Medicago Inc. (MDG.TO) posted first-quarter net loss of $5.1 million or $0.04 per share, wider than $3.7 million or $ 0.03 per share in the same quarter last year. Increase in the loss for the three month period is mainly explained by the increase in R&D expenses in relation with the H5N1 Phase II clinical trial and the H1N1/seasonal vaccine Phase I clinical trial that is underway.
We recently achieved positive phase II interim results for our pandemic H5N1 Influenza VLP vaccine candidate. We continue to advance our clinical pipeline and look forward to reporting final phase II data for our H5N1 vaccine candidate and our U.S. phase I clinical data for our seasonal vaccine candidate this quarter," said Andy Sheldon, President and CEO of Medicago.
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