BOCA RATON, Fla., July 20 /PRNewswire-FirstCall/ -- Nabi
Biopharmaceuticals (Nasdaq: NABI) today announced that it has created the
second of its two planned strategic business units (SBU), Nabi
Pharmaceuticals. Nabi Pharmaceuticals is responsible 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 development obligations following the sale of
PhosLo(R) (calcium acetate).
In connection with the reorganization required to support the business
strategy of the new SBU, the company eliminated 33 positions in its
Rockville, Maryland research and development facility. This reduction -
approximately 5 percent of the company's total current workforce - is
expected to yield approximately $3.3 million in savings on an annualized
basis.
"The creation of Nabi Pharmaceuticals is another critical step forward
for Nabi as we get closer to successfully concluding our strategic
alternatives process, supported by Banc of America Securities, and securing
a partner for our NicVAX and StaphVAX programs," said Dr. Leslie Hudson,
Interim President and Chief Executive Officer of Nabi Biopharmaceuticals.
"We also recently brought on Dr. Matthew W. Kalnik to drive our Nabi
Pharmaceuticals partnership discussions. These and other actions recently
taken by the company are designed to facilitate our strategic alternatives
and partnership processes and maximize the value of Nabi and our pipeline."
The company announced last month that it had created the Nabi Biologics
SBU, as well as a Corporate Shared Services group to support these business
units.
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 recently announced the formation of two
strategic business units: Nabi Biologics and Nabi Pharmaceuticals. Nabi
Biologics has responsibility for the company's protein and immunological
products and development pipeline, including Nabi-HB. Nabi Pharmaceuticals
is responsible 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
CONTACT:
Nabi Biopharmaceuticals Investor Relations,
+1-561-989-5800
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