Tuesday, December 20, 2011
Medicago Inc., of Quebec City, closed the second tranche of a C$22.5 million (US$21.8 million) private placement by Philip Morris Investments BV, consisting of 17.2 million common shares at C65 cents per share for gross proceeds of C$11.2 million. The first tranche, which closed in October, was a similar size. The proceeds will be used to advance Medicago's pandemic and seasonal influenza vaccine candidates. Philip Morris' investment stems from a rights agreement between the companies executed in 2008.
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