MMI's full year losses up 30% on R&D costs

UK pharmaceutical developer Medical Marketing International says that its loss for the financial year ended March 31, 2007, which grew 29.6% to L3.5 million ($7.0 million), was the result of a planned 79% increase in its R&D expenditure. A 47.9% decline to L104,109 in the group's turnover for the year, primarily due to reduced revenues from its LabHotel service business, also increased its shortfall for the year.

MMI said that the termination of its agreement with Octopus Asset Management and Bioscience VCT (now known as Hygea VCT) resulted in the firm's receipt of a L105,051 settlement.

MMI's executive chairman, David Best, commented that the last few months had seen progress in all three of the company's key therapeutic areas (vaccines, chemotherapy and ribozyme antivirals). He added that the firm's net funds, which stand at L5.76 million, are sufficient at the current burn rate to sustain operations through to the end of the first half of 2008.