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Nabi Biopharmaceuticals Announces Third Quarter 2007 Financi

来源:http://gcliz.com 作者:http://gcliz.com 人气: 发布时间:2020-10-17
摘要:Nabi Biopharmaceuticals Announces Third Quarter 2007 Financial Results and Positive Vote from November 8, 2007 Special Stockholders Meeting,


  BOCA RATON, Fla., Nov. 8 /PRNewswire-FirstCall/ -- Nabi Biopharmaceuticals (Nasdaq: NABI - News) today announced its third quarter financial results. The company recorded a net loss of $15.9 million, or $0.26 per share, for the quarter ended September 29, 2007, which included $7.5 million, or $0.12 per share, of expenses for unusual items described below. This was an improvement of 27% when compared to the net loss of $21.8 million, or $0.36 per share, for the quarter ended September 30, 2006, which included a loss of $5.5 million, or $0.09 per share, from discontinued operations. Revenues for the third quarter of 2007 were $20.1 million compared to $19.6 million in 2006. Nabi- HB® [Hepatitis B Immune Globulin (Human)] revenues were $7.4 million during the third quarter of 2007 compared to $6.8 million during the third quarter of 2006.

For the nine months ended September 29, 2007, the company''s net loss from continuing operations was $31.9 million, or $0.52 per share, compared to $45.4 million, or $0.75 per share, for the nine months ended September 30, 2006. Revenues for the year to date period were $64.7 million compared to $59.5 million in 2006.

Total cash used in operating activities was $22.8 million during the first nine months of 2007, a 40% reduction compared to $38.0 million in the same period of 2006. Excluding discontinued operations, cash used in operating activities was $16.6 million for the nine months ended September 29, 2007, a 48% reduction compared to $31.9 million for same period in 2006. Cash, cash equivalents and marketable securities were $99.8 million at the end of the third quarter.

Results of Special Meeting of Shareholders

At the Special Meeting of Stockholders held earlier today, the proposal to sell the Nabi Biologics strategic business unit and certain Corporate Shared Services (CSS) group assets to Biotest Pharmaceuticals Corporation, a wholly- owned subsidiary of Biotest AG, was approved by a majority of the holders of outstanding shares of our common stock who were entitled to vote. As a result of this approval, the operational results, assets and liabilities related to Nabi Biologics and certain CSS assets will be reflected as discontinued operations beginning in the fourth quarter of 2007. Although the closing of the sale remains subject to other closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, which have yet to be satisfied, we anticipate that the closing will occur by the end of this year.

"The approval by our stockholders of the sale of Nabi Biologics to Biotest AG earlier today is a major milestone in our strategic alternatives process and affirms the steps we are taking to deliver shareholder value. We have remained on-track in 2007, realizing improved financial performance in each quarter compared to 2006, and we expect to achieve our cost control and cash utilization targets for the year," said Dr. Leslie Hudson, interim president and chief executive officer of Nabi Biopharmaceuticals. "In addition to this financial progress, we are also extremely pleased with the positive clinical trial results and continued success of our NicVAX program. We look forward to continuing the successful clinical development of NicVAX and moving forward with our ongoing and productive partnership discussions."

Review of Segment Performance

Nabi Biologics

Nabi Biologics revenues were $20.1 million in the third quarter of 2007, which included $15.9 million and $7.4 million in sales of antibody and Nabi-HB products, respectively, compared to $19.5 million in the third quarter of 2006. Current period revenues also reflect a $3.3 million charge related to an unfavorable court ruling that vacated a portion of the $4.5 million awarded to us on February 9, 2007 in an arbitration relating to a contract manufacturing agreement with Inhibitex, Inc. We will vigorously challenge this ruling on appeal. Excluding this charge, segment revenues increased by $3.9 million, or 20%, from the third quarter of 2006. This increase was driven by a $3.7 million increase in antibody sales principally from higher sales of Tetanus and Anti-D antibodies.

Nabi Biologics research and development expenses were $10.7 million for the third quarter ended September 30, 2007, compared to $5.1 million for the same period last year. This increase reflects the acceleration of Nabi''s IVIG development program along with costs associated with obtaining the Biologics Licensing Application for Nabi-HB intravenous. We also recorded a $2.7 million charge in the current quarter in connection with the termination of future obligations associated with the development of ATG-Fresenius. Nabi Biologics had an operating loss of $6.4 million for the three months ended September 29, 2007 compared to an operating loss of $2.7 million for the comparable prior year period.

Nabi Pharmaceuticals

Nabi Pharmaceuticals posted an operating loss of $2.2 million in the third quarter of 2007 compared to a loss of $5.3 million in the third quarter of 2006. Research and development costs were $2.2 million for the three months ended September 29, 2007, compared to $5.1 million for the same period last year. This decrease reflects lower spending associated with our Gram-positive programs, including StaphVAX. NicVAX expenses were also lower in the current quarter as third quarter 2006 expenses included the initiation of the NicVAX Phase II proof of concept trial. NicVAX expenses were partially offset by funding from the National Institute on Drug Abuse of $0.2 million and $1.1 million in the third quarter of 2007 and 2006, respectively.

Corporate Shared Services (CSS)

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