Medicago signs second licensing agreement with Fortune 100 Company

Quebec City, Quebec, February 7, 2008 — Medicago Inc. (TSX-V: MDG) (the “Company”), today announced that it
has entered into a second, non-exclusive licensing agreement (the “Agreement”) with an undisclosed Fortune 100
Company (the “Partner”) for the development and commercialization of the Company’s proprietary plant-based
production technology (the “Technology”). Medicago will receive an upfront payment of $1,500,000 and a payment of
$500,000 upon attainment of an important milestone.
“The value and benefits of our unique technology have allowed us to continue to build and expand our collaborations
with this leading Fortune 100 Company,” said Andy Sheldon, Chief Executive Officer of Medicago. We look forward to
working closely with our Partner to accelerate development of this technology and the therapeutic protein that was the
subject of our initial agreement. Our proprietary transient expression system has the ability to produce recombinant
proteins in the cells of non-transgenic plants, speeding up time to market and commercialization“.
“This new Agreement validates the attractiveness of our technology platform to leading companies and highlights
Medicago’s ability to create additional value for shareholders via non-exclusive collaborations as well as research and
development technology licenses,” said Randal Chase, Chairman of the Board of Medicago.
Under the terms of the Agreement, Medicago will grant the Partner 2,000,000 common share purchase warrants. Each
warrant entitles the Partner the right to acquire one common share of Medicago for a period of three years following
the execution of the Agreement, at an exercise price of 15% over the market price at the time of execution of this
Agreement, during the first year, increased by 10% for each of the following two years.
The Company’s pipeline of influenza vaccines is excluded from this license but the Agreement provides for additional
partnership opportunities including co-development and additional funding opportunities for Medicago’s current and
future projects.
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 the cells of nontransgenic
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 the Company's current expectations regarding
future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from
those projected herein. The Company disclaims any obligation to update these forward-looking statements.
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Contact Information
Medicago Inc. The Equicom Group Inc.
Andy Sheldon Arianna Vanin
President and CEO Investor Relations
(418) 658-9393 (514) 844-4680