Nabi Biopharmaceuticals to Receive $5 Million Milestone Payment From GlaxoSmithKline Biologicals
Published: Dec 09, 2009
ROCKVILLE, Md., Dec. 9, 2009 (GLOBE NEWSWIRE) -- Nabi Biopharmaceuticals (Nasdaq:NABI) today announced the initiation of a Phase I/II clinical trial for two of the antigens in the PentaStaph(TM) vaccine candidate, which is now owned by GlaxoSmithKline Biologicals (GSK). As a result of the initiation of the trial, Nabi is eligible for and has invoiced GSK $5 million for successful completion of this milestone due under the agreement governing Nabi's sale of PentaStaph(TM) (Pentavalent S. aureus Vaccine) and related assets to GSK. This milestone payment was contingent on initiation of the Phase I clinical trial for two PentaStaph antigens that target the most virulent toxins produced by the bacteria.