QUEBEC, Dec. 15, 2015 /CNW Telbec/ - Medicago, a leading company in the development and production of plant-based therapeutic proteins and vaccines, will contribute one-third of the financing for the new Class 3 (CL3) containment laboratory to be located at Université Laval's Infectious Disease Research Center. The announcement of Medicago's half-million dollar investment was made today at Quebec City Hall. The City and the research centre's foundation will provide the remaining funds required to launch laboratory operations.
"We are very pleased to support this local project of importance for Quebec City," said Andy Sheldon, President and CEO of Medicago. "This laboratory will contribute to the development of a centre of excellence of an international calibre, and create significant value for the biotechnology sector."
Advancing vaccine research and development
A CL3 lab is an indispensable tool for conducting pre-clinical studies to advance the research and development of vaccines and other pharmaceuticals. The difficulty of access to CL3 laboratories frequently requires researchers to use resources located outside of Quebec and Canada, often in Europe or the United States.
On October 24, 2014, Andy Sheldon, President and CEO of Medicago committed, on behalf of the Quebec-based company, to provide one-third of the amount required to launch the laboratory's operations. This announcement was attended by representatives of Université Laval's research centre and the university hospital foundation.
Medicago is a clinical-stage biopharmaceutical company developing novel vaccines and therapeutic proteins to address a broad range of infectious diseases worldwide. The company is committed to providing highly effective and competitive vaccines and therapeutic proteins based on its proprietary Virus-Like Particles (VLPs) and manufacturing technologies.
This technology has the potential to offer vaccines and therapeutics with speed and cost advantages over competitive technologies, enabling the development of products for testing within approximately one month after the identification and reception of genetic sequences. This production time frame has the potential to rapidly vaccinate or treat populations and supply large volumes of products to the world market. In May 2015, Medicago announced a major investment to expand its Quebec City facilities and headquarters.
For further information: Medicago Inc. media contact: Michelle O'Brodovich, Phone: 418-529-3223, ext. 32, Cell: 418-933-3476, [email protected]