Nabi climbs on positive trial results of nicotine vaccine
Investors reacted positively this morning to Nabi Biopharmaceuticals’ (Nasdaq: NABI) reporting positive results of a trial for NicVAX, the firm’s vaccine being developed to treat nicotine addiction and prevent smoking relapse.
Shares of Boca Raton, Fla.-based Nabi had climbed $0.85, or 16.5%, to $5.99 on unusually heavy volume by mid-morning. About 2.5 million shares had changed hands by 10:46 ET, compared with an average three-month daily volume of 508,000 shares.
Nabi’s stock has traded between $4.56 (on July 22, 2006) and $7.36 (Nov. 27, 2006) in the past year.
Dr. Paul Kessler, senior vice president of clinical, medical and regulatory affairs for Nabi, said the phase IIb study met its primary endpoint and achieved statistical significance.
Using the data from the study, the company said it could identify the optimal dose and design for its upcoming phase III program.
Nabi said the results should also boost its efforts in securing “the most suitable clinical and commercial” partner.
NicVAX is designed to stimulate the immune system to produce antibodies that bind to nicotine. NicVAX is being developed to block nicotine from reaching its receptors in the brain and preventing the highly-addictive pleasure sensation experienced by smokers and users of nicotine products.
In March 2006, NicVAX received Fast Track Designation from the FDA.
The World Health Organization (WHO) estimates that there are 1.3 billion smokers worldwide with nearly five million tobacco-related deaths each year. WHO estimates that approximately 70% to 80% of smokers in the United States want to quit, but less than 5% of those who try to quit remain free of the habit after one year.
On April 19, Nabi’s stock got another boost when the company announced its plans to sell its Aloprim for Injection product, to Ireland’s Bioniche Teoranta for $3.7 million (see Nabi shares up on sale of drug to Irish firm).
