MannKind Tanks on Delay (MNKD)

Posted in General 
October 6th, 2009

MannKind Corp. (NASDAQ: MNKD) is getting its wings clipped on a drug introduction delay.  At 9:31 AM EST right after the open we have seen 475,000 shares trade hands and the stock is down 16% at $7.60. Average volume here is 985,000 or so shares per day and the 52-week trading range is $2.00 to $12.30.  The company issued an SEC filing this morning stating:
We had previously disclosed that we had set a goal of entering a marketing partnership for AFRESA, our ultra rapid-acting insulin product candidate, before the end of 2009, with an internal objective of the end of the third quarter. We made substantial progress toward a definitive agreement with a lead potential partner; however, as the discussions progressed, we came to believe that it would be more productive to complete a partnership after we have received a response from the United States Food and Drug Administration, or FDA, regarding our new drug application for AFRESA. We believe that we and our potential partners will be better able to address appropriate deal terms and structure once the label for AFRESA is clarified. Since we do not expect a response from the FDA before January 2010, we believe that we will not conclude a deal before the end of 2009. We continue to believe that AFRESA represents a significant commercial opportunity.

JON OGG

JON C. OGG

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