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Wednesday, October 04, 2006

Third Point LLC Plans to Proceed with Consent Solicitation to Remove Chairman McLain

From 13D Tracker

Daniel Loeb's Third Point LLC confirmed that it will proceed shortly with its previously-announced plan to conduct a consent solicitation to remove Thomas H. McLain, Chairman, Chief Executive Officer and President of Nabi Biopharmaceuticals (Nasdaq: NABI), from the Company's Board of Directors.

Third Point will also likely seek the removal of one or more additional Nabi directors.

Third Point said despite Nabi's recent announcement that it has authorized Bank of America to explore strategic alternatives, Nabi waited almost two weeks subsequent to its September 15, 2006 board meeting to make this announcement, and only did so the day after Third Point initially announced its intention to solicit consents.

Third Point LLC, which beneficially owns approximately 9.5% of the Nabi shares outstanding, is a $4 billion investment management firm based in New York.

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