GREY:MDCGF - Post by User
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Maisiestockson Aug 11, 2010 8:43am
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PR just out - 11 August >>
PR just out - 11 August >>2010-08-11 08:26 ET - In the News
The Financial Post reports in its Wednesday edition that Quebec-based Medicago said Tuesday it has won a $21-million (U.S.) grant from the United States Department of Defense to develop a vaccine facility in North Carolina to rapidly manufacture swine flu influenza vaccines while giving the company a presence in the lucrative U.S. pandemic market. The Post's Eric Lam writes in the National Report column that the 90,000-square-foot facility in Research Triangle Park, N.C., will be jointly developed between subsidiary Medicago USA Inc., the Defense Advanced Research Projects Agency (DARPA) and Alexandria Real Estate Equities Inc. Medicago, based in Quebec City, will contribute $7.5-million (U.S.) to the venture. The project is part of DARPA's Accelerated Manufacture of Pharmaceuticals program started in 2005, aimed at protecting against "emerging and novel" biological threats, including the pandemic strains of swine flu and bird flu. The company will be required to demonstrate its ability to produce 10 million doses of influenza vaccine a month. Medicago stock gave back seven Canadian cents to finish Tuesday in Toronto at 38 Canadian cents. The stock has a 52-week range of 37 Canadian cents to 86 Canadian cents.