File this under ‘If at first you don’t succeed….’

Nektar Therapeutics, as some may know, is working on a new and improved bong for diabetics. In a conference call with Wall Streeters last night, the company says its next insulin inhaler will be smaller than others being developed by rivals, such as Alkermes and MannKind. And Pfizer is interested; the two companies have an exclusive development deal, according to an investor note from Jim Reddoch of Friedman Billings Ramsey.

Meanwhile, recent Exubera news remains grim.

As Reddoch points out, Nektar is dependent on the bong for a big chunk of revenue, and scrips need to leap from the current level of 400 per week level to at least 15,000 a week just to make $30 million in quarterly sales. “If demand does not pick up over the next few months, it is unlikely Exubera will ever meet investor’s expectations.”

Nektar execs, though, subscribe to ‘the bong is half full’ theory.

Reddoch also writes this: “On last night’s call, the company echoed Pfizer’s sentiment that the drug has officially been launched in April. The company maintains high expectations for the drug, due to market research that suggests patients are happy with Exubera and have better compliance than patients using injectable insulin.”

The reasons to be cheerful? Pfizer’s sales reps are fanning out and about to launch a DTC ad campaign, the number of covered lives remains stable, and formulary reimbursement is most Tier III. And Nektar is also banking on convincing docs that Exubera is great for patients with “needle phobia.” In other words, rely on scare tactics. Good luck to all.

[tags]Exubera, Nektar, Pfizer[/tags]