From 1980 to 2006 he was the Director of the Cancer Research UK (formerly Cancer Research Campaign) Experimental Cancer Chemotherapy group. Professor Stevens is now an Emeritus Professor at the University of Nottingham and Emeritus Chief Scientific Officer of Pharminox Ltd, a small cancer drug discovery company based in Biocity, Nottingham.

While Professor of Experimental Cancer Chemotherapy at Aston he was responsible for the discovery and early development of temozolomide, a treatment for glioma and astrocytoma brain tumours.  It is now approved throughout the world and is marketed by Merck under the trademark Temodal.

In 2008, Temodal reached 'blockbuster' status - achieving annual sales of more than $1 billion worldwide.

In addition to temozolomide, Professor Stevens has also been responsible for bringing five other experimental new cancer drugs into the clinic.

Malcolm's work has been recognised by numerous national and international awards.  In 1999 he received an OBE for his achievements in anticancer drug discovery, and in 2005 was awarded an honorary DSc by the University of London.  In May 2009 Malcolm Stevens was made a Fellow of the Royal Society (FRS), one of the highest honours in the academic world.  The Royal Society awards the lifetime Fellowships to the most eminent scientists, engineers and technologists in the UK and the Commonwealth.  The awards are widely regarded in the scientific world as second only to a Nobel Prize in prestige.

In 2009 Malcolm joined the Aston University Development Board and is an enthusiastic champion and supporter of the University.