Press Release

<< Back
Oct 3, 2006
Nektar Therapeutics Issues Statement on Whistle-Blower Proceeding Status

SAN CARLOS, Calif., Oct 03, 2006 (BUSINESS WIRE) -- Nektar Therapeutics (Nasdaq:NKTR) issued a statement regarding the current status of an ongoing administrative proceeding with Ellen Leznik, former corporate counsel, who left Nektar in February 2005. On or about May 11, 2005, Ms. Leznik filed a whistle-blower complaint with the U.S. Department of Labor ("DOL") claiming she had engaged in protected activity under the Sarbanes-Oxley Act during her employment with Nektar. Following applicable procedures, the complaint was referred to the Occupational Safety and Health Administration ("OSHA") of the DOL for investigation.

On or about May 1, 2006, OSHA issued its decision finding in favor of Nektar and against Ms. Leznik and dismissed her complaint. Ms. Leznik currently has an appeal pending before the Office of Administrative Law Judges at the DOL.

"We agree with OSHA's decision in favor of Nektar and believe that Ms. Leznik's action is without merit and therefore we will continue to vigorously defend ourselves in this proceeding," said Gil M. Labrucherie, Chief Compliance Officer of Nektar.

About Nektar

Nektar Therapeutics is a biopharmaceutical company that develops and enables differentiated therapeutics with its industry-leading drug delivery technologies, expertise and manufacturing capabilities. Nektar technology and know-how have enabled nine approved products for partners, which include the world's leading pharmaceutical and biotechnology companies. Nektar also develops its own products by applying its drug delivery technologies and expertise to existing medicines to enhance performance, such as improving efficacy, safety and compliance.

This release contains forward-looking statements regarding pending litigation. These forward-looking statements involve substantial risks and uncertainties including, without limitation, the uncertainty of the eventual outcome of pending litigation or potential future litigation and the substantial expense that can be incurred in defending litigation matters. A further description of other important risks and uncertainties related to these forward-looking statements are detailed in Nektar's reports and other filings with the SEC, including its Annual Report on Form 10-K/A for the year ended December 31, 2005 and its Quarterly Report on 10-Q for the quarter ended June 30, 2006. Actual results could differ materially from these forward-looking statements. Nektar assumes no obligation to update any forward-looking statements contained in this release as the result of new information or future events or developments that may occur after the date of this release.

SOURCE: Nektar Therapeutics

Nektar Therapeutics
Joyce Strand, 650-631-3138
Jennifer Ruddock, 650-631-4954

Copyright Business Wire 2006

News Provided by COMTEX