Company Also Announces Close of Aloprim Sale
BOCA RATON, Fla., May 18 /PRNewswire-FirstCall/ -- Nabi
Biopharmaceuticals (Nasdaq: NABI) today announced that all four of the
proposals put forth to stockholders by the company at its Annual Meeting of
Stockholders have been approved. Approximately 92% of total shares were
voted by proxy or at the annual meeting, held today in Boca Raton, Florida.
Proposals approved by stockholders:
-- Elected the company's nine Board of Director nominees for terms
through the 2008 Annual Meeting of Stockholders;
-- Approved the amendment and restatement of the 2000 Equity Incentive
Plan into the 2007 Omnibus Equity and Incentive Plan;
-- Approved the amendment and restatement of the 2000 Employee Stock
Purchase Plan; and
-- Ratified the appointment of Ernst & Young LLP as the company's
independent registered public accounting firm for the current fiscal
year.
Nabi also announced today that it has completed the sale of its
Aloprim(TM) (allopurinol sodium) for Injection product. The company
received $1.3 million at closing and will receive an additional $1.4
million at the end of 2007 and $1.0 million at the end of 2008.
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 one product on the market
today: Nabi-HB(R) [Hepatitis B Immune Globulin (Human)]. 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. The company recently announced that it intends to form
two strategic business units: Nabi Biologics and Nabi Pharmaceuticals. Nabi
Biologics will have responsibility for the company's protein and
immunological products and development pipeline, including Nabi-HB. Nabi
Pharmaceuticals will have responsibility for the NicVAX(R) (Nicotine
Conjugate Vaccine) and StaphVAX(R)-Pentavalent (Staphylococcal
Polysaccharide Conjugate and Toxoid Vaccine) development programs, as well
as for the continuing milestone-related clinical development obligations
following the sale of PhosLo(R) (calcium acetate). 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 Web site:
http://www.nabi.com.
Forward-Looking Statements
Statements in this release that are not strictly historical are
forward- looking statements and include statements about reorganization of
our current business into two new business units, clinical trials and
studies, licensure applications, and alliances and partnerships. You can
identify these forward- looking statements because they involve our
expectations, beliefs, projections, anticipations 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
our ability to: successfully partner with third parties to fund, develop,
manufacture and/or distribute our existing and pipeline products, including
NicVAX and our Gram-positive infections products; obtain successful
clinical trial results; generate sufficient cash flow from sales of
products or from milestone or royalty payments to fund our development and
commercialization activities; attract and maintain the human and financial
resources to commercialize current products and bring to market products in
development; depend upon third parties to manufacture or fill our products;
obtain regulatory approval for our products in the U.S. or other markets,
including approval of Nabi-HB Intravenous; realize sales from Nabi-HB due
to patient treatment protocols, the number of liver transplants performed
in HBV- positive patients and competitive products; achieve market
acceptance of our products; expand our sales and marketing capabilities or
enter into and maintain arrangements with third parties to market and sell
our products; effectively and/or profitability use, or utilize the full
capacity of, our vaccine manufacturing facility; manufacture NicVAX or
other products in our own vaccine manufacturing facility; comply with
reporting and payment obligations under government rebate and pricing
programs; raise additional capital on acceptable terms, or at all; and
re-pay our outstanding convertible senior notes when due. 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, 2006 and
our Quarterly Report for the quarter ended March 31, 2007 on Form 10-Q with
the Securities and Exchange Commission.
SOURCE Nabi Biopharmaceuticals
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Related links:
http://www.nabi.com/
CONTACT:
Investor Relations of Nabi
Biopharmaceuticals, +1-561-989-5800
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