Nabi's Results Fall Short

The company's loss is wider than expected.
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Nabi Biopharmaceuticals

(NABI)

on Wednesday issued first-quarter results that fell below Wall Street's predictions.

The Boca Raton, Fla., company lost $18.1 million, or 30 cents a share, on sales of $27.6 million for the three months ended March 31. Analysts polled by Thomson First Call forecast a loss of $5.5 million, or 19 cents a share, on sales of $31.1 million.

For the same period last year, Nabi lost $15.8 million, or 27 cents, on sales of $26.1 million.

"We began a significant period of transition in the first quarter of 2006 and we have made remarkable progress," said Thomas McLain, chairman and CEO of the company. Nabi is working on a vaccine against nicotine addiction and a vaccine against a bacteria that is the primary cause of hospital-based infections.

Nabi is seeking partners to help develop and commercialize the vaccines. Nabi now sells a handful of products, including a drug to reduce phosphorous levels in kidney-disease patients and a short-term treatment for Hepatitis B.

During a telephone conference call with analysts, McLain didn't comment on -- nor was he asked about --

recent complaints by shareholders owning 23.2% of Nabi's stock. These shareholders, dissatisfied with Nabi's performance, want management to consider selling the company.

Nabi's results were issued after the markets had closed. In regular trading, the stock closed at $6.25, down 14 cents. After hours, it dropped another 12 cents.