MIGENIX Reports Third Quarter Fiscal Year 2007 Financial Results



    VANCOUVER and SAN DIEGO, March 13 /CNW/ - MIGENIX Inc. (TSX: MGI;
OTC: MGIFF), a clinical-stage developer of drugs for infectious diseases,
reports financial results for the three and nine months ended January 31, 2007
and an update on its programs.
    Jim DeMesa, M.D., President & CEO of MIGENIX stated, "Our third fiscal
quarter brought us into calendar year 2007, which is a pivotal year for our
company. During 2007, we will have several important milestones which are
expected to drive value significantly. Omigard(TM), our latest stage drug
candidate for preventing catheter-related bloodstream infections (partnered
with Cadence Pharmaceuticals), will complete a Phase III registration study in
the second half of the year and, if positive, will begin moving toward
approvals in the US and Europe with NDA and MAA applications in the first half
of 2008. Also in 2007, we will get results from our Phase II studies with
celgosivir - our Phase II product candidate for the treatment of chronic
Hepatitis C virus infections, with the potential to partner the program, first
through our Material Transfer and License Option Agreement with
Schering-Plough."

    UPDATE ON DRUG DEVELOPMENT PROGRAMS

    Omiganan 1% gel (Omigard(TM)/CPI-226/MX-226; topical cationic peptide;
prevention of catheter-related infections): A Phase III study is in progress
in the United States under a Special Protocol Assessment (SPA) agreement with
the US FDA and in Europe. This confirmatory Phase III trial is a randomized,
Evaluation Committee-blinded study to assess the effectiveness of omiganan 1%
gel vs. 10% povidone-iodine for the prevention of central venous
catheter-related infections in approximately 1,250 hospitalized patients.
Cadence Pharmaceuticals, our North American and European development and
commercialization partner for omiganan 1% gel, expects to complete the
Phase III study in the second half of 2007 and, with positive results, plans
to submit an NDA to the US FDA and a Marketing Authorization Application to
European regulatory authorities in the first half of 2008, for marketing
approval in the US and Europe respectively. Cadence's commercialization focus
is on the United States market and thus Cadence intends to establish a
strategic partnership(s) for the commercialization of Omigard(TM) for the
rights it has outside of the United States. The rest of world (ROW;
territories outside North America and Europe) rights held by MIGENIX are also
being made available in combination with Cadence's rights for prospective
global partners. In parallel, MIGENIX is pursuing regional partners for the
ROW territories.

    Celgosivir (MX-3253; oral alpha-glucosidase I inhibitor; treatment of
chronic Hepatitis C virus infections): Top-line results of a Phase II
combination study in non-responder and partial responder patients were
announced on November 6, 2006. These top-line results demonstrated
proof-of-concept and evidence of clinical benefit when using celgosivir triple
combination (celgosivir plus peginterferon alfa-2b plus ribavirin) as compared
to the active control treatment (peginterferon alfa-2b plus ribavirin) in
patients with chronic hepatitis C virus genotype 1 infections who were
characterized as non-responders to prior therapy with optimized pegylated
alpha interferon plus ribavirin. Subsequent to these top line results MIGENIX
was informed by Schering-Plough Corporation ("Schering") that approximately
50% of the original viral load samples from the study, which Schering tested
under a Material Transfer and License Option Agreement between the companies,
required retesting. MIGENIX has received results for approximately half of the
required retests from Schering (this leaves approximately 25% of the original
viral load samples from the study to be retested and received by MIGENIX).
Based on a preliminary review of these partial retest data by MIGENIX, it
appears the overall conclusions drawn from the retest data will remain
consistent with the conclusions of the original study analysis. However, as
all retesting has not been completed, nor the results fully analyzed, at
present it is unknown whether the retesting will result in any material
changes - positive or negative - to the conclusions of the November 6, 2006
reported results described above. Based on Schering's projection for providing
MIGENIX with the retest results, MIGENIX estimates that the re-analysis of the
study results will be completed by mid to late April 2007. Schering and
MIGENIX are working as quickly as possible to complete the work.
    On December 7, 2006 we provided to Schering a summary of the clinical
study results for their exclusive review pursuant to the Material Transfer
License Option agreement. As a result of the retesting matter we agreed with
Schering that their limited period of exclusivity for data review had not yet
commenced. A new data package of the results will be provided to Schering once
the retesting is complete and the study results re-analyzed, after which
Schering's limited period of exclusivity for data review under the agreement
will commence. No license terms have been negotiated with Schering to date.
    Additional data from this study are planned to be presented at one or
more international medical or liver disease conferences in 2007 after the
study results are re-analyzed with the retest data.
    In conjunction with the non-responder study a protocol was designed and
approved by Health Canada to provide participants in the 12-week study with
access to continued treatment for up to an additional 36 weeks. In
consultation with their physicians, patients could elect to continue on with
their original treatment or, if on the double combination or the control
treatments, could switch to the triple combination treatment. Of the 50
patients completing 12 weeks of treatment, 31 elected to continue treatment
beyond 16 weeks with 30 of these either continuing with, or switching to, the
triple combination. As of March 7, 2007: 5 patients had completed 48 weeks of
treatment; 10 were between 36 and 48 weeks of treatment; and 16 patients had
discontinued treatment.
    In October 2006 we began a Phase II combination viral kinetics study of
celgosivir in patients with chronic HCV (genotype 1) infection who have not
received prior treatment for their infection. The focus of this study is on
viral kinetics, pharmacokinetics, safety and tolerability. Enrollment in the
study has been slower than anticipated for reasons that MIGENIX believes
include treatment-naive patients being less motivated to try new treatments,
the significant time commitment required by the patients, and a small number
of sites being used due to requirement of in-clinic stays. Based on this
interim four-week data are expected in the third quarter 2007 and guidance for
12 week data will be provided in conjunction with the four-week data.
    All MIGENIX-related clinical trials of celgosivir to date have been
conducted in Canada. We plan to submit an IND application in the United States
in the second half of 2007 for the further development of celgosivir.

    Omiganan (CLS001; topical cationic peptide; treatment of dermatological
diseases): Cutanea Life Sciences, Inc., our development and commercialization
partner for CLS001, has initiated a Phase II rosacea clinical trial. The
Phase II trial is a randomized, vehicle-controlled, double-blind, multicenter
study designed to evaluate the safety and 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
being conducted in the United States, and is expected to be completed by the
end of 2007.

    MX-2401 (IV lipopeptide; treatment of gram-positive bacterial
infections): Manufacturing MX-2401 for the Good Laboratory Practices ("GLP")
non-clinical toxicity studies required to support moving into Phase I clinical
development has been completed. Additionally, the Company has initiated
interactions with Health Canada to obtain feedback on the pre-Phase I
development program. The Company has started activities to initiate GLP
non-clinical studies and the first study is planned to start in April 2007.
The GLP non-clinical studies required for a Phase I Clinical Trial Application
("CTA") could be completed approximately 12 months thereafter. Prior to
initiating a Phase I clinical trial with MX-2401 the Company will need to
manufacture clinical trial quality MX-2401, submit and obtain approval from
Health Canada of a CTA for the Phase I study, and various other activities.

    MX-4509 (oral 17-alpha estradiol sulfate; treatment of neurodegenerative
diseases): A non-clinical study of MX-4509 in a potential neurodegenerative
orphan indication was initiated in October 2005 and a study in a second
indication started in May 2006 Results of these non-clinical studies did not
show a benefit for MX-4509 treatment. As a result, an intangible asset
write-down in the amount of $3.3 million was recorded as at January 31, 2007.

    FINANCIAL RESULTS

    For the three months ended January 31, 2007 ("Q3/07"), MIGENIX incurred a
loss of $6.7 million (Q3/06: $2.2 million) or $0.08 (Q3/06: $0.03) per common
share and for the nine months ended January 31, 2007 ("YTD Fiscal 2007") the
loss is $12.9 million compared to $8.3 million for the nine months ended
January 31, 2006 ("YTD Fiscal 2006") or $0.16 (YTD Fiscal 2006: $0.11) per
common share. The increase in the Q3/07 and YTD Fiscal 2007 losses compared to
the Q3/06 and YTD Fiscal 2006 losses are principally attributable to:
(i) a $3.3 million write-down of intangible assets in Q3/07 related to the
MX-4509 program (see "Write-down Intangible Assets"); (ii) accretion of the
convertible royalty participation units of $0.4 million in Q3/07 and
$1.1 million in YTD Fiscal 2007 ($nil in Q3/06 and YTD Fiscal 2006 - see
"Other Income and Expenses"); and (iii) lower revenues in Q3/07 and YTD Fiscal
2007 (see "Revenues").

    Revenues

    During Q3/07 and YTD Fiscal 2007 the Company had no licensing revenue. In
Q3/06 the Company completed a license agreement with Cutanea Life Sciences
resulting in $0.2 million of licensing revenue in Q3/06 and YTD Fiscal 2006.
    During Q3/07 and YTD Fiscal 2007 the Company had nominal
((less than) $0.1 million) research and development collaboration revenue
(Q3/06: $0.1 million; YTD Fiscal 2006: $0.3 million). These research and
development collaboration revenues are principally pursuant to the sale of
omiganan drug substance to Cadence and Cutanea. Under our license agreements
with Cadence and Cutanea they are responsible for manufacturing, therefore
sales of drug substance to Cadence and Cutanea are not expected to continue as
the sales are limited to supplies from our pre-licensing manufacturing
activities.

    Research and Development Expenses

    Research and development expenses in Q3/07 were $2.1 million (Q3/06:
$1.6 million) and were $5.6 million for YTD Fiscal 2007 (YTD Fiscal 2006:
$5.9 million). Research and development expenses include: (1) research and
development personnel costs; (2) clinical development program costs;
(3) patent-related costs; and (4) other research and development costs.
    Research and development personnel costs for Q3/07 were $0.7 million
(Q3/06: $0.5 million) and were $2.0 million for YTD Fiscal 2007 (YTD Fiscal
2006: $2.0 million).
    Clinical program development costs in Q3/07 were $0.5 million (Q3/06:
$0.5 million) and were $1.3 million for YTD Fiscal 2007 (YTD Fiscal 2006:
$2.0 million). The decrease in the YTD Fiscal 2007 clinical program
development costs compared with YTD Fiscal 2006 clinical program development
costs were primarily due to lower costs in the MX-3253 program. Clinical
program development costs for the MX-3253 program in Q3/07 were $0.5 million
(Q3/06: $0.4 million) and were $1.1 million for YTD Fiscal 2007 ($1.6 million
for YTD Fiscal 2006 (higher costs in YTD Fiscal 2006 resulted primarily from
preparations for the Phase II non-responder study and non-clinical study
costs).
    Patent-related costs in Q3/07 were $0.2 million (Q3/06: $0.2 million) and
were $0.6 million for YTD Fiscal 2007 (YTD Fiscal 2006: $0.7 million).
    Other research and development costs reflect product development costs
for programs that are not at the clinical stage of development and costs that
are not allocated to specific programs. Other research and development costs
in Q3/07 were $0.7 million (Q3/06: $0.4 million) and were $1.8 million for YTD
Fiscal 2007 (YTD Fiscal 2006: $1.2 million). Costs in the MX-2401 program were
$0.4 million in Q3/07 net of $0.2 million in TPC assistance and in YTD Fiscal
2007 were $0.9 million net of $0.5 million in TPC assistance (Q3/06:
$0.2 million net of $0.1 million in TPC assistance; and YTD Fiscal 2006:
$0.5 million net of $0.2 million in TPC assistance).

    General and Corporate Expenses

    General and corporate expenses in Q3/07 were $0.9 million (Q3/06:
$0.8 million) and were $2.7 million for YTD Fiscal 2007 (YTD Fiscal 2006:
$2.4 million). Personnel costs were $0.7 million in Q3/07 (Q3/06: $0.5
million) and were $1.8 million for YTD Fiscal 2007 (YTD Fiscal 2006:
$1.5 million).

    Amortization

    Amortization expense for equipment was $0.2 million for YTD Fiscal 2007
(YTD Fiscal 2006: $0.2 million).
    Amortization expense for intangible assets was $0.5 million for YTD
Fiscal 2007 (YTD Fiscal 2006: $0.5 million).

    Write-down Intangible Assets

    Pursuant to the quarterly review of intangible assets for Q3/07 the
Company determined that a $3.3 million write-down was appropriate in respect
of its MX-4509 program. This write-down was based on the results of two
non-clinical studies that did not support the Company's orphan drug
development strategy for MX-4509. The write-down of intangible assets in Q3/07
and YTD Fiscal 2007 were $3.3 million (Q3/06: $nil; YTD Fiscal 2006:
$0.1 million).

    Other Income and Expenses

    Interest income was $0.4 million for YTD Fiscal 2007 (YTD Fiscal 2006:
$0.3 million). The average rate of return was 3.9% for YTD Fiscal 2007 (YTD
Fiscal 2006: 3.0%).
    Accretion expense related to the convertible royalty participation units
for Q3/07 was $0.4 million (Q3/06: $nil) and is $1.1 million for YTD Fiscal
2007 (YTD Fiscal 2006: $nil). This accretion expense is a non-cash expense
resulting from accreting the liability component of the convertible royalty
participation units to the maximum royalties payable over the estimated
royalty payment term.
    The foreign exchange gains and losses were nominal for each of YTD Fiscal
2007 and YTD Fiscal 2006.

    Liquidity and Capital Resources

    As of January 31, 2007, the Company had cash, cash equivalents and short
term investments of $19.7 million (April 30, 2006: $9.4 million) and the
Company's net working capital was $17.0 million (April 30, 2006:
$6.3 million). The $10.7 million increase in net working capital from
April 30, 2006 to January 31, 2007 is primarily attributable to the $17.9
million in net proceeds from the May 2006 and December 2006 financings, less
the cash loss of $7.4 million (net loss excluding non-cash expenses:
amortization, write-down of intangible assets, stock-based compensation,
deferred share unit compensation and accretion of the convertible royalty
participation units) for the nine months ended January 31, 2007.
    On December 6, 2006, the Company completed a bought deal public offering
of 19,262,500 units at a price of $0.60 per unit for gross proceeds of
approximately $11.6 million with each unit consisting of one common share and
one-half of one common share purchase warrant (total of 19,262,500 common
shares and 9,631,250 warrants). Each whole warrant allows for the purchase of
one common share at a price of $0.80 per common share on or before December 6,
2011. In connection with the public offering the Company: (i) paid the
underwriter a cash commission of $0.8 million; (ii) issued to the underwriter
warrants expiring December 6, 2008 for the purchase of 963,125 units at a
price of $0.60 per unit; and (iii) incurred approximately $0.6 million in
legal, professional and other costs.
    MIGENIX believes that its funds on hand at January 31, 2007, together
with ongoing cost containment measures and expected interest income, are
sufficient to provide for operations into the second or 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 $12 million to $14 million. The
magnitude of spending in the Company's development programs will be dependent
on the licensing status of the celgosivir program, 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 93,968,120 (January 31, 2007: 93,918,120; April 30,
2006: 74,258,656) common shares outstanding; 29,465 convertible royalty
participation units (January 31, 2007: 29,465; April 30, 2006: nil); and
9,350,000 (January 31, 2007 and April 30, 2006: 14,600,000) preferred shares
outstanding. In March 2007 5,250,000 Series C preferred shares were redeemed
for an aggregate amount of US$1 following MIGENIX's termination of the license
agreement with Idera Pharmaceuticals (formerly Hybridon Inc; this license
agreement relates to an inactive program (MX-1121) that was written off by the
Company in April 2004).

    -------------------------------------------------------------------------
    Conference Call

    Investors, analysts and the media are invited to participate in a
    conference call Tuesday March 13, 2007 at 11:00 a.m. ET (8:00 a.m. PT) to
    discuss this announcement. To participate in the conference call, please
    dial 416-644-3417 or 1-800-731-5774. The call will be available for
    replay until March 27, 2007 by calling 416-640-1917 or 1-877-289-8525 and
    entering the pass code 21222136 followed by the  number sign. The live
    and archived web cast can be accessed through the company's website at
    www.migenix.com for the next 90 days.
    -------------------------------------------------------------------------


    
    Selected Financial Highlights

    BALANCE SHEETS                                    January 31,   April 30,
    Unaudited - In Thousands of Canadian dollars            2007        2006
    -------------------------------------------------------------------------
    Assets
    Cash and cash equivalents                          $   4,946   $   5,743
    Short-term investments                                14,788       3,642
    Other current assets                                   1,289         706
    -------------------------------------------------------------------------
    Total current assets                               $  21,203   $  10,091
    Deferred financing costs                                 486           -
    Long-term investments                                      1           1
    Other assets                                               -         275
    Equipment                                                924         936
    Intangible assets                                      1,735       5,569
    -------------------------------------------------------------------------
    Total assets                                       $  24,169   $  16,872
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity
    Accounts payable and accrued liabilities           $   4,036   $   3,828
    Current portion of capital lease obligation                -           5
    -------------------------------------------------------------------------
    Total current liabilities                          $   4,036   $   3,833
    Convertible Royalty Participation Units                4,542           -
    Preferred shares                                           -           -
    -------------------------------------------------------------------------
    Total liabilities                                  $   8,578   $   3,833
    -------------------------------------------------------------------------

    Shareholders' equity
    Common shares                                      $ 124,780   $ 117,666
    Equity portion of Convertible Royalty
     Participation Units                                   4,554           -
    Contributed surplus                                    7,846       4,038
    Deficit                                             (121,589)   (108,665)
    -------------------------------------------------------------------------
    Total shareholders' equity                         $  15,591   $  13,039
    -------------------------------------------------------------------------
    Total liabilities and shareholders' equity         $  24,169   $  16,872
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    STATEMENTS OF LOSS AND DEFICIT
    Unaudited - In Thousands      Three months ended       Nine months ended
     Canadian dollars (except          January 31,             January 31,
     per share amounts)             2007        2006        2007        2006
                               ----------------------------------------------

    Revenue
    Licensing                          -         233           -         233
      Research and
       development
       collaboration                  19          72          19         341
    -------------------------------------------------------------------------
                               $      19   $     305   $      19   $     574
    -------------------------------------------------------------------------
    Expenses
      Research and
       development                 2,118       1,632       5,624       5,885
      General and corporate          854         763       2,659       2,438
      Amortization                   234         237         693         731
      Write-down of
       intangible assets           3,316           -       3,316          88
    -------------------------------------------------------------------------
                               $   6,522   $   2,632  $   12,292   $   9,142
    -------------------------------------------------------------------------

    Operating loss             $  (6,503)  $  (2,327) $  (12,273)  $  (8,568)

    Interest income                  170          89         444         265
    Accretion Convertible
     Royalty Participation
     Units                          (389)          -      (1,108)          -
    Foreign exchange gain
     (loss)                           (4)          6          13         (15)
    -------------------------------------------------------------------------
    Loss for the period        $  (6,726)  $  (2,232)  $ (12,924)  $  (8,318)

    Deficit, beginning of
     period                     (114,863)   (103,401)   (108,665)    (97,315)
    -------------------------------------------------------------------------
    Deficit, end of period     $(121,589)  $(105,633)  $(121,589)  $(105,633)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted loss
     per common share          $   (0.08)  $   (0.03)  $   (0.16)  $   (0.11)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted avg. number
     of common shares
     outstanding (000's)          87,497      74,258      78,767      72,653
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    STATEMENTS OF CASH FLOWS
    Unaudited - In Thousands
     of Canadian dollars
    -------------------------------------------------------------------------
    Loss for the period        $  (6,726)  $  (2,232)  $ (12,924)  $  (8,318)
    Loss not affecting cash:
      Amortization                   234         237         693         731
      Stock-based
       compensation                   47          46         282         227
      Issuance of deferred
       share units                     -           -          96           -
      Write-down of
       intangible assets           3,316           -       3,316          88
      Accretion of
       Convertible Royalty
       Participation Units           389           -       1,108           -
      Changes in non-cash
       working capital items
       relating to operating
       activities                    564        (258)       (112)      1,098
    -------------------------------------------------------------------------
    Cash used in operating
     activities                $  (2,176)  $  (2,207)  $  (7,541)  $  (6,174)
    -------------------------------------------------------------------------

    Issuance of royalty
     participation units               -           -       7,732           -
    Issuance of common
     shares, net of
     issue costs                  10,133           -      10,133       5,743
    Proceeds on exercise of
     stock options                     -           -          10           -
    Proceeds on exercise of
     warrants                         17           -         172           -
    Repayment of capital
     lease obligation                  -         (16)         (5)        (47)
    -------------------------------------------------------------------------
    Cash provided by
     (used in) financing
     activities                $  10,150   $     (16)  $  18,042   $   5,696
    -------------------------------------------------------------------------

    (Purchases of) funds
     from short-term
     investments                  (8,286)      2,836     (11,097)      3,128
    Purchases of equipment           (30)         (2)       (201)        (32)
    -------------------------------------------------------------------------
    Cash provided by
     (used in) investing
     activities                $  (8,316)  $   2,834   $ (11,298)  $   3,096
    -------------------------------------------------------------------------

    Increase(decrease) in
     cash and cash
     equivalents               $    (342)  $     611   $    (797)  $   2,618
    Cash and cash
     equivalents, beginning
     of period                     5,288       3,188       5,743       1,181
    -------------------------------------------------------------------------
    Cash and cash
     equivalents, end
     of period                 $   4,946   $   3,799   $   4,946   $   3,799
    -------------------------------------------------------------------------
    


    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 clinical programs include drug
candidates for the treatment of chronic hepatitis C infections (Phase II and
preclinical), the prevention of catheter-related infections (Phase III) and
the treatment of dermatological diseases (Phase II). MIGENIX is headquartered
in Vancouver, British Columbia, Canada with US operations in San Diego,
California. Additional information can be found at www.migenix.com.

    "Jim DeMesa"
    ------------
    James M. DeMesa, M.D.
    President & CEO


    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 completion of clinical trials, prospects, plans
and objectives of management. The words "anticipates", "believes", "budgets",
"could", "estimates", "expects", "forecasts", "intends", "may", "might",
"plans", "projects", "schedule", "should", "will", "would" and similar
expressions are often intended to identify forward-looking statements, which
include underlying assumptions, although not all forward-looking statements
contain these identifying words. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the predictions,
forecasts, projections and other things contemplated by the forward-looking
statements will not occur.
    Although our management believes that the expectations represented by
such forward-looking statements are reasonable, there is significant risk that
the forward-looking statements may not be achieved, and the underlying
assumptions thereto will not prove to be accurate. Forward-looking statements
in this news release include, but are not limited to, statements concerning
our expectations for: having several important milestones which are expected
to drive value significantly; Cadence Pharmaceuticals completing the omiganan
1% gel Phase III study in the second half of 2007 in approximately 1,250
patents and if the results are positive submitting an NDA to the US FDA and a
Marketing Authorization Application to European regulatory authorities in the
first half of 2008, for marketing approval in the US and Europe respectively;
securing a development and commercialization partner for omiganan 1% gel for
the ROW; Schering completing retesting in the Phase II celgosivir
non-responder study and the study results re-analyzed by mid to late April
2007; our expectations for the celgosivir Phase II non-responder study results
with the retest data; a new data package of the celgosivir non-responder study
results being provided to Schering; partnering celgosivir; additional data
from the celgosivir Phase II non-responder study being presented at one or
more international medical or liver disease conferences in 2007; 4-week
interim results from the Phase II combination study of celgosivir in
treatment-naive patients in the third quarter of 2007; submitting an IND in
the US in the second half of 2007 for celgosivir; Cutanea Life Sciences
completing the Phase II CLS001 rosacea clinical trial in 2007; initiating the
MX-2401 GLP non-clinical studies in April 2007 and their duration being
approximately 12 months; the Company continuing to advance its highest
priority programs while operating within an annual burn rate of $12 million to
$14 million; and the Company's financial resources being sufficient to fund
operations into the second or third quarter of calendar 2008.
    With respect to the forward-looking statements contained in this news
release, we have made numerous assumptions regarding, among other things: our
2007 milestones being value driving; our ability to initiate and complete
non-clinical and clinical studies within our expected timelines; our ability
to manage licensing opportunities; our partner Cadence Pharmaceuticals
completing the current Omigard Phase III clinical trial in the second half of
2007 and submitting for regulatory approvals in the first half of 2008;
Schering's ability to successfully to complete the retests and our ability to
re-analyze the celgosivir Phase II non-responder results within our expected
timelines; additional data from the celgosivir Phase II non-responder study
being accepted for presentation; our partner Cutanea Life Sciences completing
a Phase II CLS001 rosacea clinical trial in 2007; and future expense levels
being within our current expectations.
    Actual results or events could differ materially from the plans,
intentions and expectations expressed or implied in any forward-looking
statements, including the underlying assumptions thereto, as a result of
numerous risks, uncertainties and other factors including: dependence on
corporate collaborations; uncertainties related to early stage of technology
and product development; uncertainties as to the requirement that a drug be
found to be safe and effective after extensive clinical trials and the
possibility that the results of such trials, if completed, will not establish
the safety or efficacy of our products; uncertainties as to future expense
levels and the possibility of unanticipated costs or expenses or cost
overruns; the possibility that opportunities will arise that require more cash
than presently anticipated and other uncertainties related to predictions of
future cash requirements; and other risks and uncertainties which may not be
described herein. Certain of these factors and other factors are described in
detail in the Company's Final Prospectus dated November 29, 2006, Annual
Information Form and Annual Report on Form 20-F for the year ended April 30,
2006 and other filings with the Canadian securities regulatory authorities and
the U.S. Securities & Exchange Commission.
    Forward-looking statements are based on our current expectations and
MIGENIX assumes no obligations to update such information to reflect later
events or developments.

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.





For further information:

For further information: Art Ayres, MIGENIX Inc., Tel: (604) 221-9666
Ext. 233, aayres@migenix.com; Dian Griesel, Ph.D., Investor Relations Group,
Tel: (212) 825-3210, Theproteam@aol.com

Organization Profile

MIGENIX INC.

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