MEDIMMUNE ANNOUNCES FILING OF REGISTRATION STATEMENT FOR 2.5 MILLION SHARES OF COMMON STOCK
MEDIMMUNE ANNOUNCES FILING OF REGISTRATION STATEMENT
FOR 2.5 MILLION SHARES OF COMMON STOCK
GAITHERSBURG, Md., Nov. 7 /PRNewswire/ -- MedImmune, Inc. (NASDAQ: MEDI) announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 2.5 million shares of common stock. Of the shares to be offered, 500,000 shares will be sold by the company and 2.0 million shares will be sold by selling shareholders. Morgan Stanley & Co. Incorporated and Smith Barney, Harris Upham & Co. Incorporated will co-manage the underwriting group.
"The objective of this offering is to raise additional cash to support the company's research and development programs, facility expansion and other general corporate purposes, while enabling the original investors to reduce a portion of their holdings in MedImmune through an orderly public sale," said Dr. Wayne T. Hockmeyer, MedImmune president and chief executive officer.
If the proposed offering is completed, the percentage of common stock outstanding that would be beneficially held by the company's principal early investors and its management would be reduced from 82 percent to 67 percent. As of Sept. 30, 1991, the company had 16.4 million shares of common stock outstanding on a fully diluted basis.
MedImmune, Inc. was founded in 1988 to develop, manufacture and market therapeutics and vaccines for the treatment and prevention of certain infectious diseases and cancers.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may an offer to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
/CONTACT: David Wright, executive vice president of MedImmune, 301-417-0770; or Fred Spar of Kekst and Company, 212-593-2655, for MedImmune/
(MEDI) CO: MedImmune, Inc. ST: Maryland IN: MTC SU: OFR JT -- NY087 -- 2356 11/07/91 16:07 EST