Hopefully the buying stays strong into the close, and tomorrow!
Posted by Peaser on :
MannKind Corporation Announces Termination of License and Collaboration Agreement With Sanofi
9:00 am ET January 5, 2016 (Globe Newswire) Print
MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD) today announced the termination of its license and collaboration agreement with sanofi-aventis U.S. LLC for the development and commercialization of Afrezza (insulin human) Inhalation Powder. The parties will promptly commence transition discussions in order to effect a smooth and orderly transition in the development and commercialization of Afrezza from Sanofi to MannKind over the next 90 - 180 days. In any event, termination of the license agreement in its entirety will be effective no later than six months from the effective date of Sanofi's notice of termination, or July 4, 2016.
MannKind is reviewing its strategic options for Afrezza as a result of the termination of the collaboration with Sanofi.
MannKind will host a conference call at 4:30 pm (Eastern Time) on January 5, 2016. To participate in the live call by telephone, please dial (888) 771-4371 or (847) 585-4405 and use the participant passcode: 4155 4306. Those interested in listening to the conference call live via the Internet may do so by visiting the Company's website at http://www.mannkindcorp.com.
A telephone replay of the call will be accessible for approximately 14 days following completion of the call by dialing (888) 843-7419 or (630) 652-3042 and use the participant passcode: 4155 4306#. A replay will also be available on MannKind's website for 14 days.
About MannKind Corporation
MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD) focuses on the discovery and development of therapeutic products for patients with diseases such as diabetes. MannKind maintains a website at http://www.mannkindcorp.com to which MannKind regularly posts copies of its press releases as well as additional information about MannKind. Interested persons can subscribe on the MannKind website to e-mail alerts that are sent automatically when MannKind issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the website. Company Contact: Matthew J. Pfeffer Corporate Vice President and Chief Financial Officer (661) 775-5300 email@example.com
Sounds like lawyers are going after Sanofi for bothching the roll out of Mannkinds diabetes drug, as Mannkind is searching for a new distributor, imo.
Posted by Peaser on :
EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against MannKind Corp. - MNKD
1:21 pm ET January 6, 2016 (BusinessWire) Print
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of MannKind Corp. (NASDAQ:MNKD) resulting from allegations that MannKind may have issued materially misleading business information to the investing public.
On January 5, 2016, MannKind announced the termination of its licensing pact with Sanofi-Aventis in the U.S. for the development and sale of its inhaled insulin product Afrezza. On that same day, Reuters reported that a Sanofi spokesman said Afrezza continued to suffer from a low level of prescriptions, despite substantial sales efforts. On this news, shares of MannKind fell $0.70 per share or over 48% to close at $0.75 per share on January 5, 2016, damaging investors. On January 6, 2016, the LA Times reported that some doctors and analysts suggested that a botched roll-out by Sanofi contributed to Afrezza's struggles.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by MannKind investors. If you purchased shares of MannKind on or before January 4, 2016, please visit the firm's website at http://rosenlegal.com/cases-808.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq. Phillip Kim, Esq. Kevin Chan, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 34th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 firstname.lastname@example.org email@example.com firstname.lastname@example.org www.rosenlegal.com
Termination of a Material Definitive Agreement, Results of Operations and Financial
Item 1.02 Termination of a Material Definitive Agreement. On January 4, 2016, MannKind Corporation (the "Company") received written notice from sanofi-aventis U.S. LLC ("Sanofi") of Sanofi's election to terminate in its entirety the License and Collaboration Agreement, dated August 11, 2014, by and among the Company, Technosphere International C.V., MannKind Netherlands B.V. and Sanofi (the "License Agreement"). Sanofi's notice indicated that the termination was pursuant to Sanofi's right to terminate the License Agreement upon Sanofi's good faith determination that the commercialization of AFREZZA is no longer economically viable in the United States, in which case the effective date of termination will be April 3, 2016. In the alternative, Sanofi indicated that the termination was also pursuant to its right to terminate the License Agreement for any reason, in which case the effective date of termination will be July 4, 2016. The applicable effective date of termination is referred to herein as the "Termination Date."
The description of the material terms of the License Agreement set forth under Item 5 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed with the Securities and Exchange Commission ("SEC") on August 11, 2014, is incorporated by reference herein.
Pursuant to the terms of the License Agreement, the Company and Sanofi are required to use diligent efforts to facilitate the smooth and orderly transition of relevant obligations and rights to the Company with respect to development and commercialization activities related to AFREZZA, and are also required to negotiate in good faith a written transition agreement for this purpose. As a result of the foregoing termination, effective on the Termination Date and thereafter during any period which Sanofi is required to perform any wind-down activities pursuant to the terms of the License Agreement, the rights granted to Sanofi under the License Agreement to develop and commercialize AFREZZA will become non-exclusive and the Company will have the right to engage one or more other distributors and/or licensees of AFREZZA. Sanofi and its affiliates will also be required to cease all commercialization activities related to AFREZZA if requested by the Company after the Termination Date. All profits and losses from AFREZZA product sales by Sanofi or its affiliates after the Termination Date, if any, will continue to be shared 65% by Sanofi and 35% by the Company pursuant to the terms of the License Agreement.
The Company and Sanofi are also parties to a Supply Agreement, dated August 11, 2014 (the "Supply Agreement"), pursuant to which the Company is required to supply Sanofi or its affiliates or its sublicensees such quantities of AFREZZA as requested by Sanofi to cover its commercial requirements. As a result of the termination of the License Agreement, the Supply Agreement will terminate by its terms on the Termination Date.
In addition to the License Agreement and Supply Agreement, the Company and Aventisub LLC, an affiliate of Sanofi, are parties to a Senior Secured Revolving Promissory Note, dated September 23, 2014 (the "Loan Facility") and a Guaranty and Security Agreement (the "Security Agreement"). Both the Loan Facility and the Security Agreement remain in effect. The original maturity date of September 23, 2024 for repayment of the outstanding principal amount of the loans under the Loan Facility will not be affected by the termination of the License Agreement.
The foregoing descriptions of the License Agreement and Supply Agreement, are not complete and are qualified in their entirety by reference to such agreements, copies of which were filed as Exhibits 10.1 and 10.2, respectively, to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed with the SEC on November 10, 2014.
Item 2.02 Results of Operations and Financial Condition. On January 5, 2016, the Company held a conference call to discuss, among other things, the notice of termination reported under Item 1.02 above. During the conference call, the Company's Chief Financial Officer disclosed the expected cash position of the Company as of December 31, 2015. The figure disclosed during the conference call was intended to capture both cash and cash equivalents. This projected financial result is preliminary and unaudited, and may differ from what will be reflected in the Company's consolidated financial statements for the year ended December 31, 2015. An excerpt of the conference call transcript relating to this financial result is attached as Exhibit 99.1 to this report and is incorporated by reference herein.
Posted by Peaser on :
MannKind (MNKD) Stock: Is It Time To Buy? Jan 8, 2016
MannKind has been dealing with quite a bit of trouble in the market over the past year. Even though the company produced a product that is likely to revolutionize the way we treat diabetes, the stock has been plummeting. Nevertheless, at its current price, I view MNKD as a steal! Today, we'll talk about why MannKind has had such a rough time, a big recent change that's likely to lead to growth, and what we can expect to see from the stock moving forward.
Why MNKD Has Had Such A Hard Time As Of Late
As mentioned above, MannKind has been plummeting in the market for quite some time. The declines revolve around Afrezza, the company's innovative treatment for diabetes. Afrezza is an inhaled insulin that takes away the need for injections. Naturally, investors believed that once the treatment was approved, it would fly off of the shelves, leading to strong revenue and gains in the value of MNKD. Unfortunately, that didn't exactly happen.
In late 2014, MannKind partnered with Sanofi for the commercialization of Afrezza. Since then, Sanofi has delayed the commercialization, leading to poor sales volume and massive declines in the value of MNKD. The overwhelming opinion among MNKD investors is that Sanofi did this on purpose because Afrezza represents a conflict of interest. As a result, we have recently launched a petition to help MannKind investors recuperate their losses associated with this partnership.
A Big Change That Puts The Ball Back In Play
Earlier this month, we learned that the partnership between MannKind and Sanofi was coming to an end. While this caused MNKD to crash in the market, I don't necessarily view this as a bad thing. As mentioned above, Sanofi's botched launch of Afrezza is the reason that MNKD is struggling at the moment. So, keeping them on board is simply a bad move for the company and its investors.
The reality is that for MannKind to see stronger Afrezza sales volume, it really wouldn't take much work. After all, during the Direct to Consumer phase, the only thing Sanofi did was launch online and magazine ads. This literally falls below the bare minimum of what we would expect to see from a company that's in charge of marketing a newly approved treatment. The truth is that launching a simple television ad would likely send Afrezza sales climbing! Now that MannKind isn't at the mercy of Sanofi, this could be done relatively easily, sending MNKD sales and stock prices soaring.
What We Can Expect From MNKD Moving Forward
Moving forward, I have a very bullish opinion of what we can expect to see from MNKD. The reality is that after the massive declines we've seen on the stock, MannKind is trading at an incredible discount. Now that they are not tied to the ball and chain that is Sanofi, the company will soon be free to market Afrezza however they would like. Currently, they are looking for another partner to help with the commercialization of Afrezza. If the company chooses correctly, Afrezza may finally fly off of the shelves as investors expected to see in the first place. All in all, while we are likely to see a continuance of short term volatility, I'm expecting to see long run gains!
What Do You Think?
Where do you think MNKD is headed moving forward? Let us know your opinion in the comments below!
MannKind Corporation to Present at the J.P. Morgan 2016 Healthcare Conference
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VALENCIA, Calif., Dec. 29, 2015 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD), focused on the discovery and development of therapeutic products for diabetes, announced today that it will present at the 34th Annual J.P. Morgan Healthcare Conference on Wednesday, January 13, 2016 at 3:30 PM (PST) at Westin St. Francis Hotel in San Francisco, California.
Presenting from the Company will be its Chief Executive Officer, Duane DeSisto and Chief Financial Officer, Matthew Pfeffer.