Nektar Therapeutics Announces First Quarter 20...( SAN CARLOS Calif. May 7 /- Nektar...),Health

SAN CARLOS, Calif., May 7 /PRNewswire-FirstCall/ -- Nektar Therapeutics (Nasdaq: NKTR) announced today the company's financial results for the first quarter ended March 31, 2008.

Cash, cash equivalents, and short-term investments were $412.6 million at March 31, 2008 compared to $482.4 million at December 31, 2007.

Nektar reported a net loss of $40.7 million or $0.44 per share in the first quarter of 2008, compared to a net loss of $25.7 million or $0.28 per share in the first quarter of 2007. The increase in net loss is primarily the result of $4.1 million of expense for maintaining third-party Exubera manufacturing capacity, $5.3 million of expense for our workforce reduction, loss of gross margin associated with Pfizer's termination of the Exubera relationship, as well as significant incremental investment in clinical development programs. Offsetting these expenses are substantial operating efficiencies Nektar has achieved over the last twelve months.

Revenue totaled $20.0 million in the first quarter of 2008 compared to $85.0 million in the first quarter of 2007. This decrease is the result of the termination of Exubera by Pfizer.

"The first quarter was significant for Nektar as it represents the first time that the company has made substantial investment into the clinical development of innovative proprietary drug candidates," said Howard W. Robin, President and Chief Executive Officer. "Today we have moved past inhaled insulin, and our proprietary small molecule PEGylation drug development platform is generating a great deal of industry and scientific interest. We intend to build and advance our impressive pipeline while continuing to exercise financial responsibility."

Mr. Robin will host a confer
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