(RTTNews) - Medicago Inc. (MDG.V: News ), a biotechnology company focused on developing highly effective and affordable vaccines based on proprietary manufacturing technologies and Virus-Like Particles or "VLP", announced the closing of its bought deal financing of subscription receipts. The underwriters have exercised their over-allotment option in full bringing the total gross proceeds from $10.08 million to $11.59 million. The proceeds from the Offering will be used to support the implementation of the Company's business plan, namely the continued clinical development of the Company's plant manufactured Influenza VLP vaccines and for general corporate and working capital purposes.

The Offering was conducted through a syndicate of underwriters led by Paradigm Capital Inc., as lead underwriter, together with Bloom Burton & Co. and Dundee Securities Corporation. A total of 16.10 million subscription receipts were issued at a price of C$0.72 per Subscription Receipt.