QUEBEC CITY, Dec. 8 /PRNewswire-FirstCall/ - Medicago Inc. (TSX: MDG), a biotechnology company focused on developing highly effective and affordable vaccines based on proprietary manufacturing technologies and Virus-Like Particles (VLPs), today announced it has engaged Paul Kirkconnell, a seasoned advisor to the pharmaceutical and vaccine industry, as a consultant on business development matters.
Paul Kirkconnell, founder of P-A-K Limited, provides biopharmaceutical companies with strategic investment and corporate development advice. Prior to founding P-A-K Limited, he was Managing Director of DRI Capital, a private investment company specialized in biopharmaceutical royalty acquisition, with over $1 Billion under management. Prior to this, Mr. Kirkconnell was President of Aventis Capital, the equity investment arm of Aventis (now Sanofi Aventis) with about $750 million under management. He also served as Corporate Vice President of Business Development of Aventis Pasteur where he led their worldwide vaccine business development programs, evaluating corporate acquisitions, and was responsible for deal structures and terms with respect to licensing opportunities.
"Paul is an internationally recognized pharmaceutical executive with broad industry expertise in global business development for the vaccine industry. He is a welcome addition to our team and we will benefit greatly from his expertise," said Andy Sheldon, President and CEO of Medicago."With our lead vaccine candidate in phase II clinical development, business development continues to be one of our top priorities."
"I believe Medicago's rapid and cost-effective VLP plant-based vaccine technology is of very high value to pharmaceutical companies and countries around the globe," said Paul Kirkconnell. "I look forward to sharing my corporate development experience and working with Medicago's management team to advance their VLP vaccines towards commercialization."
Medicago is committed to providing highly effective and affordable vaccines based on proprietary Virus-Like Particle (VLP) and manufacturing technologies. Medicago is developing VLP vaccines to protect against pandemic and seasonal influenza using a transient expression system which produces recombinant vaccine antigens in non-transgenic plants. Their lead vaccine candidate, H5N1, has successfully completed a PI clinical trial and will be entering a PII clinical trial in 2010. Medicago's technology has potential to offer advantages of speed and cost over competitive technologies. It could deliver a vaccine for testing in about a month after the identification and reception of genetic sequences from a pandemic strain. This production time frame has the potential to allow vaccination of the population before the first wave of a pandemic strikes and to supply large volumes of vaccine antigens to the world market. Additional information about Medicago is available at www.medicago.com.
Forward Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Medicago's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to Medicago or its management. The forward-looking statements are not historical facts, but reflect Medicago's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors and Uncertainties" in Medicago's Annual Information Form filed on March 24, 2010 with the regulatory authorities. Medicago assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
SOURCE Medicago Inc.