Last gasp of Exubera

Nektar Therapeutics (NASDAQ:NKTR) is in the final throes of its post-Exubera cleanup. Last week, it raised $125 million in a private placement of senior notes to pay down a 2005 convertible note for $315 million issued just before the ill-fated inhaled insulin was approved.

At the time, the company had hoped Exubera revenue would take it to profitability. But that never materialized; partner Pfizer Inc. (NYSE:PFE) dropped the product in 2007 due to lackluster sales...