Medical Marketing International Group plc agreed a further investment of up to GBP 427,500 in its subsidiary, Genvax Limited, subscribing for up to 2,850 shares at GBP150 per share.
The investment, which is staged and is conditional on certain commercial milestones being achieved, follows the announcement on 31 July 2008 that the company had raised GBP 0.95 million to fund the development its cancer vaccines and ruthenium chemotherapies. Once fully subscribed, MMI’s stake in Genvax will increase from 58 percent to 66 percent. The first £67,500 of the investment will be made in 2008.
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