MannKind Corporation

MannKind Corporation
Public company
Traded as NASDAQ: MNKD
Russell 2000 Component
Industry Biotechnology
Founded 1991
Founder Alfred E. Mann
Headquarters Westlake Village, California, United States
Number of employees
 250
Website mannkindcorp.com

MannKind Corporation is a biopharmaceutical company focusing on the discovery, development, and commercialization of therapeutic products for diseases such as diabetes and pulmonary arterial hypertension. Based in Westlake Village, California, the company was founded in February 1991. However, its present form is a result of a 2003 merger of three companies owned by Alfred E. Mann, Pharmaceutical Discovery Corporation (PDC), the cancer vaccine developer CTL ImmunoTherapies, Inc., and its sister company Allecure Corp which was developing a novel allergy vaccine technology. MannKind Corporation was named after its founder, Alfred Mann, who invested at least $900 million of his own fortune in the firm. One of the former companies, Pharmaceutical Discovery, was purchased in 2001 from Solomon Steiner; with that purchase MannKind acquired the Technosphere molecule and Medtone Inhaler, upon which was developed its lead product, Afrezza (inhalable insulin).[1]

Leadership

Mann was chief executive officer until January 12, 2015 when Hakan Edstrom became CEO and Mann transitioned to executive chairman.[2]

In November 2015, Hakan Edstrom stepped down as CEO and president and will remain until July, 2017 to provide other services for the company. Company founder Alfred Mann stepped in as interim CEO.[3] 8-K file on November 19, 2015. In May 2017, Michael Castagna was named CEO of MannKind Corporation.

Facilities

MannKind's corporate headquarters are in Westlake Village, California. The Afrezza manufacturing facility is in Danbury, Connecticut.[4]

Products and product candidates

Afrezza is an rapid-acting insulin peaking 12 to 15 minutes following inhalation and exits your body within 2–3 hours. The FDA approved Afrezza on June 27, 2014 with a 13-1 vote for type 1 diabetes and 14-0 vote for type 2 diabetes.[5]

On August 11, 2014 MannKind entered into an exclusive global licensing agreement with Sanofi for Afrezza sales.[6] Under the agreement, MannKind received $150 million cash from Sanofi, in exchange for sharing profits and losses of sales of Afrezza, with 65% for Sanofi and 35% for MannKind. On January 5, 2016, MannKind Corporation announced the termination of the license and collaboration agreement with Sanofi.[6][7] By December 2017, the company lost 11% of its trading volume due to the poor number sales.[8]

The firm has stated that it is developing a next generation inhalation technology, a miniature, breath-powered inhaler used in combination with single-use cartridges containing pre-metered doses. Initial pharmacokinetic studies were followed by studies of safety and efficiency involving technosphere formulations of different therapeutic proteins.[9][10]

References

  1. ↑ "Mannkind Corporation, "8K" filing". sec.gov. Securities and Exchange Commission. March 16, 2009.
  2. ↑ Calia, Michael (January 12, 2015). "MannKind Appoints Edstrom CEO as Mann Steps Aside". Wall Street Journal. Retrieved January 13, 2015.
  3. ↑ "Mannkind CEO steps down". NewsTimes.com. 23 November 2015.
  4. ↑ "Mannkind regains marketing rights to inhaled insulin | Westfair Communications". westfaironline.com. Retrieved 2016-04-26.
  5. ↑ "MannKind Corporation Announces FDA Approval of AFREZZA®; A Novel, Rapid-Acting Inhaled Insulin for the Treatment of Diabetes". MannKind Corporation. Retrieved December 25, 2014.
  6. 1 2 "Sanofi and MannKind Announce Global Licensing Agreement for Afrezza® (insulin human) Rapid-Acting Inhaled Insulin". MannKind Corporation. Retrieved December 25, 2014.
  7. ↑ http://investors.mannkindcorp.com/releasedetail.cfm?ReleaseID=948810
  8. ↑ Budwell, George. "Why MannKind Corporation Stock Is Sinking Today". The Motley Fool. Retrieved 2018-01-23.
  9. ↑ MannKind Corporation, 8K filing with Securities and Exchange Commission 2009
  10. ↑ Brashier, Dick B. S.; Khadka, Anjan; Anantharamu, Tejus; Sharma, Ashok Kumar; Gupta, A. K.; Sharma, Sushil; Dahiya, N. (2015-01-01). "Inhaled insulin: A "puff" than a "shot" before meals". Journal of Pharmacology & Pharmacotherapeutics. 6 (3): 126–129. doi:10.4103/0976-500X.162013. ISSN 0976-500X. PMC 4544132. PMID 26311994.
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