studies were initiated in April 2007. Timing for completion of the GLP studies is dependent upon (1) additional manufacturing process development work; (2) initiation of the remaining required GLP studies; and (3) financial resources. Prior to initiating clinical trials in humans with MX-2401 the Company will need to complete the GLP studies, manufacture clinical trial GMP quality MX-2401, submit and obtain regulatory approval for initiating clinical studies, and various other activities. A $9.3 million investment commitment from Technology Partnerships Canada is associated with this program.

MX-4565 (small molecule; treatment of neurodegenerative diseases): In June 2007 we were awarded a grant from the Michael J. Fox Foundation to fund research in our MX-4565 program. The grant award agreement provides Elan Pharmaceuticals with a limited right to license the technology arising from the project for certain uses in the field of human disease.

Annual General Meeting: The Company hosted its 2007 Annual General Meeting yesterday. Re-elected to the board of directors were: David Scott (Chairman), Michael Abrams, Jim DeMesa, Richard DeVries, Alistair Duncan, Steve Gillis, Colin Mallet, Walter Moos, and Keith Schilit.

Other Matters: Further to the notice of early termination of our Vancouver facility lease due to a redevelopment of the site the Company has entered into an offer to lease approximately 5,000 square feet of space (currently office space, no labs) in close proximity to the existing facility and has made an offer to lease approximately 6,000 to 9,000 square feet of lab space in the Vancouver a
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SOURCE MIGENIX Inc.
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