Aradigm's AERx device is the size of a paperback book and uses liquid insulin packets.

FORBES: Waiting to Inhale

In 1998 Novo Nordisk, which has 45% of the world insulin market, agreed to test Aradigm's inhaler.

FORBES: Waiting to Inhale

Soon after, Inhale's rival Aradigm set up shop across the San Francisco Bay in Hayward, focusing on electronic delivery of inhaled drugs.

FORBES: Waiting to Inhale

Two years behind is Denmark's Novo Nordisk , which will begin final-stage human testing of an inhaler from biotech firm Aradigm (nasdaq: ARDM - news - people ) later this year.

FORBES: Waiting to Inhale