Company Will Host Investor Conference Call on February 16, 2007
BOCA RATON, Fla., Feb. 15 /PRNewswire-FirstCall/ -- Nabi
Biopharmaceuticals (Nasdaq: NABI) announced today that Thomas H. McLain has
resigned as chairman, chief executive officer and president, effective
immediately. By unanimous vote, the Board has appointed Leslie Hudson,
Ph.D., a director of the company since 2005, as interim chief executive
officer and president, and Geoffrey F. Cox, Ph.D., a director of the
company since 2000, as non-executive chairman of the board of directors.
"We would like to thank Tom for his leadership of Nabi. Since he joined
the company, he has made a significant contribution and, most recently, has
managed a tremendous amount of change in our business," said Geoffrey Cox.
"We are pleased that Dr. Hudson has accepted the role of interim CEO and I
look forward to working with him to realize Nabi's potential and optimize
Nabi's shareholder value. At this critical juncture for the company, we
feel that Nabi is poised to take significant strides forward, focus its
product development pipeline and identify and pursue the most compelling
strategic opportunities for the company," said Cox.
Leslie Hudson will serve as interim CEO for a six-month period. During
that time, the board of directors will seek to identify appropriate
candidates to assume the role of permanent CEO. Dr. Hudson also will lead
the Nabi senior management team to further align the company's activities
and expense base with its corporate goals. Further, he will proactively
continue the process being conducted by Nabi, the Company's Strategic
Action Committee and Banc of America Securities LLC to analyze all
strategic alternatives to enhance shareholder value.
"I welcome the opportunity to work with the board of directors, the
senior management team and all Nabi employees to achieve our collective
goals," said Leslie Hudson. "Nabi has mapped out an ambitious corporate
strategy to focus on areas where we have competitive advantages and can
deliver unique value to physicians and patients, to build a sustainable
financial model and to enhance shareholder value. I look forward to
actively and collaboratively leading the company's efforts as we work
together to deliver upon that strategy," said Hudson.
Dr. Hudson has been a director of the company since August 2005. He is
the founder of G&M Princeton Associates, a pharmaceutical commercial
development practice. His extensive pharmaceutical experience includes
several senior positions at Pharmacia Corporation, including group vice
president and general manager of the ophthalmology franchise and, and at
Glaxo, where he served as vice president of research. Most recently, Dr.
Hudson was chief executive officer and president of DOV Pharmaceutical,
Inc. and, prior to that post, served as Vice Provost for Strategic
Initiatives at the University of Pennsylvania. Dr. Hudson received his
doctorate in immunology from the Imperial College and Middlesex Hospital
Medical School, University of London and is an associate of the Royal
College of Science.
Dr. Cox has been a director of the company since December 2000. He has
been chairman, president and chief executive officer of GTC
Biotherapeutics, Inc., a biopharmaceutical company, since 2001. From 1997
to 2001, Cox was chairman of the board and chief executive officer of
Aronex Pharmaceuticals, Inc., a biotechnology company. From 1984 to 1997,
he was employed by Genzyme Corporation, a biotechnology company, last
serving as its executive vice president, operations. He also serves on the
board of the Biotechnology Industry Organization and the Massachusetts
Biotechnology Council. Dr. Cox received a B.Sc (Hon) in Biochemistry from
the University of Birmingham, U.K., and a Ph.D. in Biochemistry from the
University of East Anglia, U.K.
Change in release date for 4Q and 2006 year end results.
Nabi previously announced that it would hold a conference call on
February 28, 2007 to report its fourth quarter and full-year 2006 financial
results. Because of the transition activities anticipated over the next
several weeks, this call is being re-scheduled for March 12, 2007. During
this call, Nabi also will provide an update regarding the company's 2007
financial performance outlook and strategy. In addition, Nabi announced
that unaudited sales of Nabi-HB(R) [Hepatitis B Immune Globulin (Human)]
were in excess of $11.0 million in the fourth quarter of 2006.
Conference Call Information
Nabi also will hold a conference call on February 16, 2007 at 8:00 a.m.
ET to discuss today's announcement. The live webcast can be accessed at
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-
eventDetails&c=100445&eventID=1481780 or via the Nabi Biopharmaceuticals
website at http://www.nabi.com. If you do not have Internet access, the
U.S./Canada call-in number is 800-299-7928 conference code 97956779, and
the international call-in number is 617-614-3926 conference code 97956779.
An audio replay will be available for U.S./Canada callers at 888-286-8010
conference code 59257846 and for international callers at 617-801-6888
conference code 59257846.
An archived version of the webcast will be available at the same
Internet address through February 23, 2007. The audio replay will also be
available through February 23, 2007. The press release will be available on
the company's website at http://www.nabi.com.
About Nabi Biopharmaceuticals
Nabi Biopharmaceuticals leverages its experience and knowledge in
powering the immune system to develop and market products that fight
serious medical conditions. The company has two products on the market
today: Nabi-HB(R) [Hepatitis B Immune Globulin (Human)], and Aloprim(TM)
(allopurinol sodium) for Injection. Nabi Biopharmaceuticals is focused on
developing products that address unmet medical needs and offer commercial
opportunities in our core business areas: Hepatitis and transplant,
Gram-positive bacterial infections and nicotine addiction. For a complete
list of pipeline products, please go to:
http://www.nabi.com/pipeline/index.php. The company is headquartered in
Boca Raton, Florida. For additional information about Nabi
Biopharmaceuticals, please visit our website at http://www.nabi.com.
Forward-Looking Statements
Statements in this press release about the company that are not
strictly historical are forward-looking statements and include statements
related to our plans to explore strategic alternatives and prospects. You
can identify these forward-looking statements because they involve our
expectations, beliefs, intentions, plans, projections, or other
characterizations of future events or circumstances. These forward-looking
statements are not guarantees of future performance and are subject to
risks and uncertainties that may cause actual results to differ materially
from those in the forward-looking statements as a result of any number of
factors. These factors include, but are not limited to, risks relating to
the company's ability to advance the development of products currently in
the pipeline or in clinical trials; maintain the human and financial
resources to commercialize current products and bring to market products in
development; obtain regulatory approval for its products in the U.S.,
Europe or other markets; successfully develop, manufacture and market its
products; successfully partner with other companies; realize future sales
growth for its biopharmaceutical products; maintain sufficient intellectual
property protection or positions; raise additional capital on acceptable
terms; re-pay its outstanding convertible senior notes when due; and
identify and complete transactions that represent strategic alternatives
and opportunities. Many of these factors are more fully discussed, as are
other factors, in the company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2005 and Quarterly Report on Form 10-Q for the
Quarter ended September 30, 2006 filed with the Securities and Exchange
Commission.
Tom Rathjen
Vice President, Investor Relations
561-989-5800
http://www.nabi.com
SOURCE Nabi Biopharmaceuticals
 back to top
Related links:
http://www.nabi.com
http://www.nabi.com/pipeline/index.php
CONTACT:
Tom Rathjen Vice President, Investor
Relations of Nabi Biopharmaceuticals, +1-561-989-5800
|
