Shareholder group pushes for Migenix special meeting, seeks to replace company's board

By Lisa Kerner

Charlotte, N.C., July 16 - Migenix Inc. investors led by Douglas Johnson will request a special meeting of the company's shareholders for the purpose of replacing a majority of the company's board of directors, it was reported in a schedule 13D filed with the Securities and Exchange Commission.

It was previously reported that Migenix formed a special committee to consider Johnson's request. The committee includes David Scott, Mike Abrams, Alistair Duncan, Steve Gillis and Colin Mallet, Migenix said.

Johnson holds approximately 5% of Migenix's outstanding common shares, and 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.

Migenix noted in an earlier news release 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 Migenix is close to a milestone for its latest-stage product candidate, Omigard.

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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