Date Closed

April 5, 2011

Lead Office

Québec City

Value

17.40 Million CAD

On April 5, 2011, Medicago Inc. announced that it has closed its previously announced offering of 34,117,600 units at a price of C$0.51 per Unit, representing gross proceeds of C$17,399,976. The Offering was effected, on an agency basis, in each of the provinces of British Columbia, Alberta, Ontario and Quebec by way of a prospectus supplement to Medicago's base shelf prospectus dated July 7, 2010. The Offering was co-led by Desjardins Securities Inc. and Bloom Burton & Co. Inc. and the syndicate of agents was comprised by Paradigm Capital Inc., Roth Capital Partners, LLC, Laurentian Bank Securities Inc. and RBC Dominion Securities Inc.

Medicago, headquartered in Québec City, Québec, is committed to provide highly effective and affordable vaccines based on proprietary VLP and manufacturing technologies. Medicago is developing VLP vaccines to protect against H5N1 pandemic influenza, using a transient expression system which produces recombinant vaccine antigens in non-transgenic plants. This technology has potential to offer advantages of speed and cost over competitive technologies. It could deliver a vaccine for testing in about a month after the identification and reception of genetic sequences from a pandemic strain. This production time frame has the potential to allow vaccination of the population before the first wave of a pandemic strikes and to supply large volumes of vaccine antigens to the world market.

McCarthy Tétrault LLP represented Medicago, as issuer, with a team led by Philippe Leclerc.