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Biotech / Medical : NKTR Drug delivery Company

NKTR 59.32

+2.3%

Nov 11 3:59 PM EST

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From: DewDiligence_on_SI	10/18/2007 6:41:05 AM
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PFE dumps Exubera, takes $2.8B writeoff: biz.yahoo.com “…we made an important decision regarding Exubera, a product for which we initially had high expectations,” said Jeff Kindler, Chairman and Chief Executive Officer. “Despite our best efforts, Exubera has failed to gain the acceptance of patients and physicians. We have therefore concluded that further investment in this product is unwarranted.” “We will work with physicians to transition Exubera patients to other treatment options in the next three months. We remain committed to investing significant resources in the development of new and innovative medicines to manage diabetes, including monitoring inhalation technologies and other innovative delivery systems for insulin and other medicines.” …The Company’s reported net income was $761 million in the third quarter of 2007, a decrease of 77% from the same period last year, primarily reflecting pre-tax charges of $2.8 billion related to the decision to exit Exubera... << This has to rank as one of the biggest miscalculations in the history of the pharmaceutical industry.

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