Nabi Biopharmaceuticals Announces Third Quarter 2007 Financial Results and Positive Vote from November 8, 2007 Special Stockholde...(d of the third quarter. Results of Sp...),Health
d 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
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