METRO VANCOUVER PROPERTIES CORP.

METRO VANCOUVER PROPERTIES CORP.

Previous company name
MIGENIX INC.
Name change date
3/19/2010
Company Overview
Migenix Inc. is a Canadian company engaged in the research, development, and commercialization of drugs in the areas of infectious and degenerative diseases. The company was formed in 1993 as Micrologix Biotech Inc. and is based in Vancouver, British Columbia with United States operation in San Diego, California. It is publicly traded on the Toronto Stock Exchange under the ticker symbol MGI.
Migenix’s products include Omiganan 1% gel for catheter-related infections, which is completed phase III study in the United States; Omiganan for dermatological diseases that completed two phase II studies in the United States for the treatment of acne; and Celgosivir for the treatment of chronic Hepatitis C Virus infections, which is completed phase II monotherapy trial. Its pre-clinical products comprise MX-2401 for the treatment of serious gram positive infections; SB-9000 for the treatment of Hepatitis B Virus infections; and HCV non-nucleoside for the treatment of chronic Hepatitis C Virus infections.
Migenix also develops degenerative and metabolic drugs, including MX-4509 for the treatment of neurodegenerative diseases, MX-4565 for the treatment of ophthalmic diseases and neurodegenerative diseases, and MX-4042 for the treatment of arthritis. The company has partnerships with Cadence Pharmaceuticals, Inc.; Cutanea Life Sciences, Inc.; Pfizer, Inc.; Wyeth Pharmaceuticals; and Spring Bank Technologies, Inc., as well as research collaborations with BioSource Pharm, Inc.; Ardea BioSciences, Inc.; University of British Columbia; University of Florida Research Foundation, Inc.; University of Victoria Innovation and Development Corporation; Virogen Limited (UK); and Washington University.
Migenix Inc. is committed to advancing therapy, improving health, and enriching life by developing and commercializing drugs for the prevention and treatment of major medical diseases and certain conditions with unmet medical need.
Business Summary
The Company is a biopharmaceutical company developing novel drugs to treat severe and life-threatening diseases caused by antibiotic-resistant microorganisms.
Description and history
The Company is a biopharmaceutical company developing novel drugs to treat severe and life-threatening diseases caused by antibiotic-resistant microorganisms. The Company has three products in clinical development. These peptides overcome conventional antibiotic resistance and research indicates that it will be extremely difficult for bacteria to develop resistance to them.

The Company was formed on 27 August 1979 and was listed on the Toronto Stock Exchange on 27 February 1996.

MICROLOGIX BIOTECH INC. changed its name to Migenix Inc. effective September 9, 2004.

Effective March 19, 2010, MIGENIX Inc. (‘MIGENIX’ or the ‘Company’) announced today (the ‘Effective Date’) the closing of its previously announced plan of arrangement (the ‘Arrangement’) with its wholly-owned subsidiary BioWest Therapeutics Inc. (‘BioWest’) and Madison Pacific Properties Inc. (‘Madison’). Pursuant to the Arrangement and the Investment Agreement among MIGENIX, BioWest and Madison dated February 16, 2010, Madison made an investment in MIGENIX in the aggregate amount of $4,000,000 (the ‘Proceeds’), and MIGENIX caused substantially all of its business, operations, assets, including cash and the net Proceeds, and liabilities to be transferred to BioWest, which has the same directors, management and consultants as MIGENIX had prior to the Effective Date. As a result of the Arrangement, among other things:
– Each current MIGENIX shareholder as at the effective time of the Arrangement will be entitled to receive 0.02 of a class B common share of MIGENIX (renamed ‘Metro
Vancouver Properties Corp.’) and 0.1 of a BioWest common share for each MIGENIX common share held by them;
– Current shareholders of MIGENIX own 100% of the outstanding shares of BioWest in the same proportion that they previously held in MIGENIX, and holders of securities
(‘MIGENIX Securities’) convertible into MIGENIX common shares hold securities of BioWest in place of their of MIGENIX Securities;
– BioWest will pursue the business and operations currently carried on by MIGENIX;
– Madison owns 39.5% of the issued and outstanding MIGENIX common shares and all of the issued and outstanding non-voting shares of MIGENIX, representing
approximately 94.1% of the equity of MIGENIX, and current MIGENIX shareholders own 60.5% of the issued and outstanding MIGENIX common shares;
– Metro Vancouver Properties Corp. intends to focus on acquiring new business, which may involve an investment in and the development of real estate properties or other
businesses determined by the board.

The common shares of BioWest commenced trading on the Toronto Stock Exchange effective the open of the market on March 24, 2010, under the symbol ‘BWE’. The common shares of MIGENIX were delisted from the Toronto Stock Exchange concurrent with the listing of the BioWest common shares.

Formed as Micrologix Biotech Inc.

Business Line
Engaged in the research, development, and commercialization of drugs in the areas of infectious and degenerative diseases
Subsidiary

Advisor
ERNST & YOUNG LLP
IPO date
2/27/1996
US SIC Code
2834
Company Address
Suite 400
1727, West Brodway
City province or state postal code
V6J 4W6, VANCOUVER, BC
Phone: +1 604 221 9666
Fax: +1 604 221 9688
Country address: CANADA
Website url: www.migenix.com