Chapman Capital Supports Sale of Nabi Biologics Division of Nabi Biopharmaceuticals
16 June 2007 - 4:57AM
PR Newswire (US)
Investment Advisor Seeks NicVAX(R) Strategic Partnering LOS
ANGELES, June 15 /PRNewswire/ -- Chapman Capital L.L.C., investment
advisor to two investment funds that together own 6.6% of the
common shares of Nabi Biopharmaceuticals (Nasdaq: NABI; "Nabi" or
"the Company"), today announced its support for the maximization of
Nabi shareholder value via a three-step transaction. This mandate,
conveyed to Nabi's Board of Directors by nearly 40% of Nabi's
ownership base, has been defined as follows: 1) FDA approval of
Nabi's BLA for Nabi-HB(R) Intravenous; 2) the distribution of the
proceeds from the sale of Nabi Biologics; and 3)
partnering/licensing of Nabi's vaccine pipeline led by smoking
cessation drug, NicVAX(R) (Nicotine Conjugate Vaccine). Robert L.
Chapman, Jr., Managing Member of Chapman Capital, commented,
"Unlike many of our activist targets, Nabi is not yet worthy of our
disdain or disgust. The Company has taken the necessary steps to
prepare for its restructuring and recapitalization. Nabi has
bifurcated itself into two strategic business units to facilitate
the successful completion of its strategic alternatives process
being overseen by Banc of America Securities, and has committed to
reduce further its cost structure and cash burn. These developments
give Chapman Capital confidence that Nabi CEO Dr. Leslie Hudson is
a man of his word, with that word being 'execution' (walk) and not
the formerly insuperable one of 'vision' (talk)." Chapman Capital
today filed a Schedule 13D with the Securities and Exchange
Commission detailing the circumstances and background underlying
its views. Such filing is available at http://www.sec.gov/. Chapman
Capital L.L.C. is a Los Angeles, CA based investment advisor
focusing on takeover and turnaround investing. The firm is the
registered investment advisor to Chap-Cap Partners II Master Fund,
Ltd. and Chap-Cap Activist Partners Master Fund, Ltd., the combined
owners of approximately 6.6% of Nabi Pharmaceuticals' common
shares. Over the past eleven years, Chapman Capital has agitated
successfully for the restructuring or sale of over twenty five
publicly-traded companies, including recently closed transactions
involving Entertainment Distribution Company, Inc./Glenayre
Messaging, Carreker Corporation and Sunterra Corporation, and
pending transactions involving Embarcadero Technologies, Inc.,
Agile Software Corporation and Howie Lutnick's eSpeed, Inc. Mr.
Chapman previously was employed by Goldman Sachs & Co., Scudder
Stephens, & Clark, and NatWest Bank USA. Related news releases,
as well as additional information on Chapman Capital, may be found
at http://www.chapmancapital.com/. Nabi Biopharmaceuticals
leverages its experience and knowledge in powering the immune
system to develop and market products that fight serious medical
conditions. The company has one product on the market today:
Nabi-HB(R) [Hepatitis B Immune Globulin (Human)]. Nabi
Biopharmaceuticals is focused on developing products that address
unmet medical needs and offer commercial opportunities in our core
business areas: Hepatitis and transplant, Gram-positive bacterial
infections and nicotine addiction. The company recently announced
that it intends to form two strategic business units: Nabi
Biologics and Nabi Pharmaceuticals. Nabi Biologics will have
responsibility for the company's protein and immunological products
and development pipeline, including Nabi-HB(R). Nabi
Pharmaceuticals will have responsibility for the NicVAX(R)
(Nicotine Conjugate Vaccine) and StaphVAX(R)-Pentavalent
(Staphylococcal Polysaccharide Conjugate and Toxoid Vaccine)
development programs, as well as for the continuing
milestone-related clinical development obligations following the
sale of PhosLo(R) (calcium acetate). Related news releases, as well
as additional information on Nabi, may be found at
http://www.nabi.com/. DATASOURCE: Chapman Capital L.L.C. CONTACT:
R. Jordan Frenkel of Chapman Capital L.L.C., +1-310-662-1900, ext.
209 Web site: http://www.chapmancapital.com/ http://www.nabi.com/
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