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

rm using the effective interest method.

The foreign exchange gains and losses were nominal for each of Q1/08 and Q1/07.

Liquidity and Capital Resources

As of July 31, 2007, the Company had cash, cash equivalents and short-term investments of $12.8 million (April 30, 2007: $15.3 million) and the Company's net working capital was $12.1 million (April 30, 2007: $14.6 million). The $2.5 million decrease in net working capital from April 30, 2007 is primarily attributable to the cash loss of $2.4 million (loss excluding non-cash expenses: amortization, stock-based compensation and accretion of the convertible royalty participation units) for the three months ended July 31, 2007.

MIGENIX believes that its funds on hand at July 31, 2007, together with ongoing cost containment measures and expected interest income, are sufficient to provide for operations into the third quarter of calendar 2008 before funds received, if any, from existing or new license agreements, the exercise of warrants and options and future financing activities. The Company will continue advancing its highest priority programs while operating within an annual burn rate of $11 million to $13 million. The magnitude of spending in the Company's development programs will be dependent on the licensing status of the celgosivir program and results in the programs, and we may need to increase or decrease our annual burn rate in response to such results. MIGENIX is likely to need to raise additional funds in support of its operations and there is no assurance that such funds can be obtained

Outstanding Shares

There are currently 94,463,806 (July 31, 2007: 94,463,806; April 30, 2007: 94,237,205) common shares outstanding; 29,465 convertible royalty participation units (July 31, 2007 and April 30, 2007: 29,465); and 9,250,000 (July 31, 2007: 9,250,000; April 30, 2007: 9,350,000) preferred shares outstanding. In May 2007 the Company converted 50,000 Series A and 50,000 Series B
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SOURCE MIGENIX Inc.
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