Medicago Awarded Funding from IRS (USA) Under Qualifying Therapeutic Discovery Project
QUEBEC CITY, Nov. 10 /CNW/ - Medicago USA Inc., a wholly owned subsidiary of 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), announced today that it has been awarded US$244,279 in funding under the Internal Revenue Service's Qualifying Therapeutic Discovery Project ("QTDP").
This program was created under the Patient Protection and Affordable Care Act of 2010 to provide tax credits or grants to qualified investments in therapeutic discovery projects during tax years 2009 and 2010. The projects were selected by the U.S. Department of Health and Human Services' (HHS) and the Biomedical Advanced Research and Development Authority (BARDA) based on criteria of innovative technologies and important therapeutic vaccines for the U.S.A.
"We are very pleased to have received the maximum grant amount allowable for a single project. This further recognizes the importance of our innovative rapid and cost-effective VLP plant-based vaccine technology," said Andy Sheldon, President and CEO of Medicago. "These funds will further facilitate the development of our U.S. vaccine facility."
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 H5N1 pandemic influenza, using a transient expression system which produces recombinant vaccine antigens in non-transgenic plants. This 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.
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