Shares digital

Pharmaceutical minnow Medical Marketing (MMG:AIM) lost more than half its value after admitting that it is unlikely to conclude a partnering deal in the short term.

The news sent investors heading for the exit, taking the shares down to 32p; and word that chairman David Best has stepped down and is on ‘long-term sick leave’, added to the firm’s woes.

Best will be replaced by Phil Cartmell. The Cambridge-based firm is ‘currently seeking to resolve a board disagreement regarding the future leadership of the business’ and Cartmell will be reviewing the structure and composition of the board and the company’s management team.

Meanwhile, the group recently commissioned an independent review of the commercial potential for its three key technologies, which concluded that although there is potential for the technologies, it is unlikely that a partnering deal will be completed in the near term.

The company expects to present data from its prostate cancer vaccine trial in the first half of this year.

Shares says: Until board issues are resolved, the stock is best avoided. AVOID