Mar. 18, 2010 (Filing Services Canada) -- Migenix Inc. (MGI - TSX, MGIFF - OTCBB), announces that its previously announced plan of arrangement (the "Arrangement") received requisite shareholder approval at the Company's special meeting of shareholders held today in Vancouver, with 99.86% of votes cast in favour of the Arrangement. Pursuant to the Arrangement, MIGENIX will receive non-dilutive funding in the aggregate amount of $4,000,000. The Arrangement, under Division 5 of Part 9 of the Business Corporations Act (British Columbia) involves Madison Pacific Properties Inc, MIGENIX and BioWest Therapeutics Inc., presently a wholly-owned subsidiary of MIGENIX.
The Arrangement requires approval of the Supreme Court of British Columbia. The hearing in respect of the final order to approve the Arrangement (the "Final Order") is scheduled to take place on March 19, 2009 at 9:45 a.m. (Vancouver time). If the Final Order is obtained at such time, and all other conditions to completion of the Arrangement are satisfied or waived, MIGENIX and Madison expect to close the Arrangement in due course thereafter.
This news release should be read together with the more detailed information contained in the management information circular of the Company dated February 16, 2010, available on SEDAR at www.sedar.com.
For further information, contact Paul Brennan, our chief executive officer, at (604) 790-4671.
About MIGENIX
MIGENIX is committed to advancing therapy, improving health, and enriching life by developing and commercializing drugs for the treatment of infectious diseases. The Company's programs include drug candidates for: the treatment and prevention of hospital-acquired and other infections, the treatment of dermatological diseases, and the treatment of hepatitis B infections. MIGENIX is headquartered in Vancouver, British Columbia, Canada. Additional information regarding the Company can be found at www.migenix.com.
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. 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 matters 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 receiving the investment amount in the aggregate amount of $4,000,000 from Madison Pacific Properties Inc., obtaining final court approval of the Arrangement and the satisfaction or waiver of the closing conditions to the Arrangement.
With respect to the forward-looking statements contained in this news release, we have made numerous assumptions regarding, among other things, our ability to complete the Arrangement and our ability to make a successful application to the B.C. Supreme Court of the fairness of the Arrangement.
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: potential delays; market conditions for financings including the financing contemplated by the Arrangement; uncertainties as to future expense levels and the possibility of unanticipated costs or expenses or cost overruns; dependence on corporate collaborations; the possibility that opportunities will arise that require more cash than presently anticipated and other uncertainties related to predictions of future cash requirements; 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; 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 Annual Information Form and other filings with the Canadian securities regulatory authorities.
Forward-looking statements are based on our current expectations and MIGENIX assumes no obligations to update such information to reflect later events or developments.
MIGENIX Inc.
400 - 1727 West Broadway
Vancouver, BC V6J 4W6
Canada
Source: Migenix Inc. (TSX - MGI) (OTCBB - MGIFF) http://www.migenix.com
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