Exubera Gets Good Marks

Pfizer ( PFE) said a committee of the European Medicines Agency issued a positive opinion recommending approval of Exubera, an inhalable form of insulin, for treating type 1 and type 2 diabetes.

Exubera, the product of a development program between France's Sanofi-Aventis ( SNY) and Pfizer, is inhaled into the lungs prior to a meal, using a device and powdered insulin formulation developed by Nektar Therapeutics ( NKTR).

Last month, a Food and Drug Administration advisory committee voted to recommend approval for Exubera, despite concerns about the drug's long-term effects, especially on people with lung disease.

The U.S. panel voted 7-2 to support the product to treat both type 1 and type 2 diabetes. If it's approved, Exubera would be the first inhaled insulin product for sale.

Pfizer said that in Europe, about 22.5 million people have diabetes. Type 2 diabetes accounts for 85% to 95% of all diagnosed cases.

Shares of Pfizer, based in New York, were down 27 cents, or 1%, to $24.57. Nektar was higher by 6% to $15.95, and Sanofi-Aventis shares slipped 0.4% to $40.75.

More from Stocks

Is Tesla Really Being Sabotaged?

Is Tesla Really Being Sabotaged?

LIVE NOW: TheStreet's Top Columnists Take Your Questions on What Stocks to Buy

LIVE NOW: TheStreet's Top Columnists Take Your Questions on What Stocks to Buy

Beware of the Coming Economic Debt Bomb

Beware of the Coming Economic Debt Bomb

Dow Tumbles as Trump Ratchets Up China Trade Fight

Dow Tumbles as Trump Ratchets Up China Trade Fight

Why GE's Stock Has Fallen 15% in the Last 30 Days

Why GE's Stock Has Fallen 15% in the Last 30 Days