GAITHERSBURG, Md., Aug. 7 /PRNewswire-FirstCall/ -- MedImmune, Inc.
(Nasdaq: MEDI) announced today that it has amended its Confidential
Information and Securities Trading Policy to provide guidelines for officers,
directors and other company insiders to enter into approved, predetermined
trading plans for the purchase or sale of MedImmune stock consistent with Rule
10b5-1 under the Securities Exchange Act of 1934. MedImmune believes that
certain corporate officers and other insiders are currently establishing 10b5-
1 plans, and others may do so in the future.
Rule 10b5-1 trading plans, as authorized by the Securities and Exchange
Commission (SEC), are primarily intended to provide insiders at public
companies with a systematic method of obtaining liquidity in their securities
holdings, while minimizing potential disruption to the financial markets. The
SEC has described such plans as providing an affirmative defense against
allegations related to insider trading liability, if, among other things, an
individual or entity can demonstrate that a purchase or sale occurred pursuant
to a binding contract, instruction or written plan put into place when the
individual or entity was not in possession of material nonpublic information.
Under the MedImmune policy, a 10b5-1 plan may be implemented when the
company is outside of a blackout period and when the individual is not in
possession of material non-public information. The first trade under a
MedImmune 10b5-1 plan cannot be executed until at least 30 days after such a
plan has been adopted by an individual. The MedImmune policy requires that,
in addition to complying with Rule 10b5-1, a trading plan for covered
personnel must receive clearance from the company's legal counsel and Chief
Executive Officer, or Chairman in the case of a trading plan adopted by the
Chief Executive Officer, and the company must have the right to suspend or
terminate the plan.
MedImmune is a leading biotechnology company focused on researching,
developing and commercializing products to prevent or treat infectious
disease, autoimmune disease and cancer. MedImmune actively markets four
products, Synagis(R) (palivizumab), FluMist(TM) (influenza virus vaccine live,
intranasal), Ethyol(R) (amifostine) and CytoGam(R) (cytomegalovirus immune
globulin intravenous (human)), and has additional products in clinical
testing. MedImmune employs approximately 1,700 people, is headquartered in
Gaithersburg, Maryland, and has additional operations in Frederick, Maryland,
as well as Pennsylvania, California, the United Kingdom and the Netherlands.
For more information on MedImmune, visit the company's website at
This announcement may contain, in addition to historical information,
certain forward-looking statements that involve risks and uncertainties. Such
statements with respect to MedImmune reflect the current views of MedImmune's
management and are based on certain assumptions. Actual results for MedImmune
could differ materially from those currently anticipated as a result of a
number of factors, including risks and uncertainties discussed in MedImmune's
filings with the U.S. Securities and Exchange Commission. MedImmune is
developing 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.
SOURCE MedImmune, Inc.
/CONTACT: Jamie Lacey, +1-240-632-4035, Investors: Will Roberts,
+1-301-527-4358, or John Filler, +1-240-632-4086, all of MedImmune, Inc./
/Web site: http://www.medimmune.com/
CO: MedImmune, Inc.; Securities and Exchange Commission; SEC
IN: HEA MTC BIO
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4897 08/07/2003 19:01 EDT http://www.prnewswire.com