ROCKVILLE, Md., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Nabi Biopharmaceuticals (Nasdaq:NABI) today announced its third quarter financial results for the quarter ended September 26, 2009. The Company reported a net loss from continuing operations of $7.0 million, or $0.14 per share, compared to a net loss of $4.6 million, or $0.09 per share, for the period ended September 27, 2008.

General and Administrative expenses were $2.4 million for the third quarter 2009 compared to $2.1 million in the prior year period. The increase primarily reflects legal expenses related to our strategic alternatives process. This increase was offset in part by a reduction in stock-based compensation expense. Research and Development expenses increased to $4.7 million in the third quarter 2009 compared to $3.4 million in 2008, primarily reflecting preparation for Phase III NicVAX testing which was initiated in the fourth quarter.

For the nine months ended September 26, 2009, the Company's net loss from continuing operations was $19.8 million, or $0.39 cents per share, compared to $17.9 million, or $0.34 cents per share, for the nine months ended September 27, 2008. General and Administrative expenses for the current nine-month period were $7.8 million compared to $10.1 million in 2008 while Research and Development expenses were $11.9 million for the current nine-month period compared to $9.9 million for the comparable 2008 period. The 2008 results have been adjusted to reflect the retrospective application of new accounting rules for convertible debt instruments that were adopted in the first quarter of 2009.

Net cash used in operating activities from continuing operations was $18.1 million for the first nine months ended September 26, 2009 compared to $16.0 million used in the first nine months of 2008. Cash, cash equivalents and marketable securities totaled $103.3 million at September 26, 2009 compared to $130.3 million at the end of 2008. In addition to cash used in operating activities the decline is attributable to $10.1 million for debt repurchase and $3.5 million of stock repurchases, partially offset by the release of $4.5 million of restricted cash earlier this year. The cash balance at September 26, 2009 excludes $5.7 million of restricted cash which was subsequently released to Nabi after the close of the third quarter.

We recently announced the following accomplishments:

  * The U.S. National Institute on Drug Abuse (NIDA) awarded the Company
    a $10 million grant that will partially fund the Phase III clinical
    program for NicVAX.  In conjunction with the NIDA grant we also
    initiated the Phase III trial.
  * The Department of Defense Deployment Related Medical Research Program
    (DRMRP) awarded the Company a $472 thousand grant in support of a
    Phase I clinical trial for the toxoid antigen components of
    PentaStaph.
  * The Company received $21.5 million in the fourth quarter from closing
    the sale of its Staph program assets to GlaxoSmithKline (GSK). 
    Nabi will receive an additional $26 million from the successful
    completion of four milestones associated with this asset sale.
  * Biotest withdrew its remaining indemnification claim and authorized
    the release to us of the full $5.7 million, which was held in escrow.

"I am very pleased with our recent accomplishments," said Dr. Raafat Fahim, President and Chief Executive Officer of Nabi Biopharmaceuticals. "We closed the PentaStaph asset sale with GSK, and we settled our dispute with Biotest. With receipt of the NIDA grant, we initiated the first pivotal Phase III clinical trial of NicVAX. Initiation of this trial will help us maintain our lead in bringing the first smoking cessation vaccine to market as we continue to pursue a strategic partnership to develop and commercialize this product. We are encouraged by our recent advances and the interest in the program."

Financial Results Conference Call and Webcast Information

The webcast can be accessed at:

http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=100445&eventID=2516830

(Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your browser. Remove the space if one exists) or via the Nabi Biopharmaceuticals website at http://www.nabi.com.

If you do not have Internet access, the U.S./Canada call-in number is 866-730-5769 and the international call-in number is 857-350-1593. The passcode is 98986853. An audio replay will be available for U.S./Canada callers at 888-286-8010 and for international callers at 617-801-6888. The replay passcode is 73872856. An audio replay of this call will be available through November 12, 2009. The press release and an archived version of the webcast will be available on the company's website at http://www.nabi.com.

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 nicotine addiction and gram-positive bacterial infections. 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 PentaStaph(TM) (Pentavalent S. aureus 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 and include statements about products in development, results and analyses of clinical trials and studies, research and development expenses, cash expenditures, licensure applications and approvals, and alliances and partnerships, among other matters.