Gaithersburg, MD, August 21, 2000 -- MedImmune, Inc. (Nasdaq: MEDI) announced today that it will make David M. Mott chief executive officer effective October 1, 2000. As previously announced, Mr. Mott will succeed Dr. Wayne T. Hockmeyer, who founded and led MedImmune since its beginning in 1988. Dr. Hockmeyer will continue as chairman of the board.
“As expected, preparation for the transition of day-to-day responsibilities as chief executive officer to David has progressed smoothly and orderly,” said Dr. Hockmeyer. “David's energy and commitment to the future of MedImmune is unquestionable and he is uniquely qualified to step in and lead the company to the next stage of growth. Our original succession plan allowed for substantial time to handle the transition; however, it is obvious to me and our Board of Directors that we simply don't need any more time and thus we are moving the transition from year-end to October 1. I remain, as always, deeply committed to the future success of MedImmune and look forward to new activities in my continuing role as chairman of the board.”
David Mott, 34, has served as MedImmune's vice chairman and chief financial officer since 1998. Prior to that he served from 1995 to 1998 as president and chief operating officer. He was elected to the Board of Directors in 1995. From 1994 to 1995, Mott was executive vice president and from 1992 to 1994 he was vice president.
MedImmune, Inc. is a fully integrated biotechnology company focused on developing and marketing products that address medical needs in areas such as infectious disease, immune regulation and cancer. Headquartered in Gaithersburg, Maryland, MedImmune has manufacturing facilities in Frederick, Maryland and Nijmegen, the Netherlands, and an oncology subsidiary in West Conshohocken, Pennsylvania.
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 RSV disease occurs primarily during the winter months; the company believes its operating results will reflect that seasonality for the foreseeable future. The company is also developing several products for potential future marketing. There can be no assurance that such development efforts will succeed, that such products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success.