Nektar Therapeutics product may cause cancer
Shares of Nektar Therapeutics (Nasdaq:NKTR) are falling on news before the opening that its inhaled insulin product appears to increase the risk of cancer. The San Carlos, Calif.-based company reported that clinical trials conducted by Pfizer Inc. (NYSE:PFE) showed an increase in the number of new cases of lung cancer observed in inhaled insulin patients when compared with a control group.
“The concern over this new data analysis from ongoing clinical trials has resulted in the termination of all negotiations with potential partners,” said CEO Howard Robin in a statement.
At 10:50 a.m. ET, the stock had declined $1.66, or 23%, to $5.53. For detailed price information and recent news stories about Nektar Therapeutics, click NKTR.
