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Insulin Delivery: Still Waiting to Exhale

Executive Summary

After the commercial failure of Exubera, is inhaled insulin dead? Not at all. Exubera failed for very specific reasons: a cumbersome device, non-standard dosing, and no real clinical utility. The Exubera snafu has eroded the commercial value of inhaled insulin, but Nektar may be the best-positioned company currently competing in the inhaled insulin space. Nektar can afford to re-partner its version for less, because Pfizer has already paid for the bulk of the drug development work.

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