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6 July, 2006 - 10:57 By Staff Reporter

Turnover dive at MMI

Medical Marketing International Group, the Cambridge based virtual pharmaceutical development company, has seen turnover crash almost 50 per cent in the year to end-March and operating loss increase more than 70 per cent.

Medical Marketing International Group, the Cambridge based virtual pharmaceutical development company, has seen turnover crash almost 50 per cent in the year to end-March and operating loss increase more than 70 per cent.

MMI said expenditure increased by 50 per cent due to expansion of the product pipeline. The increased focus on portfolio development was also blamed for the 47 per cent fall in turnover to £199,866 from £380,383

Retained loss for the fiscal year rose 55.3 per cent to £2.65m from £1.707m.

MMI sold its interests in Bioscience VCT plc to focus on its core business. As technology manager to BioScience VCT plc, the company received an annual fee of 1.25 per cent of the net assets of the VCT but with the sale of its interests this income ended on August 31 of last year.

Nor was there any rental income as the company reclaimed previously sub-let space in its Cambridge bioincubator to install and fit-out a chemistry laboratory for the continued development of the group’s therapeutic portfolio.

During the year the company raised £9.57 million net of expenses through a placing of shares and received £0.23m from the exercise of options, the combined effect of which resulted in net cash at March 31 being £9.16m (2005: £1.83m).

Chief financial officer Rob Sprawson said: “With these proceeds we now have the resources to complete the next stages of development for key products in our therapeutic pipeline, including moving some of our ruthenium-based products into the clinic, and the financial strength to be able to negotiate with major pharmaceutical companies.”

MMI is focused on developing drugs for the treatment of cancer and infectious disease.

 

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