This excerpt taken from the NABI 8-K filed Aug 1, 2007.
Clinical Update Provided for NicVAX Phase 2b Proof of Concept Trial
Boca Raton, Florida, August 1, 2007 Nabi Biopharmaceuticals (NASDAQ: NABI) today announced its second quarter financial results. The company recorded a net loss from continuing operations of $5.3 million, or $0.09 per share, for the quarter ended June 30, 2007, compared to $13.7 million, or $0.22 per share for the quarter ended July 1, 2006. Revenues for the second quarter of 2007 were $20.9 million compared to $20.4 million in 2006. Nabi-HB® [Hepatitis B Immune Globulin (Human)] revenues were $8.7 million during the second quarter of 2007 compared to $7.2 million during the second quarter of 2006.
For the six months ended June 30, 2007, the companys net loss from continuing operations was $16.0 million, or $0.26 per share, compared to $29.1 million, or $0.48 per share, for the six months ended July 1, 2006. Revenues for the year to date period were $44.6 million compared to $39.9 million in the first half of 2006.
Total cash used in operating activities was $18.9 million during the first half of 2007, a 44% reduction compared to $33.7 million in the first half of 2006. Excluding discontinued operations, cash used in operating activities was $13.1 million for the first half of 2007, a 53% reduction compared to $27.7 million for six months ended July 1, 2006. Cash, cash equivalents and marketable securities were $103.9 million at the end of the second quarter.
Nabi has completed the formation of two strategic business units (SBUs) Nabi Biologics and Nabi Pharmaceuticals to realign and optimize our businesses and support the strategic alternatives process. In connection with this realignment, the company also created a Corporate Shared Services (CSS) group. Given the creation of these two SBUs and the CSS group, Nabi has revised its segment reporting disclosures. Second quarter operating results for these segments were:
We are pleased to see the stand-alone performance of the Nabi Biologics SBU and continue our efforts to strengthen and advance the Biologics pipeline, said Dr. Leslie Hudson, interim president and chief executive officer of Nabi Biopharmaceuticals. We have also taken critical steps to move Nabi
Pharmaceuticals and its key programs, NicVAX and StaphVAX closer to a strategic partnership and to the market. We are very optimistic about the clinical benefit of NicVAX, as evidenced by our continuing flow of positive data from our NicVAX Phase 2b trial.