Business
MIGENIX Reports Third Quarter Fiscal 2010 Financial Results
MIGENIX Reports Third Quarter Fiscal 2010 Financial Results
About this update from Madison Pacific Properties Inc. Class B
[{"type":"text","content":"\nMIGENIX Reports Third Quarter Fiscal 2010 Financial Results\n\n\n Mar. 17, 2010 (Filing Services Canada) -- MIGENIX Reports Third Quarter Fiscal 2010 Financial ResultsVancouver, BC, CANADA - March 17, 2010 - MIGENIX Inc. (the \"Company\" or \"MIGENIX\") (TSX: MGI; OTC: MGIFF),reports financial results for the three and nine months ended January 31, 2010 and provides a corporate update:* Non-dilutive Financing Transaction: On February 16, 2010 the Company announced that it had entered into an investment agreement (the \"Agreement\") in respect of a plan of arrangement (the \"Arrangement\") with Madison Pacific Properties Inc. to reorganize MIGENIX and provide it with non-dilutive funding in the amount of $4 million. The non-dilutive transaction involves a corporate reorganization of MIGENIX to be completed under a court supervised plan of arrangement pursuant to the provisions of the Business Corporations Act (British Columbia). Under the terms of the Agreement, Completion of the Arrangement is subject to customary conditions, including, among others, receipt of required regulatory approvals, court approvals and, subject to the court's approval, approval of the Arrangement at a special meeting being held on March 18, 2010 of holders of MIGENIX common shares.* Omiganan 1% gel (OmigardTM; topical cationic peptide; prevention of catheter-related infections): We continue to investigate a range of opportunities for the OmigardTM program. Our objective in these interactions is to find a viable path forward for OmigardTM and resume activities to advance OmigardTM to commercialization. * MX-2401 (IV lipopeptide; treatment of gram-positive bacterial infections): MX-2401, an injectable lipopeptide antibiotic, is targeted for the treatment of serious gram-positive bacterial infections, including highly publicized treatment resistant hospital bacteria such as MRSA. During the first quarter of Fiscal 2010 we entered into contract and collaboration agreements with three researchers to further support the MX-2401 program and the work under these agreements continued during the third quarter. Additionally, we continue to pursue strategic options for advancing the development of MX-2401 including licensing MX-2401 to a third party. In December 2009 we completed the termination of the agreement under the former Technology Partnerships Canada (\"...