The prominent CEO of Nabi Pharmaceuticals has handed in his walking papers. Thomas McLain resigned shortly after reportedly working out a deal to accommodate a hedge fund investor that had been harshly critical of McLain's performance. Third Point, which owns about 9.5 percent of the company's stock, had accused McLain of burning through the company's cash too quickly while failing to bring drugs to market. Last November Third Point gained two seats on Nabi's board, and analysts expected that they would seek more members at a shareholder meeting in May. Board member Leslie Hudson was appointed interim CEO at Nabi. Nabi has been struggling since the failure of StaphVax in 2005. Its lead drug candidate now is its smoking vaccine NicVAX. McLain sits on the board of BIO.
- check out the press release on McLain's departure
- read the report on the resignation from the Sun-Sentinel
Nabi vows to push ahead with vaccine work. Report
Nabi to close European operations. Report
Nabi's StaphVax fails late-stage study for infections. Report