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MEDIMMUNE ANNOUNCES $21 MILLION PRIVATE PLACEMENT

    GAITHERSBURG, Md., Aug. 13 /PRNewswire/ -- MedImmune, Inc. (NASDAQ: MEDI) today announced the private placement of $21 million of newly issued common stock with a number of institutional investors.  The investors are purchasing 1,120,000 shares at $18.50 per share.
    The closing of the transaction is conditioned upon the effectiveness of a registration statement to be filed by MedImmune covering resales by purchasers.  The transaction was arranged by Vector Securities International, Inc.
    MedImmune intends to use the net proceeds from this placement for (i) operating expenses and investments in inventory and receivables associated with preparing for and launching Respivir(TM), if and when approved for marketing by the United States Food and Drug Administration (FDA); (ii) certain improvements and expansions of the company's laboratories and pilot manufacturing facilities; (iii) on-going research and development; and (iv) other general corporate purposes.  The amounts actually expended for each purpose will vary significantly depending on numerous factors.
    Respivir(TM) is a polyclonal antibody product currently under review for marketing approval by the FDA for the prevention of respiratory syncytial virus (RSV) infection in certain high risk infants.  RSV is the leading cause of viral pneumonia in infants, resulting in 91,000 hospitalizations and 4,500 deaths each year.
    "This placement strengthens our balance sheet as we prepare for the future growth of the company," commented Wayne T. Hockmeyer, Ph.D., chairman and chief executive officer of MedImmune.
    MedImmune Inc. was formed in 1988 to develop, manufacture and market therapeutics and vaccines for the treatment and prevention of certain infectious diseases and cancers.  MedImmune's corporate headquarters are in Gaithersburg.
    -0-             08/13/93
    CONTACT:  David M. Mott, vice president - business development and planning of MedImmune, 301-417-0770, or Anthony J. Russo or Rhonda Chiger of Noonan/Russo Communications, Inc., 212-696-4455
    (MEDI) CO:  MEDIMMUNE, INC. IN:  MTC ST:  MD


-- NY010 -- X530 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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