MedImmune issue raises $66.3 million

MARYLAND WATCH

January 14, 1998

MedImmune Inc. raised $66.3 million in a private placement of stock with three institutional investors, the company said yesterday.

The Gaithersburg-based biotechnology firm, which is developing treatments for infectious diseases, said 1.7 million new shares of common stock will be issued at $39 per share to BB Biotech, Investor AB and Invesco Funds Group.

The company said the transaction depends upon Securities and Exchange Commission approvals.

Upon closing of the financing, MedImmune will have 26.2 million shares outstanding.

MedImmune said it intends to use the money primarily to finance market introduction of its new drug for respiratory syncytial virus, or RSV, disease in infants and young children.

The drug, Synagis, is awaiting marketing approval from the U.S. Food and Drug Administration. If approved, Synagis would be marketed by pharmaceutical giant Abbott Laboratories, which licensed sales rights earlier this month.

The company anticipates seeking clearances this year to market the drug in Europe.

Pub Date: 1/14/98

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