Medicago Receives $24 Million Financing

Medicago Receives $24 Million Financing

QUEBEC CITY, QuebecOn Oct. 2,Medicago Inc., a producer of alfalfa extracts, announced it signed a $24 millionfinancing agreement. This will go toward a $34 million business plan the companyexpects to incorporate over the next three years as a way to better cooperatewith its France-based partner, Viridis. Medicago plans to create 15 high-techjobs with the money, as well as begin experiments in making recombinant proteinsusing greenhouse plants.

In other news, Andy Sheldon was named president and chiefexecutive officer of Medicago; he was previously vice president of sales andmarketing at Shire Biologics.