BOCA RATON, Fla., June 18 /PRNewswire-FirstCall/ -- Nabi
Biopharmaceuticals (Nasdaq: NABI) today announced that it has created the
Nabi Biologics strategic business unit (SBU) and expanded the role of Dr.
Raafat Fahim, Senior Vice President, Research, Technical and Production
Operations, to include the new position of Chief Operating Officer and
General Manager of the Biologics SBU. Nabi Biologics is responsible for
advancing the company's protein and immunological products and development
pipeline, including Nabi- HB(R) [Hepatitis B Immune Globulin (Human)],
Nabi-HB(R) Intravenous [Hepatitis B Immune Globulin (Human) Intravenous],
HEBIG(TM) [Hepatitis B Immune Globulin (Human) Intravenous], Civacir(R)
[Hepatitis C Immune Globulin (Human)], ATG- Fresenius S [Anti-T-Lymphocyte
Immune Globulin (Rabbit)], IVIG [Intravenous Immunoglobulin] and Nabi(R)
Anti-D [Rho (D) Immune Globulin Intravenous (Human)].
The company also has expanded the role of Jordan Siegel to Senior Vice
President, Finance and Administration, Chief Financial Officer and
Treasurer. In addition to his current role, Mr. Siegel will be responsible
for the Corporate Shared Services group, which will streamline and improve
all Human Resources, Information Technology and Business Development
activities at Nabi and support the company's transition into two
independent business units - Nabi Biologics and Nabi Pharmaceuticals.
Nabi also provided today updates regarding the company's ongoing
operations, its strategic alternatives process and the Nabi-HB regulatory
efforts:
- In connection with the formation of the Nabi Biologics and Corporate
Shared Services groups the company eliminated 32 jobs - approximately 5
percent of its workforce - from which it expects to realize nearly $3
million on an annualized basis.
- The strategic alternatives process is continuing with the support of
Banc of America Securities and Nabi is pursuing discussions for the
sale of the whole or a significant part of the company.
- Nabi has retained the regulatory consulting firm Cato Research Ltd. and
together is working with the U.S. Food and Drug Administration (FDA) to
most expeditiously respond to the FDA's requests and complete its data
submission for Nabi-HB(R) Intravenous [Hepatitis B Immune Globulin
(Human) Intravenous] for the prevention of re-infection with hepatitis
B disease in HBV-positive liver transplant patients. Nabi and Cato
Research have already had several discussions with the FDA to define
the additional data the FDA is seeking from previously-completed
clinical trials. Nabi is currently compiling the additional requested
information.
"Since I became Interim Chief Executive Officer and President of Nabi
in February of this year, we have focused and energized the approach of our
strategic alternatives process and have leveraged the expertise and success
of Cato Research to work more effectively with the FDA to secure expanded
regulatory approvals for Nabi-HB," said Dr. Leslie Hudson, Interim
President and Chief Executive Officer of Nabi Biopharmaceuticals. "We are
achieving the strategic corporate goals that will help us realize the value
of our pipeline - the creation of Nabi Biologics and, soon, Nabi
Pharmaceuticals."
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 has just announced the formation of the
first of two strategic business units: Nabi Biologics. Nabi Biologics has
responsibility for the company's protein and immunological products and
development pipeline, including Nabi-HB. The second business unit, Nabi
Pharmaceuticals, is expected to be formed later this year and will have
responsibility for the NicVAX(R) (Nicotine Conjugate Vaccine) and
StaphVAX(R) (Staphylococcus aureus Polysaccharide Conjugate 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, our strategic
alternatives process and clinical trials and studies. 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:
realize anticipated cost savings related to job elimination due to greater
than anticipated severance-related costs or other factors; 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; our ability
to successfully complete our strategic alternatives process; 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
http://www.nabi.com/pipeline/index.php
CONTACT:
Investor Relations for Nabi
Biopharmaceuticals, +1-561-989-5800
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