MEDICAGO INC. COMPLETES $2.6 MILLION NON-BROKERED PRIVATE PLACEMENT
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
Quebec City, Quebec, — March 14, 2008 — Medicago Inc. (“Medicago”) (TSX-V: MDG) today announced that it has
completed a previously announced non-brokered private placement of 13,000,000 units (the “Units”) at a price of $0.20
per Unit for gross proceeds of $2,600,000. The original $2,000,000 private placement announced on February 22,
2008, was oversubscribed and subsequently increased to $2,600,000 on closing. Each Unit consists of one common
share (the “Common Shares”) and one-half common share purchase warrant of Medicago (the “Warrants”), with each
full warrant (“Warrant”) entitling the holder thereof to purchase one Common Share for a purchase price of $0.25 at any
time prior to 5:00 p.m. (EST) on the date that is 24 months following the closing of the private placement. The Common
Shares, the Warrants and the Common Shares underlying the Warrants will be subject to a statutory four-month hold
period.
Medicago will pay a cash finder's fee of $215,070 in connection with the placement. Net proceeds will be used to fund
and support the development of multiple vaccine products. The balance will be allocated to working capital and other
general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of
Medicago in the United States. The securities have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state
securities laws or unless an exemption from such registration is available.
About Medicago Inc.
Medicago is committed to provide highly effective and affordable vaccines based on proprietary Virus-Like Particle
(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.
Additional information about Medicago is available at www.medicago.com.
Forward-Looking Statements
This press release contains forward-looking statements which reflect Medicago's current expectations regarding future
events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those
projected herein. Medicago disclaims any obligation to update these forward-looking statements.
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