Thursday 30 October 2008 - Medical Marketing International Group plc (“MMI” or the “Company”) (AIM:MMG), the life sciences company focused on the development of drugs for cancer, today announces that it has agreed a further investment of up to £427,500 in its subsidiary, Genvax Limited, by subscribing for up to 2,850 shares at £150 per share.
The investment, which is staged and is conditional on certain commercial milestones being achieved, follows the announcement on 31 July 2008 that the Company had raised gross proceeds of £0.95 million to fund the development programmes of its cancer vaccine and ruthenium chemotherapy technologies. Once fully subscribed, MMI’s stake in Genvax will increase from 58% to 66%. The first £67,500 of the investment will be made in 2008.
Commenting on the investment, Mark Burton, Chief Technical Officer, said “We have previously reported that we have a clear strategy to develop a broadly-based oncology company and this investment will enable Genvax to develop its DNA vaccine technology towards proof-of-principle prior to onward out-licensing to pharmaceutical partners.”
About MMI
Medical Marketing International Group plc (“MMI”) is a life sciences company that identifies, acquires and develops world-class compounds and technologies for the treatment of cancer. The Company manages the preclinical and early clinical development of drug candidates before pursuing licensing partners to manage late-stage development. Please visit www.mmigroup.co.uk for further information.
Notwithstanding the inclusion on this release by MMI of a website address and/or another electronic address, MMI does not accept any notices or any other documents or communication via its website or other electronic address. All such notices, documents or communication shall be in hard copy format only. Accordingly the provisions of section 333 Companies Act 2006 allowing persons to communicate with MMI electronically shall not apply to MMI.
About Genvax
Genvax Limited has an exclusive world-wide licence from Cancer Research Technology to intellectual property for DNA vaccines that was developed at the University of Southampton.
