Seneca Growth Regulatory News (HYG)

20 Apr 2006 07:01

Medical Marketing Int'l Group PLC20 April 2006 For Immediate Release 20 April 2006 MMI agreement with Bioscience VCT becomes unconditional Medical Marketing International Group plc ("MMI") (AIM: MMG), the Cambridge, UK-based pharmaceutical development company focussed on cancer and infection, todayannounces that it has reached unconditional agreement with Bioscience VCT plc("the VCT") and Octopus Asset Management Limited ("Octopus") whereby MMI hassold its interests in the VCT to enable it to focus on its core business ofdeveloping its portfolio of therapeutics. MMI announced on 9 March 2006 that it had reached conditional agreement with VCTand Octopus whereby MMI would cease to provide services to VCT and forego itscarried interest in the VCT. In return, the VCT and Octopus had agreed to: • Pay MMI an undisclosed sum • Indemnify, keep indemnified and hold MMI harmless from and againstliabilities arising out of and/or in connection with the services, except forany investment decisions made by the VCT after relying solely on due diligenceperformed by MMI • Table a resolution at the Annual General Meeting of the VCT for thepurpose of considering changing the company name to exclude the word" Bioscience " (which is associated with MMI) with a recommendation fromdirectors of the VCT for shareholders to vote in favour of the resolution Following the passing of the resolution at yesterday's AGM of the VCT to changethe name of the VCT from Bioscience VCT to Hygea VCT plc, the agreement betweenMMI, Octopus and VCT has become unconditional. David Best Chairman of MMI commenting on this announcement said: "This agreementnow enables MMI to focus solely on its successful core business of developingand commercialising its expanding portfolio of therapies for cancer andinfection." For further information, please contact: David Best ?c=8211 Executive ChairmanMMI Group Tel: +44 (0)1223 477677www.mmigroup.co.uk Lisa Baderoon / Rebecca Skye DietrichBuchanan Communications Tel: +44 (0)20 7466 5000lisab@buchanan.uk.com This information is provided by RNS The company news service from the London Stock Exchange