- Receives Approval to Proceed to Second Stage of Agreement -
QUEBEC CITY, Oct. 12, 2011 /PRNewswire/ - Medicago Inc. (TSX: MDG), a biotechnology company focused on developing highly effective and competitive vaccines based on proprietary manufacturing technologies and Virus-Like Particles (VLPs), today announced the successful completion of the first stage of its research collaboration, announced initially on April 6, 2011, with a top 10 global pharmaceutical company for the development of a non-influenza VLP vaccine candidate. Medicago's collaboration partner has indicated its intent to proceed to the second stage of the agreement.
"The recent decision by our partner to proceed to the next stage is very encouraging and validates the importance and potential of our rapid, efficacious and cost-effective VLP vaccine technology," said Louis Vezina, Chief Scientific Officer of Medicago. "In addition, successfully completing the first stage of this agreement demonstrates the potential of our VLP vaccine technology platform outside of influenza. As we move forward, we believe that the advantages of our technology will become increasingly evident, with the potential of attracting further partnerships."
Under the terms of the research collaboration, Medicago is applying its transient expression system to develop a vaccine candidate for a non-disclosed target. Medicago is eligible to receive payments from its partner on achievement of specified milestones stipulated in the contract.
Medicago is committed to provide highly effective and competitive 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 the cells of non-transgenic plants. This technology has potential to offer advantages of speed and cost over competitive technologies. It promises 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 31, 2011 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.