Nabi Biopharmaceuticals announces second business unit; reshuffling
continues
By John Johnston
Managing Editor
Nabi Biopharmaceuticals says it has created the second of its two
planned strategic business units, calling the new unit Nabi Pharmaceuticals.
The new unit will be responsible for three new development programs,
including the on-going development of NicVAX®, a vaccine designed
to aid in smoking cessation, and to prevent relapses in a treated
smoker.
However, this second business unit creation has also resulted in
the elimination of 33 positions from the firm’s Rockville, MD
research and development facility, company officials said. This reduction
– approximately 5 percent of the company’s total current
workforce – is expected to yield approximately $3.3 million
in savings on an annualized basis.
“The creation of Nabi Pharmaceuticals is another critical step
forward for Nabi as we get closer to successfully concluding our strategic
alternatives process, supported by Banc of America Securities, and
securing a partner for our NicVAX and StaphVAX programs,” said
Dr. Leslie Hudson, interim president and chief executive officer of
Nabi Biopharmaceuticals.
Kalnick Hired
Nabi also recently announced the hiring of Dr. Matthew W. Kalnik
to lead the new pharmaceuticals unit, according to Dr. Hudson.
“These and other actions recently taken by the company are
designed to facilitate our strategic alternatives and partnership
processes and maximize the value of Nabi and our pipeline.”
Dr. Kalnik brings to Nabi nearly 20 years of pharmaceutical and biotechnology
experience in global drug discovery, development and commercialization,
and most recently served as Executive Vice President, Head of Business
Development, at VistaGen Therapeutics, where he helped advance the
company’s commercialization efforts.
Prior to VistaGen, he held senior management team positions and led
business development efforts at Genaissance Pharmaceuticals, Pharmacia,
Pfizer and Daiichi Medical Research. Dr. Kalnik also founded Hedgerow
Consulting and has authored more than a dozen primary research papers.
Dr. Kalnik is working out of Nabi’s Rockville facility and
replaces Nabi’s former head of business development, Dr. Joy
Barton, who left the company to pursue other opportunities.
Moves Continue
The company announced last month that it had created the Nabi Biologics
SBU, as well as a Corporate Shared Services group to support these
business units.
These and other Nabi moves are in keeping with a major reshuffling
of company objectives, beginning with the call from the firm’s
primary lender for sale of the firm, and that followed by resignation
of former CEO
Under fire for much of 2006, for Nabi CEO Thomas H. McLain resigned
in February of this year.
McLain, 48, served as Nabi chairman, chief executive officer and
president since May 2004 and was a director since April 2001. He came
under fire from Nabi’s largest shareholder, Third Point, LLC,
in August 2006.
And less than a month after Mclain resigned, Nabi said that for the
year 2006 the company recorded a $58.7 million net loss, or $0.96
per share. This compares to a $128.4 net loss, or $2.15 per share
for 2005.
John Johnston can be reached at 561-549-0833, or at jjohnston@bocanews.com
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