Company Overview of Medicago Inc.

Medicago Inc. reported earnings results for the first half year ended September 30, 2017. For the period, the company reported net sales of JPY 0.1 billion against JPY 0.1 billion a year ago. Operating loss was JPY 4.4 billion against JPY 2.8 billion a year ago. Net loss was JPY 4.5 billion compared to JPY 2.9 billion a year ago.

Medicago announced the start of a Phase 3 efficacy study for its seasonal quadrivalent influenza vaccine (QIV) candidate. The trial is currently taking place with 10,000 subjects in seven countries (Canada, US, UK, Germany, Finland, Thailand, and the Philippines). This efficacy study is in support of Medicago's flu program and expected launch of the vaccine in time for the 2020 influenza season in Canada, USA and Europe. Medicago's QIV candidate is produced using a novel virus-like particle (VLP) technology. VLPs represent a new approach to vaccine development and production. VLPs mimic the native structure of viruses, allowing them to be easily recognized by the immune system. However they lack the core genetic material, rendering them non-infectious and unable to replicate. In other words, they are safe and highly effective as they induce an immune response similar to a natural infection. An alternative to egg-based and cell-based production systems, Medicago's manufacturing platform brings many advantages, including much shorter lead time, reliability and versatility. It currently takes only 5 weeks to 6 weeks for the company to produce a clinical-grade vaccine, compared to 5-6 months using egg-based production methods. With influenza viruses constantly mutating, Medicago's rapid technology enables the creation of a vaccine that precisely matches the specific strain in circulation. During a Phase 2 study, the antibody and cell-mediated immunity (CMI) responses to Medicago's VLP vaccine were higher than the responses using a comparator vaccine.

Medicago Inc. announced earnings results for the year ended March 31, 2017. For the year, the company reported revenue of JPY 0.3 billion against JPY 0.2 billion a year ago. Operating loss was JPY 6.3 billion against JPY 6.1 billion a year ago. Net loss was JPY 6.4 billion against JPY 6.3 billion a year ago.