Nabi CEO walks after hedge fund balks

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

Related Articles:
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

Suggested Articles

Galecto picked up $64 million to push its lead lung disease treatment toward an approval in Europe and fund midstage studies for its other programs.

The financing, which attracted support from Roche Venture Fund, sets Palladio up to test its vasopressin V2 receptor antagonist in a kidney disease.

A new atlas of 500,000 cardiac cells could help researchers better understand how a healthy heart operates—and what goes wrong in heart disease.