Rockville-based Nabi Biopharmaceuticals (Nasdaq:NABI) has added to its cash stockpile by obtaining $5 Million in milestone payments from Fresenius USA Manufacturing, Inc.
The agreement that dates back to 2006 was activated by the first commercial sale of Phoslyra. Nabi sold its PhosLo(R) (calcium acetate) and associated assets to Fresenius back in 2006 for $65 Million with an additional $18 Million in milestone payments since that time. Fresenius then commercialized the PhosLo in liquid form, and started selling it as Phoslyra.
"We are pleased that this milestone has been achieved and hope that it will unlock the significant remaining value of our potential PhosLo revenue stream," proclaimed Dr. Raafat Fahim, President and Chief Executive Officer of Nabi Biopharmaceuticals. "Since closing the sale in 2006, we have successfully achieved five of the six milestones under the sale agreement. We look forward to receiving additional potential PhosLo revenues."
Nabi still has the potential of receiving $65 Million in royalty payments based on annual sales of Phoslyra until November 14, 2016.