ROCKVILLE, Md., Dec. 6 /PRNewswire-FirstCall/ -- Nabi
Biopharmaceuticals (Nasdaq: NABI) announced today that its Board of
Directors has approved the repurchase of up to $65 million of the Company's
outstanding common shares in the open market or in privately negotiated
transactions. This share repurchase program includes the $3.1 million
outstanding balance from the $5 million share repurchase program that the
company announced in 2001.
"This repurchase program is the right thing to do for our shareholders
and this is the right time to do it," said Dr. Leslie Hudson, Interim
President and Chief Executive Officer of Nabi. "This is a first step. It
not only reflects our continuing commitment to maximize shareholder value
but also demonstrates our confidence in the value of Nabi's assets after
closing the sale of our biologics strategic business unit. We will now
shift our primary focus to the various alternatives that we may pursue to
maximize the return of value to our shareholders from our considerable
remaining assets -- which include our NicVAX(R) (Nicotine Conjugate
Vaccine) and StaphVAX(R) (Staphylococcus aureus Polysaccharide Conjugate
Vaccine) clinical programs, potential PhosLo milestones and royalties, as
well as our significant net cash position. These future alternatives may
include, but are not limited to, licensing or development arrangements;
joint ventures or strategic alliances; the sale or merger of all or part of
the company; and additional share repurchase programs or other
distributions to our shareholders."
About Nabi Biopharmaceuticals
Nabi Biopharmaceuticals leverages its experience and knowledge in
powering the immune system to develop products that target serious medical
conditions in the areas of gram-positive bacterial infections and nicotine
addiction. Nabi Biopharmaceuticals is currently developing NicVAX(R)
(Nicotine Conjugate Vaccine), an innovative and proprietary investigational
vaccine for treatment of nicotine addiction and prevention of smoking
relapse, and StaphVAX(R) (Staphylococcus aureus Polysaccharide Conjugate
Vaccine), a vaccine designed to prevent the most dangerous and prevalent
strains of S. aureus bacterial infections. The company is headquartered in
Rockville, Maryland. 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 including statements about the repurchase of
shares and the strategic and other alternatives that we may pursue. 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: repurchase the full value of the shares proposed to be
repurchased; successfully pursue strategic and other alternatives;
successfully partner with third parties to fund, develop, and manufacture
our pipeline products, including NicVAX and our gram-positive infections
products; obtain successful clinical trial results; receive PhosLo
milestone and royalty proceeds; realize anticipated cost saving; maintain a
sufficient cash balance and generate sufficient cash flow from milestone or
royalty payments to fund our development and commercialization activities;
attract and maintain the human and financial resources to bring to market
products in development; depend upon third parties to manufacture or fill
our products; achieve approval and market acceptance of our products; enter
into and maintain arrangements with third parties to market and sell our
products; manufacture NicVAX or other products; 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 on Form 10-Q for the quarter ended September 29, 2007 filed with the
Securities and Exchange Commission.
SOURCE Nabi Biopharmaceuticals
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Related links:
http://www.nabi.com
CONTACT:
Investor Relations, +1-301-770-3099
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