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"We are transforming Nektar into a world-class drug development companyand these changes are a natural progression on the path to achieving thisvision," said Howard W. Robin, President and Chief Executive Officer ofNektar. "This restructuring aligns the organization with the future directionof our company and strengthens our ability to drive programs rapidly throughthe clinic."
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Approximately 150 positions have been eliminated as a result of therestructuring. Importantly, Nektar has preserved the necessary technical andmanufacturing personnel and capabilities to support its ongoing effort toforge a new partnership for its inhaled insulin programs.
Nektar has made significant progress this past year in advancing itsproprietary pipeline. The company recently initiated phase 2 clinical trialsfor its two leading PEGylated small molecule programs, NKTR-102(PEG-irinotecan) for solid tumors and NKTR-118 (oral PEG-naloxol) for opioidbowel dysfunction. NKTR-061 (inhaled amikacin), which is being co-developedwith Bayer AG to treat hospital-acquired pneumonia, is expected to enter Phase3 trials this year.
The company will release its full financial results for the fourth quarterand full year 2007 on February 27, 2008. At that time, it will host aconference call for investors and analysts beginning at 2:00 PM PT/5:00 PM ET.Information on the dial-in details and Webcast of the call will be posted onthe Investor Relations section of the Nektar website, http://www.nektar.com.
About Nektar
Nektar Therapeutics is a biopharmaceutical company that develops andenables differentiated therapeutics with its industry-leading PEGylation andpulmonary drug development platforms. Nektar PEGylation and pulmonarytechnology, expertise, manufacturing capabilities have enabled ten approvedproducts for partners, which include the world's leading pharmaceutical andbiotechnology companies. Nektar also develops its own products by applying itsPEGylation and pulmonary technology platforms to existing medicines with theobjective to enhance performance, such as improving efficacy, safety andcompliance.
This press release contains forward-looking statements regardingmanagement's plans and expectations for Nektar's organizational developmentand impact on its business objectives and its proprietary and partner productcandidates currently in clinical development. These forward-lookingstatements involve substantial risks and uncertainties, including but notlimited to: (i) the company may not realize the anticipated benefits to itsbusiness from the organizational developments described in this press release,(ii) the risk of failure of any product candidate that is in clinicaldevelopment and prior to regulatory approval, such as the NKTR-102, NKTR-118,and NKTR-061, remains high and can occur at any stage due to efficacy, safetyor other factors, (iii) clinical trials for the company's proprietary productcandidates such as NKTR-102, NKTR-118 and NKTR-061 are long, expensive anduncertain processes, (iv) the ability of the company to the to obtainregulatory approval of NKTR-102, NKTR-118 and NKTR-061 is difficult to predictat any stage of development, (v) the company's patent applications for itstechnology platforms and proprietary or partner product candidates may notissue, patents that have issued may be unenforceable, or intellectual propertylicenses from third parties may be required in the future, and (vi) thecompany may be unable to secure a new partner for its inhaled insulin programs(Ex
