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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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