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<P align="center"> <FONT size=2 face="serif">As filed with the Securities and Exchange Commission on May 20, 2004.</FONT></p>
<div align="right"><FONT size=2 face="serif">Registration No. 333-_____</FONT> </div>
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<P align="center"><FONT size=2 face="serif">UNITED STATES<br>
  </FONT><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><br>
  <FONT size=2 face="serif">WASHINGTON, DC 20549 </FONT></p>
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<P align="center"> <B><FONT size=2 face="serif">FORM S-8<br>
  </FONT></B><B><FONT size=2 face="serif">REGISTRATION STATEMENT<br>
  </FONT></B><B><FONT size=2 face="serif">UNDER<br>
  </FONT></B><B><FONT size=2 face="serif">THE SECURITIES ACT OF 1933</FONT></B></p>
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<FONT size=5 face="serif"> </FONT>
<P align="center"> <FONT size=5 face="serif"><strong>Nabi Biopharmaceuticals</strong><br>
  </FONT><FONT size=1 face="serif">(Exact Name of Registrant as Specified in its Charter) </FONT></p>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR align="center">
    <TD width="50%"><FONT size=2 face="serif">Delaware</FONT></TD>
    <TD width="50%"><FONT size=2 face="serif">59-1212264</FONT></TD></tr>
  <TR align="center">
    <TD><hr width="60%" size="1" noshade></TD>
    <TD><hr width="60%" size="1" noshade></TD></tr>
  <TR align="center">
    <TD width="50%"><FONT size=1 face="serif">(State or Other Jurisdiction of</FONT></TD>
    <TD width="50%"><FONT size=1 face="serif">(I.R.S. Employer</FONT></TD></tr>
  <TR align="center">
    <TD width="50%"><FONT size=1 face="serif">Incorporation or Organization)</FONT></TD>
    <TD width="50%"><FONT size=1 face="serif">Identification No.)</FONT></TD></tr>
</TABLE>
<P align="center"> <FONT size=2 face="serif">5800 Park of Commerce Boulevard, N.W.<br>
  </FONT><FONT size=2 face="serif">Boca Raton, FL 33487<br>
  </FONT><FONT size=1 face="serif">(Address of Principal Executive Offices, Including Zip Code) </FONT></p>
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<P align="center"> <FONT size=2 face="serif">2004 Stock Plan for Non-Employee Directors<br>
  </FONT><FONT size=1 face="serif">(Full Title of the Plan) </FONT></p>
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<br>
<FONT size=2 face="serif"> </FONT>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR align="center">
    <TD width="50%"><FONT size=2 face="serif">Thomas H. McLain</FONT></TD>
    <TD width="50%"><FONT size=2 face="serif">Copies to:</FONT></TD></tr>
  <TR align="center">
    <TD width="50%"><FONT size=2 face="serif">Nabi Biopharmaceuticals</FONT></TD>
    <TD width="50%"><FONT size=2 face="serif">James E. Dawson, Esq.</FONT></TD></tr>
  <TR align="center">
    <TD width="50%"><FONT size=2 face="serif">5800 Park of Commerce Boulevard, N.W.</FONT></TD>
    <TD width="50%"><FONT size=2 face="serif">Kevin T. Sheehan, Esq.</FONT></TD></tr>
  <TR align="center">
    <TD width="50%"><FONT size=2 face="serif">Boca Raton, FL 33487</FONT></TD>
    <TD width="50%"><FONT size=2 face="serif">Nutter, McClennen &amp; Fish, LLP</FONT></TD></tr>
  <TR align="center">
    <TD width="50%"><FONT size=2 face="serif">(561) 989-5800</FONT></TD>
    <TD width="50%"><FONT size=2 face="serif">155 Seaport Boulevard</FONT></TD></tr>
  <TR align="center">
    <TD width="50%"><FONT size=1 face="serif">(Name, Address, and Telephone Number,</FONT></TD>
    <TD width="50%"><FONT size=2 face="serif">Boston, MA 02210-2604</FONT></TD></tr>
  <TR align="center">
    <TD width="50%"><FONT size=1 face="serif">Including Area Code, of Agent for Service)</FONT></TD>
    <TD width="50%"><FONT size=2 face="serif">(617) 439-2000</FONT></TD></tr>
</TABLE>
<br>
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<P align="center"><B><FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD width="100%" nowrap><strong><FONT size=2 face="serif">Title of Each Class of<br>
      Securities to be Registered</FONT></strong></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><strong><FONT size=2 face="serif">Amount to be<br>
      Registered</FONT></strong></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><strong><FONT size=2 face="serif">Proposed Maximum<br>
      Offering Price per Share</FONT></strong></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><strong><FONT size=2 face="serif">Proposed Maximum<br>
      Aggregate Offering Price</FONT></strong></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><strong><FONT size=2 face="serif">Amount of<br>
      Registration Fee</FONT></strong></TD></tr>
  <TR align="center">
    <TD width="100%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD></TD>
    <TD> <HR noshade size=1></TD></tr>
  <TR align="center" bgcolor="#66FF99">
    <TD width="100%" align="left"><FONT size=2 face="serif">Common Stock, par value $.10 per share (1)</FONT><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD nowrap><FONT size=2 face="serif">500,000 shares (2)</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD><FONT size=2 face="serif">$16.095(3)</FONT></TD>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD><FONT size=2 face="serif">$8,047,500(3)</FONT></TD>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD><FONT size=2 face="serif">$1,019.62</FONT></TD></tr>
  <TR>
    <TD width="100%"> <hr align="left" width="100" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD></tr>
</TABLE>
<TABLE border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD valign="top" width="5%"><FONT size=1 face="serif">(1)</FONT><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><FONT size=1 face="serif">This registration statement also relates to rights to purchase shares of Series One Preferred
      Stock. The rights are attached to the Common Stock and are issued pursuant to the terms of the registrant&#146;s Rights Agreement
      dated August 1, 1997, as amended. Until the occurrence of certain events, the rights will not be exercisable and will be transferable
      with and only with the Common Stock. Because no separate consideration is to be paid for the rights, the registration fee for the
      rights is included in the registration fee for the Common Stock.<BR>
      &nbsp;</FONT></TD></tr>
  <TR>
    <TD valign="top" width="5%"><FONT size=1 face="serif">(2)</FONT><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><FONT size=1 face="serif">This registration statement covers up to 500,000 shares of Common Stock that may be issued
      under the 2004 Stock Plan for Non-Employee Directors. This registration statement also covers an indeterminate number of shares
      that may become issuable under the Plan as a result of a stock dividend, stock split, or other recapitalization.<BR>
      &nbsp;</FONT></TD></tr>
  <TR>
    <TD valign="top" width="5%"><FONT size=1 face="serif">(3)</FONT><BR>
      &nbsp;&nbsp;</TD>
    <td valign="top"><FONT size=1 face="serif">Estimated solely for the purpose of calculating the registration fee pursuant to Rules
      457(c) and (h) under the Securities Act of 1933, as amended, based on the average of the high and low sale prices per share of the
      Common Stock as reported on The Nasdaq National Market on May 17, 2004.<BR>
      &nbsp;</FONT></TD></tr>
</TABLE>
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<P align="center"> <B><FONT size=2 face="serif">PART II </FONT></B></p>
<P align="center"> <B><FONT size=2 face="serif">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </FONT></B></p>
<P> <FONT size=2 face="serif"><strong>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE. </strong></FONT></p>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Nabi Biopharmaceuticals (the &#147;Company&#148;) hereby incorporates by reference
  in this registration statement the following documents and information heretofore filed with the Securities and Exchange Commission:
  </FONT></p>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) The Company&#146;s annual report on Form 10-K for the fiscal year ended December 27, 2003, filed on February
  27, 2004 (SEC File No. 000-04829);</FONT></p>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> (b) The Company&#146;s quarterly report on Form 10-Q for the fiscal quarter ended March 27, 2004, filed
  on April 26, 2004 (SEC File No. 000-04829); </FONT></p>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c) The description of the Company&#146;s Common Stock contained in the Company&#146;s registration statement
  on Form 10, filed on May 4, 1970 (SEC File No. 000-04829), as amended by the Company&#146;s current report on Form 8-K, filed on August
  15, 2003 (SEC File No. 000-04829). </FONT></p>
<p> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All documents subsequently filed by the Company pursuant to Sections 13(a),
  13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment which indicates
  that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
  by reference in this registration statement and to be a part hereof from the date of filing such documents. Any statement contained
  in a document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded for purposes of this
  registration statement to the extent that any other subsequently filed document which also is or is deemed to be incorporated by reference
  modifies or replaces such statement. Any statement so modified shall not be deemed in its unmodified form to constitute a part of this
  registration statement. Any statement so superceded shall not be deemed to constitute a part of this registration statement. </FONT></p>
<P> <FONT size=2 face="serif"><strong>ITEM 4. DESCRIPTION OF SECURITIES.</strong> </FONT></p>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Not applicable. </FONT></p>
<P> <FONT size=2 face="serif"><strong>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL. </strong></FONT></p>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Nutter, McClennen &amp; Fish, LLP, is passing on the legality of the shares
  of Common Stock being registered. Constantine Alexander, a partner of Nutter, McClennen &amp; Fish, LLP, is the Secretary of the Company.
  </FONT></p>
<P> <FONT size=2 face="serif"><strong>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS. </strong></FONT></p>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Company&#146;s by-laws, as amended and restated, provide for indemnification
  of officers and directors to the fullest extent permitted by the Delaware General Corporation Law. The provisions of Article VII of
  the Company&#146;s by-laws constitute a contract of indemnification between the Company and its officers and directors. Article VII,
  Section 8 of the Company&#146;s by-laws permits the Company to purchase and maintain insurance against any liability asserted against
  officers or directors and incurred by them in such capacities whether or not the Company would have the power to indemnify them against
  such liability under the Delaware General Corporation Law. The Company provides officers&#146; and directors&#146; liability insurance
  for its officers and directors.</FONT></p>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Company has entered into indemnification agreements with its directors
  and certain of its executive officers providing contractual indemnification by the Company to the fullest extent permissible under Delaware
  law.</FONT></p>
<P> <FONT size=2 face="serif"><strong>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED. </strong></FONT></p>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Not applicable. </FONT></p>
<P align="center"> <FONT size=2 face="serif"> - 2 - </FONT></p>
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<P> <FONT size=2 face="serif"><strong>ITEM 8. EXHIBITS. </strong></FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD align="center" nowrap><U><FONT size=2 face="serif">Exhibit No</FONT></U><FONT size=2 face="serif">.</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD width="100%" align="left"><U><FONT size=2 face="serif">Description</FONT></U></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">4.1</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Form of Common Stock Certificate (incorporated by reference to Exhibit 4.4 to the</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Company&#146;s Current Report on Form 8-K filed on August 21, 1997).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Rights Agreement dated August 1, 1997, between the Company and Registrar and</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Transfer Company, as amended (incorporated by reference to Exhibit 10.28 to the</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Company&#146;s Annual Report on Form 10-K for the year ended December 31, 1997).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Agreement of Substitution and Amendment of Rights Agreement dated July 1, 2002,</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">among the Company, Registrar and Transfer Company, and American Stock Transfer</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">&amp; Trust Company (incorporated by reference to Exhibit 4.4 to the Company&#146;s Annual</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Report on Form 10-K for the year ended December 28, 2002).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Opinion of Nutter, McClennen &amp; Fish, LLP.</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Consent of Nutter, McClennen &amp; Fish, LLP (contained in Exhibit 5).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Consent of Ernst &amp; Young LLP, independent certified public accountants.</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Power of Attorney (included on signature page).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">99</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">2004 Stock Plan for Non-Employee Directors (incorporated by reference to the</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Company&#146;s Definitive Proxy Statement filed under cover of Schedule 14A on April 9,
      2004).</FONT></TD></tr>
</TABLE>
<P> <FONT size=2 face="serif"><strong>ITEM 9. UNDERTAKINGS. </strong></FONT></p>
<blockquote>
  <p> <FONT size=2 face="serif">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes: </FONT></p>
  <blockquote>
    <p> <FONT size=2 face="serif">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made,
      a post-effective amendment to this registration statement: </FONT></p>
    <blockquote>
      <p><FONT size=2 face="serif">(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; </FONT></p>
      <p><FONT size=2 face="serif">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration
        statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
        change in the information set forth in the registration statement; and</FONT></p>
      <p><FONT size=2 face="serif"> (iii) To include any material information with respect to the plan of distribution not previously
        disclosed in the registration statement or any material change to such information in the registration statement. </FONT></p>
    </blockquote>
    <p> <I><FONT size=2 face="serif">Provided, however</FONT></I><FONT size=2 face="serif">, that paragraphs (a)(1)(i) and (a)(1)(ii)
      of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
      in periodic reports filed with or furnished to the Securities Exchange Commission by the registrant pursuant to Section 13 or Section
      15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement. </FONT></p>
    <p> <FONT size=2 face="serif">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities
      Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
      therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></p>
    <p> <FONT size=2 face="serif">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment
      any of the securities being registered which remain unsold at the termination of the offering. </FONT></p>
  </blockquote>
  <p> <FONT size=2 face="serif">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining
    any liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or Section
    15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be
    a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
    deemed to be the initial bona fide offering thereof. </FONT></p>
</blockquote>
<P align="center"> <FONT size=2 face="serif">- 3 -</FONT></p>
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<blockquote>
  <p> <FONT size=2 face="serif">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
    to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
    has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as
    expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
    than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in
    the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
    with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
    precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy,
    as expressed in the Act, and will be governed by the final adjudication of such issue. </FONT></p>
</blockquote>
<P align="center"> <FONT size=2 face="serif">- 4 -</FONT></p>
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<P align="center"> <B><FONT size=2 face="serif">SIGNATURES </FONT></B></p>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act of 1933, as amended, the
  registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
  duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boca
  Raton, State of Florida, on May 20, 2004. </FONT></p>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="46%">&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">NABI BIOPHARMACEUTICALS</FONT></TD></tr>
  <TR>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD></tr>
  <TR>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%"><FONT size=2 face="serif">By:</FONT>&nbsp;</TD>
    <TD width="52%"><FONT size=2 face="serif">/s/ Thomas H. McLain</FONT></TD></tr>
  <TR>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD colspan=1><HR noshade size=1></TD></tr>
  <TR>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="52%"><FONT size=2 face="serif">Thomas H. McLain<br>
      Chief Executive Officer, President, and Chairman of the Board</FONT></TD>
  </tr>
</TABLE>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><strong>POWER OF ATTORNEY</strong></font></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
  constitutes and appoints Thomas H. McLain, Mark L. Smith, Constantine Alexander, and James E. Dawson, and each of them, with full power
  to act without the others, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
  for the undersigned and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
  amendments) to this registration statement and to file the same, with all exhibits thereto and all documents in connection therewith,
  with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority
  to do and perform each and every act and thing necessary or advisable to be done in connection therewith, as fully to all intents and
  purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any
  of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </font></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
  statement has been signed by the following persons in the capacities and on the dates indicated. </font></p>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="30%" nowrap><U><FONT size=2 face="serif">Signature</FONT></U></TD>
    <TD align="center" width="0">&nbsp;</TD>
    <TD align="center" width="505"><U><FONT size=2 face="serif">Title</FONT></U></TD>
    <TD align="center" width="27%"><U><FONT size=2 face="serif">Date</FONT></U></TD>
  </tr>
  <TR>
    <TD width="30%" nowrap>&nbsp;</TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%" align="center">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">/s/ Thomas H. McLain</FONT></TD>
    <TD width="0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Chief Executive Officer, President, and</FONT></TD>
    <TD align="center" width="27%"><FONT size=2 face="serif">May 20, 2004</FONT></TD>
  </tr>
  <TR>
    <TD width="30%" nowrap> <HR noshade size=1></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Chairman of the Board (principal executive officer)</FONT></TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">Thomas H. McLain</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap>&nbsp;</TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">/s/ Mark L. Smith</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Senior Vice President, Finance, Chief</FONT></TD>
    <TD align="center" width="27%"><FONT size=2 face="serif">May 20, 2004</FONT></TD>
  </tr>
  <TR>
    <TD width="30%" nowrap> <HR noshade size=1></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Financial Officer, Chief Accounting</FONT></TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">Mark L. Smith</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Officer, and Treasurer (principal</FONT></TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap>&nbsp;</TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">financial and accounting officer)</FONT></TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap>&nbsp;</TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">/s/ David L. Castaldi</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Director</FONT></TD>
    <TD align="center" width="27%"><FONT size=2 face="serif">May 20, 2004</FONT></TD>
  </tr>
  <TR>
    <TD width="30%" nowrap> <HR noshade size=1></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">David L. Castaldi</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap>&nbsp;</TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">/s/ Geoffrey F. Cox, Ph.D.</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Director</FONT></TD>
    <TD align="center" width="27%"><FONT size=2 face="serif">May 20, 2004</FONT></TD>
  </tr>
  <TR>
    <TD width="30%" nowrap> <HR noshade size=1></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">Geoffrey F. Cox, Ph.D.</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap>&nbsp;</TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">/s/ George W. Ebright</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Director</FONT></TD>
    <TD align="center" width="27%"><FONT size=2 face="serif">May 20, 2004</FONT></TD>
  </tr>
  <TR>
    <TD width="30%" nowrap> <HR noshade size=1></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD width="30%" nowrap><FONT size=2 face="serif">George W. Ebright</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </tr>
  <TR>
    <TD><FONT size=2 face="serif">/s/ Richard A. Harvey, Jr.</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Director</FONT></TD>
    <TD align="center" width="27%"><FONT size=2 face="serif">May 20, 2004</FONT></TD>
  </tr>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD width="0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </tr>
  <TR>
    <TD><FONT size=2 face="serif">Richard A. Harvey, Jr.</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </tr>
  <TR>
    <TD><FONT size=2 face="serif">/s/ Linda Jenckes</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Director</FONT></TD>
    <TD align="center" width="27%"><FONT size=2 face="serif">May 20, 2004</FONT></TD>
  </tr>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD width="0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </tr>
  <TR>
    <TD><FONT size=2 face="serif">Linda Jenckes</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </tr>
  <TR>
    <TD><FONT size=2 face="serif">/s/ Stephen G. Sudovar</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505"><FONT size=2 face="serif">Director</FONT></TD>
    <TD align="center" width="27%"><FONT size=2 face="serif">May 20, 2004</FONT></TD>
  </tr>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD width="0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </tr>
  <TR>
    <TD><FONT size=2 face="serif">Stephen G. Sudovar</FONT></TD>
    <TD width="0">&nbsp;</TD>
    <TD width="505">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
  </tr>
</TABLE>
<P align="center"> <FONT size=2 face="serif">- 5 -</FONT></p>
<HR noshade style="PAGE-BREAK-AFTER: always" align="center" width="100%" color="#33FF99" size=1>
<A name="page_7"></A>
<P align="center"> <B><FONT size=2 face="serif">EXHIBIT INDEX </FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD align="center" nowrap><U><FONT size=2 face="serif">Exhibit No</FONT></U><FONT size=2 face="serif">.</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD width="100%" align="left"><U><FONT size=2 face="serif">Description</FONT></U></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">4.1</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Form of Common Stock Certificate (incorporated by reference to Exhibit 4.4 to the</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Company&#146;s Current Report on Form 8-K filed on August 21, 1997).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Rights Agreement dated August 1, 1997, between the Company and Registrar and</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Transfer Company, as amended (incorporated by reference to Exhibit 10.28 to the</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Company&#146;s Annual Report on Form 10-K for the year ended December 31, 1997).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Agreement of Substitution and Amendment of Rights Agreement dated July 1, 2002,</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">among the Company, Registrar and Transfer Company, and American Stock Transfer</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">&amp; Trust Company (incorporated by reference to Exhibit 4.4 to the Company&#146;s Annual</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Report on Form 10-K for the year ended December 28, 2002).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Opinion of Nutter, McClennen &amp; Fish, LLP.</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Consent of Nutter, McClennen &amp; Fish, LLP (contained in Exhibit 5).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Consent of Ernst &amp; Young LLP, independent certified public accountants.</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Power of Attorney (included on signature page).</FONT></TD></tr>
  <TR>
    <TD><FONT size=2 face="serif">99</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">2004 Stock Plan for Non-Employee Directors (incorporated by reference to the</FONT></TD></tr>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT size=2 face="serif">Company&#146;s Definitive Proxy Statement filed under cover of Schedule 14A on April 9,
      2004).</FONT></TD></tr>
</TABLE>
<div align="center"></div>
<P align="center"> <FONT size=2 face="serif">- 6 -</FONT></p>
<HR noshade align="center" width="100%" color="#33FF99" size=1>
</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "v03571_s8.htm", "secsgml_size_bytes": 34800}]
{"company-data": {"conformed-name": "NABI  BIOPHARMACEUTICALS", "cik": "0000072444", "assigned-sic": "2836", "irs-number": "591212264", "state-of-incorporation": "DE", "fiscal-year-end": "1225"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-115691", "film-number": "04821876"}, "business-address": {"street1": "5800 PARK OF COMMERCE BLVD N W", "street2": "STE 322", "city": "BOCA RATON", "state": "FL", "zip": "33487", "phone": "5619895800"}, "mail-address": {"street1": "5800 PARK OF COMMERCE BLVD NW", "street2": "STE 322", "city": "BOCA RATON", "state": "FL", "zip": "33487"}, "former-company": [{"former-conformed-name": "NABI /DE/", "date-changed": "19960405"}, {"former-conformed-name": "NORTH AMERICAN BIOLOGICALS INC", "date-changed": "19920703"}]}
v03571_s8
As filed with the Securities and Exchange Commission on May 20, 2004.
Registration No. 333-_____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Nabi Biopharmaceuticals
(Exact Name of Registrant as Specified in its Charter)
Delaware
59-1212264
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification No.)
5800 Park of Commerce Boulevard, N.W.
Boca Raton, FL 33487
(Address of Principal Executive Offices, Including Zip Code)
2004 Stock Plan for Non-Employee Directors
(Full Title of the Plan)
Thomas H. McLain
Copies to:
Nabi Biopharmaceuticals
James E. Dawson, Esq.
5800 Park of Commerce Boulevard, N.W.
Kevin T. Sheehan, Esq.
Boca Raton, FL 33487
Nutter, McClennen & Fish, LLP
(561) 989-5800
155 Seaport Boulevard
(Name, Address, and Telephone Number,
Boston, MA 02210-2604
Including Area Code, of Agent for Service)
(617) 439-2000
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Securities to be Registered
Amount to be
Registered
Proposed Maximum
Offering Price per Share
Proposed Maximum
Aggregate Offering Price
Amount of
Registration Fee
Common Stock, par value $.10 per share (1)
500,000 shares (2)
$16.095(3)
$8,047,500(3)
$1,019.62
(1)
This registration statement also relates to rights to purchase shares of Series One Preferred
      Stock. The rights are attached to the Common Stock and are issued pursuant to the terms of the registrant's Rights Agreement
      dated August 1, 1997, as amended. Until the occurrence of certain events, the rights will not be exercisable and will be transferable
      with and only with the Common Stock. Because no separate consideration is to be paid for the rights, the registration fee for the
      rights is included in the registration fee for the Common Stock.
(2)
This registration statement covers up to 500,000 shares of Common Stock that may be issued
      under the 2004 Stock Plan for Non-Employee Directors. This registration statement also covers an indeterminate number of shares
      that may become issuable under the Plan as a result of a stock dividend, stock split, or other recapitalization.
(3)
Estimated solely for the purpose of calculating the registration fee pursuant to Rules
      457(c) and (h) under the Securities Act of 1933, as amended, based on the average of the high and low sale prices per share of the
      Common Stock as reported on The Nasdaq National Market on May 17, 2004.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
Nabi Biopharmaceuticals (the "Company") hereby incorporates by reference
  in this registration statement the following documents and information heretofore filed with the Securities and Exchange Commission:
(a) The Company's annual report on Form 10-K for the fiscal year ended December 27, 2003, filed on February
  27, 2004 (SEC File No. 000-04829);
(b) The Company's quarterly report on Form 10-Q for the fiscal quarter ended March 27, 2004, filed
  on April 26, 2004 (SEC File No. 000-04829);
(c) The description of the Company's Common Stock contained in the Company's registration statement
  on Form 10, filed on May 4, 1970 (SEC File No. 000-04829), as amended by the Company's current report on Form 8-K, filed on August
  15, 2003 (SEC File No. 000-04829).
All documents subsequently filed by the Company pursuant to Sections 13(a),
  13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment which indicates
  that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
  by reference in this registration statement and to be a part hereof from the date of filing such documents. Any statement contained
  in a document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded for purposes of this
  registration statement to the extent that any other subsequently filed document which also is or is deemed to be incorporated by reference
  modifies or replaces such statement. Any statement so modified shall not be deemed in its unmodified form to constitute a part of this
  registration statement. Any statement so superceded shall not be deemed to constitute a part of this registration statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Nutter, McClennen & Fish, LLP, is passing on the legality of the shares
  of Common Stock being registered. Constantine Alexander, a partner of Nutter, McClennen & Fish, LLP, is the Secretary of the Company.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
The Company's by-laws, as amended and restated, provide for indemnification
  of officers and directors to the fullest extent permitted by the Delaware General Corporation Law. The provisions of Article VII of
  the Company's by-laws constitute a contract of indemnification between the Company and its officers and directors. Article VII,
  Section 8 of the Company's by-laws permits the Company to purchase and maintain insurance against any liability asserted against
  officers or directors and incurred by them in such capacities whether or not the Company would have the power to indemnify them against
  such liability under the Delaware General Corporation Law. The Company provides officers' and directors' liability insurance
  for its officers and directors.
The Company has entered into indemnification agreements with its directors
  and certain of its executive officers providing contractual indemnification by the Company to the fullest extent permissible under Delaware
  law.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
- 2 -
ITEM 8. EXHIBITS.
Exhibit No
.
Description
4.1
Form of Common Stock Certificate (incorporated by reference to Exhibit 4.4 to the
Company's Current Report on Form 8-K filed on August 21, 1997).
4.2
Rights Agreement dated August 1, 1997, between the Company and Registrar and
Transfer Company, as amended (incorporated by reference to Exhibit 10.28 to the
Company's Annual Report on Form 10-K for the year ended December 31, 1997).
4.3
Agreement of Substitution and Amendment of Rights Agreement dated July 1, 2002,
among the Company, Registrar and Transfer Company, and American Stock Transfer
& Trust Company (incorporated by reference to Exhibit 4.4 to the Company's Annual
Report on Form 10-K for the year ended December 28, 2002).
5
Opinion of Nutter, McClennen & Fish, LLP.
23.1
Consent of Nutter, McClennen & Fish, LLP (contained in Exhibit 5).
23.2
Consent of Ernst & Young LLP, independent certified public accountants.
24
Power of Attorney (included on signature page).
99
2004 Stock Plan for Non-Employee Directors (incorporated by reference to the
Company's Definitive Proxy Statement filed under cover of Schedule 14A on April 9,
      2004).
ITEM 9. UNDERTAKINGS.
(a)      The undersigned registrant hereby undertakes:
(1)      To file, during any period in which offers or sales are being made,
      a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration
        statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
        change in the information set forth in the registration statement; and
(iii) To include any material information with respect to the plan of distribution not previously
        disclosed in the registration statement or any material change to such information in the registration statement.
Provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii)
      of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
      in periodic reports filed with or furnished to the Securities Exchange Commission by the registrant pursuant to Section 13 or Section
      15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
(2)      That, for the purpose of determining any liability under the Securities
      Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
      therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)      To remove from registration by means of a post-effective amendment
      any of the securities being registered which remain unsold at the termination of the offering.
(b)      The undersigned registrant hereby undertakes that, for purposes of determining
    any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section
    15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be
    a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
    deemed to be the initial bona fide offering thereof.
- 3 -
(c)      Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
    to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
    has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as
    expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
    than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in
    the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
    with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
    precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy,
    as expressed in the Act, and will be governed by the final adjudication of such issue.
- 4 -
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the
  registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
  duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boca
  Raton, State of Florida, on May 20, 2004.
NABI BIOPHARMACEUTICALS
By:
/s/ Thomas H. McLain
Thomas H. McLain
Chief Executive Officer, President, and Chairman of the Board
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
  constitutes and appoints Thomas H. McLain, Mark L. Smith, Constantine Alexander, and James E. Dawson, and each of them, with full power
  to act without the others, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
  for the undersigned and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
  amendments) to this registration statement and to file the same, with all exhibits thereto and all documents in connection therewith,
  with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority
  to do and perform each and every act and thing necessary or advisable to be done in connection therewith, as fully to all intents and
  purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any
  of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
  statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Thomas H. McLain
Chief Executive Officer, President, and
May 20, 2004
Chairman of the Board (principal executive officer)
Thomas H. McLain
/s/ Mark L. Smith
Senior Vice President, Finance, Chief
May 20, 2004
Financial Officer, Chief Accounting
Mark L. Smith
Officer, and Treasurer (principal
financial and accounting officer)
/s/ David L. Castaldi
Director
May 20, 2004
David L. Castaldi
/s/ Geoffrey F. Cox, Ph.D.
Director
May 20, 2004
Geoffrey F. Cox, Ph.D.
/s/ George W. Ebright
Director
May 20, 2004
George W. Ebright
/s/ Richard A. Harvey, Jr.
Director
May 20, 2004
Richard A. Harvey, Jr.
/s/ Linda Jenckes
Director
May 20, 2004
Linda Jenckes
/s/ Stephen G. Sudovar
Director
May 20, 2004
Stephen G. Sudovar
- 5 -
EXHIBIT INDEX
Exhibit No
.
Description
4.1
Form of Common Stock Certificate (incorporated by reference to Exhibit 4.4 to the
Company's Current Report on Form 8-K filed on August 21, 1997).
4.2
Rights Agreement dated August 1, 1997, between the Company and Registrar and
Transfer Company, as amended (incorporated by reference to Exhibit 10.28 to the
Company's Annual Report on Form 10-K for the year ended December 31, 1997).
4.3
Agreement of Substitution and Amendment of Rights Agreement dated July 1, 2002,
among the Company, Registrar and Transfer Company, and American Stock Transfer
& Trust Company (incorporated by reference to Exhibit 4.4 to the Company's Annual
Report on Form 10-K for the year ended December 28, 2002).
5
Opinion of Nutter, McClennen & Fish, LLP.
23.1
Consent of Nutter, McClennen & Fish, LLP (contained in Exhibit 5).
23.2
Consent of Ernst & Young LLP, independent certified public accountants.
24
Power of Attorney (included on signature page).
99
2004 Stock Plan for Non-Employee Directors (incorporated by reference to the
Company's Definitive Proxy Statement filed under cover of Schedule 14A on April 9,
      2004).
- 6 -