MedImmune Announces $66.3 Million Private Placement
PR Newswire, Tuesday, January 13, 1998 at 08:47
GAITHERSBURG, Md., Jan. 13 /PRNewswire/ -- MedImmune, Inc. (NASDAQ:MEDI)
today announced that 1,700,000 new shares of common stock will be issued at
$39 per share to a group of three institutional investors including BB
Biotech, Investor AB and Invesco Funds Group. The private placement was self-
managed by MedImmune. The closing of the transaction is conditioned upon the
effectiveness of a registration statement to be filed with the U.S. Securities
and Exchange Commission covering resale by purchasers.
The Company intends to use the net proceeds to finance the potential
market introduction of Synagis(TM) (palivizumab, formerly known as MEDI-493),
if and when approved by the U.S. Food and Drug Administration, and for working
capital and general corporate purposes. Upon closing of the financing,
MedImmune will have 26.2 million shares outstanding.
Synagis(TM) is a humanized monoclonal antibody being developed by
MedImmune for prevention of serious respiratory syncytial virus (RSV) disease
in infants and young children. RSV is the most common cause of lower
respiratory infections in infants and children worldwide.
MedImmune, Inc. is a biotechnology company focused on developing and
marketing products for the prevention and treatment of infectious diseases and
for use in transplantation medicine. MedImmune currently markets two products
through its hospital-based sales force and has five new product candidates in
clinical trials. MedImmune is located in Gaithersburg, MD.
This announcement may contain, in addition to historical information,
certain forward-looking statements that involve risks and uncertainties. Such
statements reflect management's current views and are based on certain
assumptions. Actual results could differ materially from those currently
anticipated as a result of a number of factors, including risks and
uncertainties discussed in the Company's filings with the U.S. Securities and
Exchange Commission. MedImmune cautions that there can be no assurance that
Synagis(TM) will be licensed for marketing by regulatory authorities. |
