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NEWS RELEASE |
Nabi Biopharmaceuticals |
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FOR IMMEDIATE RELEASE
| Nabi Biopharmaceuticals Announces Fourth Quarter and Full-Year 2011 Financial Results |
For the full year ended
For the quarter ended
Revenue of
Research and development expenses were
Net cash used in operating activities was
"Following the failure of the second NicVAX Phase III study announced in Financial Results Conference Call and Webcast Information
The Company will host a live webcast at
The webcast can be accessed at: http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=100445&eventID=4735590 (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your browser. Remove the space if one exists) or via the
If you do not have Internet access, the U.S./
About
Forward-Looking Statements
Statements in this document that are not strictly historical are forward-looking statements and include statements about potential strategic transactions, products in development, results and analyses of clinical trials and studies, research and development expenses, cash expenditures, licensure applications and approvals, alliances and partnerships, among other matters. You can identify these forward-looking statements because they involve our expectations, intentions, beliefs, plans, projections, anticipations, or other characterizations of future events or circumstances. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements as a result of any number of factors. These factors include, but are not limited to, risks relating to our ability to pursue and successfully complete a strategic transaction; realize any value for NicVAX in light of our two failed Phase III clinical trials; obtain a successful result in a remaining clinical trial for NicVAX; have GSK exercise its option for NicVAX and commercialize NicVAX; have GSK successfully develop and commercialize any future generation candidate nicotine vaccine; terminate existing NicVAX contract manufacturing and development agreements without significant penalties; collect any further milestones and royalty payments under the PhosLo agreement; maintain sufficient patent protection; avoid products liability claims; maintain sufficient insurance; and use our net operating loss carry forwards. These factors are more fully discussed, as are other factors, in our Annual Report on Form 10-K for the fiscal year ended Nabi Biopharmaceuticals
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31, 2011 December 25, 2010
ASSETS
Current assets:
Cash and cash equivalents $ 94,310 $ 53,564
Marketable securities 2,079 54,603
Receivables 995 1,030
Prepaid expenses and other current assets 497 829
Total current assets 97,881 110,026
Marketable securities -- 2,500
Property and equipment, net 84 597
Other assets -- 748
Total assets $ 97,965 $ 113,871
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 146 $ 552
Accrued expenses and other current liabilities 1,918 7,377
Deferred revenue, current portion 2,526 7,797
Current liabilities of discontinued operations 1,662 2,207
Total current liabilities 6,252 17,933
Deferred revenue 32,842 35,368
Total liabilities 39,094 53,301
Stockholders' equity:
Convertible preferred stock, par value $0.10 per share; 5,000,000 shares
authorized; no shares outstanding -- --
Common stock, par value $0.10 per share; 125,000,000 shares authorized;
63,588,882 and 63,206,393 shares issued, respectively 6,359 6,321
Additional paid-in capital 373,157 370,366
Treasury stock, 20,696,277 shares at cost (92,567) (92,567)
Other comprehensive loss -- (3)
Accumulated deficit (228,078) (223,547)
Total stockholders' equity 58,871 60,570
Total liabilities and stockholders' equity $ 97,965 $ 113,871
Nabi Biopharmaceuticals
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
For the Three Months Ended For the Twelve Months Ended
December 31, 2011 December 25, 2010 December 31, 2011 December 25, 2010
Revenue:
Revenue $ 835 $ 4,080 $ 14,838 $ 35,005
Operating expenses:
Costs of services (55) 1,823 1,463 3,951
Research and development expenses 1,586 6,842 17,765 26,078
General and administrative expenses 1,313 1,794 5,372 6,174
Total operating expenses 2,844 10,459 24,600 36,203
Operating loss (2,009) (6,379) (9,762) (1,198)
Interest income 40 64 194 230
Interest expense -- (10) -- (210)
Other income (expense), net (21) (6) 37 291
Loss from continuing operations before income taxes (1,990) (6,331) (9,531) (887)
Benefit from income taxes -- -- 2,018 1,765
Income (loss) from continuing operations (1,990) (6,331) (7,513) 878
Income from discontinued operations, (net of tax
provision of $2.0 million) -- -- 2,982 --
Net income (loss) $ (1,990) $ (6,331) $ (4,531) $ 878
Basic income (loss) per share
Continuing operations $ (0.05) $ (0.15) $ (0.18) $ 0.02
Discontinued operations $ -- $ -- $ 0.07 $ --
Diluted income (loss) per share
Continuing operations $ (0.05) $ (0.15) $ (0.18) $ 0.02
Discontinued operations $ -- $ -- $ 0.07 $ --
Basic weighted average shares outstanding 42,457 42,002 42,336 44,312
Diluted weighted average shares outstanding 42,457 42,002 42,336 44,440
Nabi Biopharmaceuticals
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Years Ended
December 31, 2011 December 25, 2010
Cash flow from operating activities:
Income (loss) from continuing operations $ (7,513) $ 878
Adjustments to reconcile income (loss) from continuing operations to net
cash provided by (used in) operating activities of continuing operations:
Depreciation and amortization (including impairment charge) 237 376
Non-cash intra-period tax allocation (2,018) --
Accretion of discount on convertible senior notes -- 99
Share-based compensation 2,166 3,923
Loss (gain) on sale of property and equipment 47 (4)
Changes in assets and liabilities:
Receivables 35 8,093
Prepaid expenses and other assets 1,080 753
Accounts payable, accrued expenses and other (5,858) 1,705
Deferred revenue (7,797) 24,718
Net cash provided by (used in) operating activities from continuing operations (19,621) 40,541
Net cash provided by (used in) operating activities from discontinued operations 4,455 (609)
Net cash provided by (used in) operating activities (15,166) 39,932
Cash flow from investing activities:
Proceeds from maturities of marketable securities 66,624 142,693
Purchases of marketable securities (11,598) (140,289)
Proceeds from sales of property and equipment 224 50
Capital expenditures (1) (154)
Net cash provided by investing activities 55,249 2,300
Cash flow from financing activities:
Proceeds from issuance of common stock for employee benefit plans 663 645
Purchase of common stock for treasury -- (42,773)
Repurchase of convertible senior notes -- (6,050)
Net cash provided by (used in) financing activities 663 (48,178)
Net increase (decrease) in cash and cash equivalents 40,746 (5,946)
Cash and cash equivalents at beginning of year 53,564 59,510
Cash and cash equivalents at end of year $ 94,310 $ 53,564
CONTACT: Investor Relations
301-770-3099
www.nabi.com |