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                        Third Point asks shareholders to oust much of Nabi board

      Third point hedge fund with the backing the largest shareholders at Nabi Biopharmaceuticals (NABI) has filed preliminary proxy materials for a shareholder vote to replace five board members with selections of its own. The firm told shareholders they should not yet take any action because the consent solicitation from Third Point LLC is not in effect at this time. Third Point has pushed to have the board seats stripped from the majority of the board.

READ MORE: Third Point asks shareholders to oust much of Nabi board

                                                         APPROVABLE LETTER 

     When it comes to product approvals, The “approvable” in FDA letters addressed to the firms becomes a the trigger that instigates selling the stocks. This is what happened yesterday to Avanir Pharmaceuticals (AVNR) after it received an approvable letter from the FDA for Zenvia™ (formerly referred to as Neurodex™ for the

treatment of involuntary emotional expression disorder ("IEED"). The Company submitted a new drug application ("NDA") in January 2006, seeking to market Zenvia for the treatment of IEED in patients with neurologic diseases and brain injuries. The communication from the FDA indicates that the firm’s application is approvable, subject to the FDA and AVANIR reaching agreement on what additional safety and efficacy data will be required. In accordance with FDA procedures, the Company anticipates scheduling a meeting with the agency to discuss the approvable letter. Until the Company is able to meet with the agency, it can not comment on the specifics of the approvable requirements. Additionally, the Company cannot be certain that once it has met with the FDA, that it will choose to continue with the development of Zenvia as previously planned.

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