CORPORATE UPDATE

 

TIDMMMG 
 
RNS Number : 4099X 
Medical Marketing Int'l Group PLC 
13 August 2009 
 

CORPORATE UPDATE 
 
 
13 August 2009 - Medical Marketing International Group plc ("MMI" or the 
"Company") (AIM:MMG), the life sciences company focused on the development of 
drugs for cancer, today provides an update on the financial position of the 
Company. 
 
 
As announced on 15 June 2009, the directors of the Company (the "Directors") 
have been pursuing funding and other alternatives to establish a firm future for 
the Company whilst minimising the Company's operating costs during that period. 
 
 
The Directors have explored various options for raising further funding to 
enable the Company to continue trading, including whether the Company could 
acquire another business with a view to pursuing an alternative line of 
business. However, these discussions have failed to secure any firm indications 
of future funding. 
 
 
The main reason given to the Directors for this lack of interest is the 
outstanding claim following the termination of the employment of the Company's 
former Executive Chairman, Mr David Best, in March 2008. Although the Directors 
have made provision in the Company's accounts in respect of the Company's 
potential liability to Mr Best based on advice received from the Company's legal 
advisers and counsel, Mr Best's claim is for considerably more than that which 
the Directors, based on the advice referred to above, have provided for in the 
Company's accounts. Various attempts have been made to settle this claim but the 
Company and Mr Best have been unable to agree on any settlement to date. Against 
the background of this continuing uncertainty, the Directors have been unable to 
secure further funding. 
 
 
However, the Directors continue to pursue discussions with one of the Company's 
major shareholders who has indicated that, in principle, they may be prepared to 
make funding available. The Directors have not received a firm proposal from 
this shareholder and there can be no guarantee that any offer will be 
forthcoming or that it will be on terms which will be acceptable to shareholders 
as a whole. 
 
 
The Directors have concluded that unless a fully funded offer of additional 
funding, conditional only on shareholder approval, is received by the Company by 
4 September 2009, it is unlikely that the Company will continue in operation 
beyond that date. 
 
 
Based on the substantial uncertainty surrounding the Company's continuing 
operation, the Company has requested the London Stock Exchange suspend the 
trading of its ordinary shares on AIM until such time as there is clarity on the 
ability of the Company to continue in operation. Further announcements will be 
made as soon as possible. 
 
 
 
Enquiries: 
 
 
+-------------------------------------+-------------------------------------+ 
| Medical Marketing International     | Tel: [phone]           | 
| Group plc                           |                                     | 
| Phil Cartmell, Non-executive        |                                     | 
| Chairman                            |                                     | 
| Rob Sprawson, Chief Financial       |                                     | 
| Officer                             |                                     | 
| Mark Burton, Chief Technical        |                                     | 
| Officer                             |                                     | 
+-------------------------------------+-------------------------------------+ 
|                                     |                                     | 
+-------------------------------------+-------------------------------------+ 
| FinnCap                             | Tel: [phone]            | 
| Charlie Cunningham                  |                                     | 
+-------------------------------------+-------------------------------------+ 
|                                     |                                     | 
+-------------------------------------+-------------------------------------+ 
| Financial Dynamics                  | Tel: [phone]            | 
| Emma Thompson                       |                                     | 
+-------------------------------------+-------------------------------------+ 
 
 
 
 
 
 
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. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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