Nabi Biopharmaceuticals Completes Final Milestone; $5 Million Payment Received
Nabi Biopharmaceuticals recently announced it has completed the Phase I trial for two of the PentaStaph antigens that began in December 2009. Completion of this trial was the final milestone associated with the sale of the PentaStaph vaccine candidate to GlaxoSmithKline Biologicals S.A. (GSK). As a result of completing this milestone, Nabi has received $5 million under the agreement governing Nabi’s sale of PentaStaph (Pentavalent S. aureus Vaccine) and related assets to GSK.
Nabi sold PentaStaph and related technologies to GSK for a total consideration of $46 million, including $26 million associated with accomplishing four milestone tasks. Including this milestone, Nabi has now earned all of the $26 million in PentaStaph milestone payments. In addition to the milestone payments earned, Nabi received a cash payment of $21.5 million when the transaction closed in November 2009 that included $20 million associated with the transaction close, $1 million associated with the sale of a related preclinical program for a vaccine against S. epidermedis and $0.5 million as reimbursement for license fees and clinical materials previously manufactured for use in the Phase I trial.
“I am extremely proud of our accomplishments associated with the sale of the PentaStaph program having achieved all of the PentaStaph milestones in just over a year since closing the sale transaction,” said Dr. Raafat Fahim, President and Chief Executive Officer of Nabi Biopharmaceuticals. “We have successfully completed all the milestone tasks under the sale agreement.”
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 (Nicotine Conjugate Vaccine), an innovative and proprietary investigational vaccine for treatment of nicotine addiction and prevention of smoking relapse.
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