(MMG.L) Medical Marketing International Group PLC Buy/Sell

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 Group plc
Phil Cartmell, Non-executive Chairman Tel: +44 (0) 1223 477 677

Rob Sprawson, Chief Financial Officer Mark Burton, Chief Technical Officer

FinnCap
Charlie Cunningham Tel: +44 (0)20 7600 1658

Financial Dynamics
Emma Thompson Tel: +44 (0)20 7831 3113

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

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