MMI's 1st-half loss up 12% on admin costs

UK pharmaceutical developer Medical Marketing International's loss for the six months ended September 30, 2007, was L1.9 million ($3.9 million), up 11.8% on the first-half of its previous fiscal year. The firm said that the increase was due to higher administrative expenses, which rose 30% to L1.3 million largely due to staffing and establishment costs, as well as professional fees.

In contrast, R&D spending fell 14.1% to $899,906, which MMI said was a result of progress in its development pipeline. The firm went on to say that its vaccines development program, its most advanced, continues to demonstrate commercial potential. Previously-reported data from trials of its DNA lymphoma vaccine candidate (Marketletter September 3), indicated that the product had met all its endpoints and was not linked with significant safety concerns.

Additionally, a study of its prostate cancer vaccine, which also elicited an immune response, is expected to produce final data before the end of the year. MMI said that a number of global pharmaceutical companies have expressed an interest in the product which, the firm believes, has a greater commercial potential than its lymphoma candidate.