Medicago, a biopharmaceutical company headquartered in Quebec City, has received $7 million in financial support from the Quebec government for the development of a vaccine against COVID-19.
On March 12, Medicago announced the production of coronavirus Virus-Like-Particle (VLP) just 20 days after receiving the virus gene, thus having what it says is a viable vaccine candidate against COVID-19.
Medicago says this funding will allow it to continue research in Quebec, and to initiate preclinical testing to assess the safety and efficacy of the vaccine candidate.
“We are extremely grateful to the Government of Quebec for its ongoing commitment to Medicago and its financial support,” said Bruce D. Clark, president and CEO of Medicago, in a prepared statement.
“This financial contribution will allow us to quickly start the first phase of testing of our COVID-19 vaccine candidate before initiating clinical trials in humans this summer.”
Medicago’s first product, a seasonal recombinant quadrivalent VLP vaccine for active immunization against influenza, is currently under review by Health Canada.