Stock Symbol: NKTR

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Business Description
Nektar Therapeutics is a drug delivery products based company that provides a portfolio of technologies that will enable it and its pharmaceutical partners to improve drug performance throughout the drug development process. The Company is focused on three main technologies: Nektar Advanced PEGylation Technology, Nektar Pulmonary Technology and Nektar Supercritical Fluids Technology. These technologies are designed to improve either the performance of a drug molecule (such as improving bioavailability, safety, efficacy, stability or targeting) or how the drug is delivered (such as enabling a new dosage form or delivery profile that improves how the therapeutic can treat patients). As of December 31, 2003, Nektar had ongoing collaborations with more than 25 biotechnology and pharmaceutical companies, of which 21 were announced.

Financial Information
For the nine months ended 9/30/04, revenues rose 3% to $82.9 million. Net loss increased 65% to $82.6 million. Revenues reflect reimbursed research and development expenses. Higher loss reflects a $9.3M loss on extinguishment of debt and higher interest expense.