Medicago specialises in the research and development of new vaccines using plant-based virus-like particles (VLP) technology. Medicago’s VLP vaccine for the prevention of COVID-19, COVIFENZ, was approved in Canada in February 2022 and the company has since been preparing for the transition to commercial-scale production.

However, in light of significant changes to the COVID-19 vaccine landscape since the approval of COVIFENZ, and after a comprehensive review of the current global demand and market environment for COVID-19 vaccines and Medicago’s challenges in transitioning to commercial-scale production, the Group has determined that it will not pursue the commercialisation of COVIFENZ.

In addition, the Group judged that it was not viable to continue to make further investment in the commercialisation of Medicago’s development products, and decided to cease all of its operations at Medicago and proceed with an orderly wind up of its business and operations.

Medicago’s activities and its regular operations will be significantly reduced and refocused on the wind down process. The winding up process will be completed in due course, in accordance with local laws and regulations.