QUEBEC CITY, QUEBEC--(Marketwire - October 22, 2008) - Medicago Inc. ("Medicago") (TSX VENTURE: MDG) today announced that, further to the letter of intent with Philip Morris International Inc. ("PMI") previously announced on September 22, 2008, it has executed a binding conditional subscription agreement with PMI for the private placement (the "Private Placement") of 45,000,000 units (the "Units"). Net proceeds of CAD$15,975,000 which will be used to further fund the development of Medicago's pandemic and seasonal influenza vaccines.
