A COVID-19 vaccine manufacturing company in Quebec is set to cease all operations after its owner and sole shareholder decided to pull investments because of “significant changes” in the COVID vaccine-making industry.
Medicago Inc., which is headquartered in Quebec City and was the manufacturer of the plant-based COVID vaccine, Covifenz, announced on Feb. 3 that it will not be receiving any further investments from the Mitsubishi Chemical Group (MCG) and that it will now begin an “orderly wind-up of its business and operations in Canada and in the United States.”
MCG wrote in a statement on Feb. 3 that Medicago had previously been preparing to transition its operations to a “commercial-scale” level.
“However, in light of significant changes to the COVID-19 vaccine landscape since the approval of Covifenz, and after a comprehensive review of the current global demand and market environment for COVID-19 vaccines and Medicago’s challenges in transitioning to commercial-scale production, the Group has determined that it will not pursue the commercialization of Covifenz,” MCG wrote.
Read more: Quebec-Based COVID Vaccine Manufacturer to Halt All Operations
