Tag - Nabi

Investors reacted positively this morning to Nabi Biopharmaceuticals’ (Nasdaq: NABI) reporting positive results of a trial for NicVAX, the firm’s vaccine being developed to treat nicotine addiction and prevent smoking relapse.

Shares of Boca Raton, Fla.-based Nabi had climbed $0.85, or 16.5%, to $5.99 on unusually heavy volume by mid-morning. About 2.5 million shares had changed hands by 10:46 ET, compared with an average three-month daily volume of 508,000 shares.

Nabi’s stock has traded between $4.56 (on July 22, 2006) and $7.36 (Nov. 27, 2006) in the past year.

Dr. Paul Kessler, senior vice president of clinical, medical and regulatory affairs for Nabi, said the phase IIb study met its primary endpoint and achieved statistical significance.

Shares of Nabi Biopharmaceuticals (Nasdaq: NABI) climbed in after-hours trading today on news of the firm’s plans to sell its Aloprim for Injection product to Ireland’s Bioniche Teoranta for $3.7 million.

Boca Raton, Fla.-based Nabi will receive $1.3 million when the deal closes sometime in the second quarter, and another $1 million at the end of 2008.

Nabi’s stock rose $0.35, or 6.3%, to $5.88 late today on the news. It has traded between $4.56 (on July 27, 2006) and $7.36 (on Nov. 22, 2006) in the past year.

Aloprim treats chemotherapy-induced hyperuricemia (a high level of uric acid in the blood).

In 1999, Nabi Biopharmaceuticals acquired U.S. distribution rights to Aloprim from Catalytica Pharmaceuticals on a profit sharing basis. Nabi then bought exclusive, full rights to the treatment from DSM Pharmaceuticals for a reported $1.8 million in 2004.

Dr. Leslie Hudson, Nabi’s interim president and CEO, said today in a written statement that it became clear to the company that Aloprim was no longer a strategic component of its product portfolio when it recently decided to form two strategic business units -- Nabi Biologics and Nabi Pharmaceuticals.