Nabi Biopharmaceuticals announced that David J. Gury, chairman and chief executive officer for the company, is retiring as chief executive officer. Gury will continue to serve as non-executive chairman of the board to the end of his term in May 2004.

Gury's significant role in building Nabi Biopharmaceuticals was acknowledged formally last evening when he received the Ernst & Young Entrepreneur of the Year award as Florida's most exceptional entrepreneur for 2003 in the Health Sciences category.

In accepting the award, Gury said, "It is truly an honor to be recognized as an Ernst & Young Entrepreneur of the Year. I accept this honor on behalf of my nearly 700 colleagues at Nabi Biopharmaceuticals whose dedication, hard-work and commitment have made our success and winning this award possible. I am proud to see us receive this recognition for our achievements. This award is one of the true highlights of my 19 years at the company."

Gury continued, "This award recognizes that we have realized my vision of transforming Nabi into a fully integrated biopharmaceutical company. With this week's announcement that we have brought our lead product, StaphVAX, into its final stages of clinical development, I have achieved my last major objective as chief executive officer. Now is the time to transition to the leadership team that will bring StaphVAX to market and build on my vision for the company's future."

"The entire Board would like to acknowledge the leadership of Dave Gury, who has played the primary role in developing the vision that has guided Nabi Biopharmaceuticals over the past 19 years," stated Stephen Sudovar, board member and chairman of the compensation committee. "During Dave's tenure, the company has successfully transitioned from a plasma supplier into a fully integrated biopharmaceutical company that today provides life-saving medicines that truly make a difference in peoples lives."

While final terms relative to Gury's retirement package have not been concluded, Gury will receive retirement benefits comprised primarily of cash payments consistent with his longstanding employment contract and modification of some of his outstanding stock options to accelerate vesting and to extend the time for exercise. As a result, the company will recognize a one-time charge of approximately $3.3 million in the second quarter, including $0.3 million relating to option modifications. Consequently, the company expects to report a loss for the year. In addition, Gury will continue to receive his current compensation as a consultant on transitional matters through the end of the year.