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Nektar Therapeutics Reports Fourth Quarter and Year-End 2008 Financial Results
Date:2/24/2009

SAN CARLOS, Calif., Feb. 24 /PRNewswire-FirstCall/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported its financial results for the fourth quarter and year ended December 31, 2008.

"2008 was a transformational year for Nektar," said Howard W. Robin, President and Chief Executive Officer of Nektar. "Using our unique polymer conjugation chemistry platform, we advanced numerous proprietary drug candidates into clinical and preclinical development. Further, we significantly strengthened our financial position with the sale of pulmonary delivery assets and the buy-back of $100 million of convertible debt at a substantial discount. Nektar is exceptionally well-positioned as we enter 2009."

Fourth Quarter and Year-End 2008 Financial Results

Nektar completed two significant transactions during the fourth quarter of 2008:

- - The company repurchased $100.0 million of its 3.25% convertible subordinated notes for $47.8 million. As a result, the company recognized a gain of $50.1 million in the fourth quarter, net of transaction costs of $1.0 million and accelerated amortization of our deferred financing costs of $1.1 million.

- - Nektar completed the divestiture of certain of its pulmonary delivery assets to Novartis for $115.0 million on December 31, 2008. As a result of the completion of this transaction, the company recognized a gain of $69.6 million in the fourth quarter of 2008.

Cash, cash equivalents, and short-term investments at December 31, 2008 were $379.0 million.

Revenue for the three month period ended December 31, 2008 was $28.4 million compared to revenue of $65.8 million in the fourth quarter of 2007. For the twelve months of 2008, revenue was $90.2 million as compared to $273.0 million in the same period of 2007. This de
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1. Nektar to Announce Year-End 2008 Financial Results on Wednesday, February 25, 2009 After Close of U.S.-Based Financial Markets
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3. Nektar Therapeutics President and CEO, Howard W. Robin, to Present at the 27th Annual J.P. Morgan Healthcare Conference in San Francisco
4. Nektar Announces Closing of Sale of Specific Pulmonary Delivery Assets to Novartis for $115 Million
5. Nektar Therapeutics to Webcast R&D Day on November 12th
6. Nektar Sells Pulmonary Business to Novartis For $115 Million and Nektar Retains Key Pulmonary Programs Including Amikacin Inhale, Inhaled Vancomycin, and Ciprofloxacin Inhalation Powder
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8. Nektar Therapeutics President and CEO, Howard W. Robin, to Present at UBS 2008 Global Life Sciences Conference in New York City
9. Nektar to Announce Financial Results for the Second Quarter of 2008 on Wednesday, August 6, 2008, After Close of U.S.-Based Financial Markets
10. Bharatt Chowrira Joins Nektar Therapeutics as Chief Operating Officer and Head of PEGylation Business Unit
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