Canada's Migenix shareholder meeting set for Oct. 31

By Aaron Hochman-Zimmerman

New York, July 25 - Migenix Inc. announced it will hold a shareholder meeting in Vancouver, B.C., on Oct. 31, according to a press release.

The meeting was requested by a group of shareholders led by Douglas Johnson of DJohnson Holdings Inc.

Johnson owns approximately 5% of Migenix's outstanding common shares, but 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.

Prospect News previously reported that Johnson's request, on July 16, for a shareholder meeting was met with criticism from the company.

A Migenix statement noted that the request created an atmosphere of "significant uncertainty" in the business.

Migenix's fourth quarter earnings, released last Monday, revealed a loss of $3.2 million or $0.04 per share during the year ending on April 30, compared to a loss of $3.1 million during the same period of fiscal year 2007.

The loss for the entirety of fiscal year 2008 measures $12.8 million compared to a $16.1 million loss in fiscal year 2007.

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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