That's a very important question. I'm happy to answer it and to provide as much information as I can regarding the process for making investment decisions and, quite frankly, the situation regarding Canada's investment in Medicago.
The first thing I would say is that there is an extensive process for vetting requests for funding under the strategic innovation fund, a significant due diligence that, of course, includes a significant examination of the financial situation of the applicant, including the ownership structure.
What I would do is go back to the time frame in which the decision for funding Medicago was made. The basis for those decisions was really shaped by the quality of the science and the view from Canada's experts regarding what held the most promise in Canada to quickly bring an effective vaccine to market. Of course, you'll recall that in 2020 there was a very urgent need to invest in a broader range of efforts to develop and bring to market a safe and effective vaccine.
Medicago has long been recognized by experts as being one of the stronger and most scientifically proven vaccine manufacturers operating in Canada. This view is not only the view supported by the Government of Canada. It's also one supported by the U.S. government through their BARDA and DARPA programs that have also invested in the company. I think the decision to fund Medicago and develop their vaccine technology and vaccine candidate has in some ways been confirmed by the recent regulatory decision and approval of their vaccine, which is one of only six made yet to date.
Regarding the ownership structure, we were very well aware at the time that PMI held a minority share in the company. It was examined carefully and not viewed as a contravention of the WHO Framework Convention on Tobacco Control. The focus really was on the quality of their science and the promise that their vaccine candidate brought with it, knowing that, based on their science, their platform technology and the view from experts, there was a high likelihood that this could be a promising vaccine candidate and one that was worthy of investment.
The final point I'll make is regarding the WHO decision. As has been reported publicly by the company—I know Minister Champagne has stated this publicly—we're very aware that the company is looking with some urgency at the question of its ownership structure, and we continue to be in close contact with the company, understanding that they recognize the seriousness of the WHO decision and are moving to make decisions to address the challenges they face.