Nabi Biopharmaceuticals (NABI, Financial) filed Quarterly Report for the period ended 2010-06-26.
Nabi Biopharmaceuticals has a market cap of $250.7 million; its shares were traded at around $5.6 with and P/S ratio of 23.9. NABI is in the portfolios of Daniel Loeb of Third Point, LLC, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
Research and development expenses. Research and development expenses were $12.4 million for the first six months of 2010 compared to $7.2 million for the comparable 2009 period. Research and development increased approximately $5.2 million primarily due to our two ongoing Phase III trials for NicVAX and NicVAX manufacturing-related activities. The costs related to the PentaStaph Phase I clinical trial are reimbursed by GSK (and such reimbursement is recognized as revenue). Approximately $4.5 million of the costs for the NicVAX and PentaStaph trials has been offset by grant funding from NIDA and DoD. Research and development expenses are expected to continue to increase during the balance of 2010.
Our cash, cash equivalents and marketable securities at June 26, 2010 totaled $118.0 million compared to $119.0 million at December 26, 2009. Cash provided by operating activities was offset by payments of approximately $35.8 million for the repurchase of our shares of common stock and $6.1 million for the repurchase of the remaining balance of our Convertible Senior Notes, as well as our operating expenses.
Cash provided by operating activities from operations for the six months ended June 26, 2010 was $41.0 million, compared to cash used in operating activities of $12.8 million for the six months ended June 27, 2009. The significant increase in cash provided by operating activities in 2010 was primarily associated with the $56.3 million received from GSK associated with the PentaStaph and NicVAX agreements offset in part by cash used for general and administrative and research and development expenses. Cash used for investing activities in 2010 was $26.0 million, consisting largely of the net purchases of our marketable securities.
In the first half of 2010, the Company purchased 6.7 million shares for $36.4 million at an average price per share of $5.47. Since the inception of the program in December 2007 through June 26, 2010, we have repurchased a total of 18.8 million shares at a total cost of $81.3 million, at an average price of $4.33 per share. Subsequent to the end of the second quarter, we repurchased an additional 0.6 million shares for $3.1 million, at an average price of $5.46 per share. Approximately $30.6 million remains available for share repurchase as of July 30, 2010. The Company also used $6.1 million to repurchase the remaining balance of its Convertible Notes during the first half of 2010.
Starting in December 2007, our Board of Directors approved the buyback of up to $115 million of our common stock in the open market or in privately negotiated transactions. There is no expiration date for this repurchase program. Since the inception of the program through June 26, 2010, we have repurchased a total of 18.8 million shares at a total cost of $81.3 million, at an average price of $4.33 per share. Subsequent to the end of the second quarter through July 30, 2010, we have repurchased an additional 0.6 million shares for $3.1 million.
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Nabi Biopharmaceuticals has a market cap of $250.7 million; its shares were traded at around $5.6 with and P/S ratio of 23.9. NABI is in the portfolios of Daniel Loeb of Third Point, LLC, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Research and development expenses. Research and development expenses were $6.5 million for the second quarter of 2010 compared to $3.4 million for the second quarter of 2009. Research and development expenses increased approximately $3.1 million primarily due to our two ongoing Phase III trials for NicVAX, and NicVAX manufacturing-related activities. The costs incurred related to the PentaStaph Phase I clinical trial are reimbursed by GSK (and such reimbursement is recognized as revenue). Approximately $3.3 million of the costs for the NicVAX trial has been offset by grant funding from NIDA and approximately $0.1 million of the costs for PentaStaph has been offset by grant funding from the U.S. Department of Defense (DoD). Research and development expenses are expected to increase during the balance of 2010 as we continue work on our various clinical trials.Research and development expenses. Research and development expenses were $12.4 million for the first six months of 2010 compared to $7.2 million for the comparable 2009 period. Research and development increased approximately $5.2 million primarily due to our two ongoing Phase III trials for NicVAX and NicVAX manufacturing-related activities. The costs related to the PentaStaph Phase I clinical trial are reimbursed by GSK (and such reimbursement is recognized as revenue). Approximately $4.5 million of the costs for the NicVAX and PentaStaph trials has been offset by grant funding from NIDA and DoD. Research and development expenses are expected to continue to increase during the balance of 2010.
Our cash, cash equivalents and marketable securities at June 26, 2010 totaled $118.0 million compared to $119.0 million at December 26, 2009. Cash provided by operating activities was offset by payments of approximately $35.8 million for the repurchase of our shares of common stock and $6.1 million for the repurchase of the remaining balance of our Convertible Senior Notes, as well as our operating expenses.
Cash provided by operating activities from operations for the six months ended June 26, 2010 was $41.0 million, compared to cash used in operating activities of $12.8 million for the six months ended June 27, 2009. The significant increase in cash provided by operating activities in 2010 was primarily associated with the $56.3 million received from GSK associated with the PentaStaph and NicVAX agreements offset in part by cash used for general and administrative and research and development expenses. Cash used for investing activities in 2010 was $26.0 million, consisting largely of the net purchases of our marketable securities.
In the first half of 2010, the Company purchased 6.7 million shares for $36.4 million at an average price per share of $5.47. Since the inception of the program in December 2007 through June 26, 2010, we have repurchased a total of 18.8 million shares at a total cost of $81.3 million, at an average price of $4.33 per share. Subsequent to the end of the second quarter, we repurchased an additional 0.6 million shares for $3.1 million, at an average price of $5.46 per share. Approximately $30.6 million remains available for share repurchase as of July 30, 2010. The Company also used $6.1 million to repurchase the remaining balance of its Convertible Notes during the first half of 2010.
Starting in December 2007, our Board of Directors approved the buyback of up to $115 million of our common stock in the open market or in privately negotiated transactions. There is no expiration date for this repurchase program. Since the inception of the program through June 26, 2010, we have repurchased a total of 18.8 million shares at a total cost of $81.3 million, at an average price of $4.33 per share. Subsequent to the end of the second quarter through July 30, 2010, we have repurchased an additional 0.6 million shares for $3.1 million.
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