Medicago is developing highly effective and affordable vaccines based on proprietary manufacturing technologies and Virus-Like Particles (VLPs). Medicago’s VLP manufacturing technology has the potential to offer speed and cost advantages over competitive technologies. It can deliver a vaccine for testing in less than 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. Recent results have demonstrated that the Company’s H5N1 VLP pandemic vaccine provides 100% protection in ferrets at very low doses, in addition to providing broad levels of protection against three of the deadliest strains of H5N1. The Company is also committed to bringing its technology to international grounds and on that front signed an agreement with Evry Genopole biopark to evaluate the establishment of a pandemic vaccine production facility in France. Medicago’s most significant achievement in 2008 was the expansion of a relationship with Philip Morris International, a Fortune 100 company, into a $15,975,000 private placement and partnership. This transaction represents a major accomplishment for Medicago given the challenging market conditions at the time.