SAN CARLOS, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Nektar Therapeutics announced today the company’s financial results for the third quarter that ended September 30, 2007.
Revenue totaled $56.3 million in the third quarter of 2007 compared to $58.6 million in the third quarter of 2006. For the nine months ended September 30, 2007, Nektar reported total revenue of $207.3 million compared to $147.8 million in the same period in 2006.
Cash, cash equivalents, and short-term investments were $452.6 million at September 30, 2007 compared to $406.8 million at June 30, 2007.
Nektar reported a net loss of $18.6 million or $0.20 per share in the third quarter of 2007 compared to a net loss of $19.6 million or $0.22 per share in the same period of 2006.
For the nine months ended September 30, 2007, net loss was $71.8 million or $0.78 per share compared to a net loss of $115.9 million or $1.29 per share in the same period in 2006.
“We’ve made great progress reshaping Nektar this year,” said Howard W. Robin, president and chief executive officer of Nektar. “We realigned the company’s business and research activities around our PEGylation and pulmonary technology platforms, built a strong executive team, signed a new strategic partnership with Bayer, and are moving two proprietary programs into Phase 2 clinical trials. Finally, for the first time in Nektar’s history, we expect almost no operating cash burn for the year.”
Mr. Robin will host a conference call today for analysts and investors beginning at 2:00 p.m. Pacific time to discuss the company’s performance. This conference call will be available via webcast and can be accessed through a link that is posted on the Investor Relations section of the Nektar website, http://www.nektar.com. The web broadcast of the conference call will be available for replay through November 14, 2007.
About Nektar
Nektar Therapeutics is a biopharmaceutical company with a mission to develop and enable differentiated therapeutics with its industry-leading pulmonary and PEGylation technology platforms. Nektar pulmonary and PEGylation technology, expertise, manufacturing capabilities and know-how have enabled ten approved products for partners, which include the world’s leading pharmaceutical and biotechnology companies. Nektar also develops its own products by applying its pulmonary and PEGylation technology platforms to
existing medicines with the objective to enhance performance, such as improving efficacy, safety and compliance.
This press release contains forward-looking statements that reflect the company’s current views as to its financial plan, expectations regarding the progress, potential, and clinical plans for the company’s proprietary product candidates in clinical development, the value of the company’s technology platforms, business development potential with respect to potential future partnerships and overall prospects for the company’s business. These forward-looking statements involve risks and uncertainties, including but not limited to: (i) the company’s proprietary product candidates and those of certain of its partners are in the early phases of clinical development and the risk of failure is high and can occur at any stage prior to regulatory approval, (ii) the timing or success of the commencement or end of clinical trial phases is subject to a number of uncertainties including but not limited to patient enrollment, regulatory requirements and clinical outcomes, the company’s or its partner’s ability to obtain regulatory approval of its proprietary product candidates, (iii) the company’s or its partner’s success in obtaining regulatory approvals for product candidates, (iv) the company may not successfully complete new collaborative arrangements with respect to our product candidates, or if any arrangements we do negotiate do not include sufficiently favorable commercial terms, we may not receive an adequate return on these investments and our results of operations and financial condition would suffer (v) the company’s patent applications for its proprietary or partner product candidates may not issue, patents that have issued may not be enforceable, or intellectual property licenses from third parties may be required in the future, and (vi) the outcome of any existing or future intellectual property or other litigation related to the company’s proprietary product candidates. Other important risks and uncertainties are detailed in the company’s reports and other filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Actual results could differ materially from the forward-looking statements contained in this press release. The company undertakes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
twarner@nektar.comsherrera@nektar.comjruddock@nektar.com
CONTACT: investors, Tim Warner, +1-650-283-4915, twarner@nektar.com, or
Stephan Herrera, +1-415-488-7699, sherrera@nektar.com, or media, Jennifer
Ruddock, +1-650-631-4954, jruddock@nektar.com, all of Nektar Therapeutics
Web site: http://www.nektar.com/
