Shot-in-the-arm for firm
Success with an anti-cancer vaccine has almost quadrupled the value of Cambridge-based MMI since the beginning of the year, making the company worth 115 million.
Massive success: Founder David Best The biggest rise has come this week following results of clinical trials involving cancer patients suffering from lymphoma, but the new vaccine is expected to help with other forms of cancer as well, including lung.
The vaccine has been developed by Genvax. MMI owned 50 per cent, but this week increased its holding to 58 per cent.
The further investment comes as MMI's share price rockets yesterday it put on more than 38p, lifting to nearly 3. At the beginning of this year the shares were trading at under 60p.
The vaccine uses tetanus toxin to boost the immune response against cancer.
Known as a DNA fusion gene vaccine, it has been trialled on lymphoma patients for three years, with most responding well.
Patients with myeloma, cancer of the bone marrow, are now being given the vaccine, and the next in line are those suffering from prostate and colon cancer, and other solid tumours such as lung or stomach cancer.
Genvax has now clinched an exclusive worldwide licence with Cancer Research Technology to commercialise rights to the vaccine, which was invented by Prof Freda Stevenson at the University of Southampton.
MMI, which is based in Cowley Road, Cambridge, is putting more funds into Genvax to take the vaccine forward.
David Best, founder and boss of MMI, said: "Cancer is now the main cause of premature death in the western world.
"By working with the major cancer charities, the world class research team at the University of Southampton and the National Blood Service, together we now have the potential to improve the lives of patients with cancer and to keep the UK at the forefront of medicine."
MMI, which is listed on the London stock market, specialises in funding and commercialising breakthrough treatments developed within NHS hospital trusts.
24 March 2005
http://www.cambridge-news.co.uk/business/news/2005/03/24/2e2594a7-72b3-4155-bcc4-b2bd6aa76ed0.lpf