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Nektar Announces Positive Clinical Data From Second Phase 1 Clinical Study Of NKTR-181, A Novel Opioid Analgesic Molecule To Treat Chronic Pain

Nektar is headquartered in San Francisco, California, with additional R&D operations in Huntsville, Alabama and Hyderabad, India. Further information about the company and its drug development programs and capabilities may be found online at http://www.nektar.com.

This press release contains forward-looking statements that reflect Nektar's current views as to the therapeutic potential of NKTR-181, the value of Nektar's polymer conjugate technology platform, and the potential for certain of Nektar's other drug candidates. These forward-looking statements involve substantial risks and uncertainties including but not limited to one or more of the following: (i) the statements regarding the potential therapeutic potential of NKTR-181 are based on preclinical data and data from both Phase 1 clinical studies and future clinical studies may not confirm one or more of these potential therapeutic benefits; (ii) although Nektar has conducted various experiments using laboratory and home-based chemistry techniques that have so far been unable to convert NKTR-181 into a rapidly-acting, more abusable opioid, there is a risk that an alternative chemistry technique or process may be discovered in the future that would enable the conversion of NKTR-181 into a more abusable opioid; (iii) NKTR-181 is in early stage clinical development and could fail at any time due to numerous unpredictable and significant risks related to safety, efficacy and other important findings that can negatively impact clinical development; (iv) the U.S. Food and Drug Administration and other regulatory agencies could impose significant risk mitigation requirements that hamper market acceptance of NKTR-181, even if approved for commercialization; (v) scientific discovery of new medical breakthroughs is an inherently uncertain process and the future success of the application of Nektar's technology platform to potential new drug candidates such as NKTR-181 is therefore very uncertain and unpredictable and could unexpectedly fail at any time; (vi) patents may not issue from Nektar's patent applications for NKTR-181, patents that have issued may not be enforceable, or additional intellectual property licenses from third parties may be required; and (vii) the outcome of any existing or future intellectual property or other litigation related to Nektar's proprietary drug candidates including without limitation NKTR-181.  Other important risks and uncertainties are detailed in Nektar's reports and other filings with the Securities and Exchange Commission, including without limitation, those risks and uncertainties set forth in Nektar's Form 10-Q for the quarter ended September 30, 2011, filed on November 4, 2011. Nektar undertakes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.

Nektar Investor Inquiries: Jennifer Ruddock/Nektar Therapeutics                   (415)482-5585 Susan Noonan/SA Noonan Communications, LLC   (212) 966-3650

Nektar Media Inquiries:                                 Karen Bergman/BCC Partners                               (650) 575-1509 Michelle Corral/BCC Partners                                (415) 794-8662

(1) 2011 National Academy of Sciences. Relieving Pain in America: A Blueprint for Transforming Prevention, Care, Education and Research, 2010 Decision Resources, and Harstall, C. How prevalent is chronic pain? Pain Clinical Updates X, 1–4 (2003).

(2) IMS, NSP, NPA and Defined Health 2010 Estimates.

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