MannKind Corporation
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| Public company | |
| Traded as | NASDAQ: MNKD |
| Industry | Biotechnology |
| Founded | 1991 |
| Headquarters | Valencia, CA, United States |
| Website | www.mannkindcorp.com |
MannKind Corporation, based in Valencia, California, is a biopharmaceutical company focusing on the discovery, development, and commercialization of therapeutic products for diseases such as diabetes and cancer. The company, while founded in February 1991, took its present form in 2003 as a merger of three companies owned by Alfred E. Mann, named after its founder, who has invested approximately $900 million 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).
Mann was chief executive officer until January 12, 2015 when Hakan Edstrom became CEO and Mann transitioned to executive chairman.
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. 8-K file on November 19, 2015. In January 2016, MannKind Corporation announced that Duane M. DeSisto would become president and chief executive officer effective January 5, 2016.
MannKind's corporate headquarters are in Valencia, California. The Afrezza manufacturing facility is in Danbury, Connecticut.
Afrezza is an ultra-rapid-acting insulin peaking 12 to 15 minutes following inhalation. 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.
On August 11, 2014 MannKind entered into an exclusive global licensing agreement with Sanofi for Afrezza sales. 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.
The firm's oncology drug candidates, MKC1106-PP for prostate and MKC1106-MT for advanced stage melanoma (in phase II study), use the body's immune system (immunotherapy) to target specific melanoma antigen (PRAME) and prostate specific membrane antigen (PSMA).
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