Can you buy Medicago stock as its vaccine gets Health Canada nod?

Covifenz, the first Canadian coronavirus vaccine, got approved for use by Health Canada on Thursday, February 24. Notably, the vaccine was developed by Quebec-based Medicago and is the world's first plant-based jab authorized for use on humans.

According to reports, Covifenz is the first Canadian vaccine to be approved in more than 20 years, and it has received approval for people aged between 18 to 64.

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Previously, the vaccine had shown a 71 per cent efficacy after clinical trials. Health Canada's chief medical advisor, Dr Supriya Sharma, said that the vaccine was 100 per cent effective against severe disease caused by the coronavirus.

Significant details of Medicago's vaccine

Covifenz was designed to mimic the spike protein that causes COVID-19. Some plants have virus-like particles, which can multiply within no time.

The vaccine-maker claims that it is impossible to catch coronavirus from this vaccine. The clinical trials suggested that the two doses of Covifenz should be administered after a gap of 21 days. 

Medicago is reportedly planning to create a third booster shot of Covifenz, and it is reportedly looking to develop a vaccine specifically for the Omicron variant of the coronavirus.

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Can you buy Medicago stock?

Ever since the approval announcement, potential investors appear to be looking for the biopharmaceutical company's stock. However, it is important to note that Medicago stock is unavailable in Canada.

In 2013, Medicago got delisted from the Toronto Stock Exchange after Mitsubishi Chemical Holdings acquired it for $357 million.

The stock of Mitsubishi Chemical Holdings is available on the Tokyo Stock Exchange, and it trades under ticker symbol 4188. At the time of writing, the 4188 stock was up 1.3 per cent and trading at 808 JPY per share.

In Canada, buying international stocks is possible, and people need to find stockbrokers with access to international markets. Alternatively, online trading platforms of brokerage companies give options of investing in foreign stocks to account holders.

Bottom line

Medicago is looking to expand its business operations and is reportedly planning to set up a production plant by 2024. The plant will be set up in Quebec to manufacture Covifenz.

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