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Archive Life Sciences Archive Extra funding required to capitalise on 'significant advances' at MMI
Archive Life Sciences Archive Extra funding required to capitalise on 'significant advances' at MMI | Extra funding required to capitalise on 'significant advances' at MMI |
| Written by Business Weekly | |
| Monday, 25 June 2007 | |
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Despite recent positive development announcements of 'significant advances,' Cambridge-based Medical Marketing International has reported another severe drop in turnover for the full year, causing a further widening of pre-tax losses.
MMI said that a 79 per cent increase in R&D funding, to £2.2m from £1.2m in 2006 had resulted in operating losses widening by 40 per cent, up to £4.3m from £2.7m the year before. Turnover for the period dropped almost 50 per cent, falling to £104k from £200k last time. The pharmaceutical development firm said that it had upped the R&D spend on its portfolio of drugs, making ‘significant advances’ in each of its therapeutic platforms, but added that it required additional funding, on top of £10m raised in 2005, for the continued operation of its business before sustainable profitability could be achieved. “Although the various projects are at relatively early stages, they all target major breakthroughs in medicine in areas of unmet therapeutic need and each is attracting interest from global pharmaceutical companies,” said chairman, David Best. MMI's share price has fallen marginally, losing 2.5p to 146p. |
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