The new investment includes capital expenditures and labour costs, as well as preclinical studies for a rabies vaccine and other products.
The company anticipates this investment to enhance preclinical and clinical development timelines of future product candidates.
In 2009, Medicago was awarded $1.77m in funding by the Quebec Consortium for Drug Discovery (CQDM) to support the development of VLPExpress, an automated platform to identify the best antigen presentations for a disease-causing agent.
Medicago is a clinical-stage biopharmaceutical company focused on focused on developing highly effective and competitive vaccines based on proprietary manufacturing technologies and Virus-Like Particles (VLPs).