Shareholder requests special meeting of Migenix shareholders

By Lisa Kerner

Charlotte, N.C., July 8 - Migenix Inc. said Douglas Johnson has requested a special meeting of shareholders for the purpose of replacing a majority of the company's board of directors.

Johnson holds approximately 5% of Migenix's outstanding common shares, a Migenix news replace said.

DJohnson Holdings Inc. has beneficial ownership of and/or voting control of a total of 14,042,400 shares, or 15% of the total issued and outstanding common shares of Migenix.

A special committee has been formed to consider the request. The committee includes David Scott, Mike Abrams, Alistair Duncan, Steve Gillis and Colin Mallet, Migenix said.

Migenix noted that Johnson's actions have created "significant uncertainty" and may have a negative impact on current business discussions.

President and chief executive officer Jim DeMesa said the company is "very close to a pivotal milestone" for its latest-stage product candidate, Omigard.

According to Migenix, the company has built a solid pipeline of programs to maximize value potential and mitigate development risk.

Migenix is a clinical-stage developer of drugs for infectious and degenerative diseases based in Vancouver, B.C., with U.S. operations in San Diego.

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