MannKind Corporation

MannKind Corporation
Company typePublic
Nasdaq: MNKD
Russell 2000 Component
IndustryBiotechnology
Founded1991; 33 years ago (1991)
FounderAlfred E. Mann
Headquarters
Danbury, Connecticut
,
U.S.
Key people
Kent Kresa (chairman)
Dr. Michael E. Castagna (CEO)
RevenueIncreaseUS$63.038 million (2019)[1]
Negative increase −US$44.597 million (2019)[1]
Negative increase −US$51.903 million (2019)[1]
Total assetsDecrease$93.725 million (2019)[1]
Total equityIncrease$284.252 million (2019)[1]
Number of employees
Decrease 233 (2019)[1]
Websitemannkindcorp.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 Danbury, Connecticut, the company was founded in February 1991.

MannKind Corporation was named after its founder, Alfred E. Mann.

History

Founded in February 1991, the company's 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 an allergy vaccine technology. 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).[2]

The FDA approved Afrezza on June 27, 2014.[3]

On August 11, 2014 MannKind entered into an exclusive global licensing agreement with Sanofi for Afrezza sales.[4] 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.[4][5] By December 2017, the company had lost 11% of its trading volume due to the poor sales.[6]

In March 2020, the company announced it was working with fellow pharmaceutical company Immix Biopharma to try to develop an inhalable treatment for acute respiratory distress syndrome, a lung disease.[7]

Products and product candidates

The firm has developed Afrezza a rapid-acting insulin peaking 12 to 15 minutes after inhalation and exiting the body within 2–3 hours. The inhalation technology uses a miniature, breath-powered inhaler 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.[8][9]

Leadership

Mann was chief executive officer until January 12, 2015 when Hakan Edstrom became CEO and Mann transitioned to executive chairman.[10]

In November 2015, Hakan Edstrom stepped down as CEO and president. Company founder Alfred Mann stepped in as interim CEO on November 19, 2015.[11] In May 2017, Michael Castagna was named CEO of MannKind Corporation.[12]

Facilities

MannKind has a large corporate office in Westlake Village, California. The Afrezza manufacturing facility is in Danbury, Connecticut.[13] In 2022, the company moved its official headquarters to Danbury.[14]

References

  1. ^ a b c d e f "MannKind Corporation". investors.mannkindcorp.com. November 16, 2020.
  2. ^ "Mannkind Corporation, "8K" filing". sec.gov. Securities and Exchange Commission. March 16, 2009.
  3. ^ "Afrezza (insulin human) Inhalation Powder". fda.gov. Retrieved April 16, 2020.
  4. ^ a b "Sanofi and MannKind Announce Global Licensing Agreement for Afrezza (insulin human) Rapid-Acting Inhaled Insulin". MannKind Corporation. Retrieved December 25, 2014.
  5. ^ "MannKind Corporation - MannKind Corporation Announces Termination of License and Collaboration Agreement With Sanofi". investors.mannkindcorp.com. Archived from the original on March 4, 2016.
  6. ^ Budwell, George. "Why MannKind Corporation Stock Is Sinking Today". The Motley Fool. Retrieved January 23, 2018.
  7. ^ "MannKind Shifts Research to Coronavirus Treatment". San Fernando Valley Business Journal. March 17, 2020. Retrieved April 16, 2020.
  8. ^ MannKind Corporation, 8K filing with Securities and Exchange Commission 2009
  9. ^ Brashier, Dick B. S.; Khadka, Anjan; Anantharamu, Tejus; Sharma, Ashok Kumar; Gupta, A. K.; Sharma, Sushil; Dahiya, N. (January 1, 2015). "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.
  10. ^ Calia, Michael (January 12, 2015). "MannKind Appoints Edstrom CEO as Mann Steps Aside". Wall Street Journal. Retrieved January 13, 2015.
  11. ^ "Mannkind CEO steps down". NewsTimes.com. November 23, 2015.
  12. ^ "BRIEF-Mannkind board appoints Michael Castagna as CEO effective May 25, 2017". Reuters. May 30, 2017. Retrieved April 16, 2020.
  13. ^ "Mannkind regains marketing rights to inhaled insulin | Westfair Communications". westfaironline.com. April 8, 2016. Retrieved April 26, 2016.
  14. ^ "CA pharmaceutical company now officially calls Danbury home". The News-Times. January 19, 2022. Retrieved June 1, 2022.