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Business and Markets

MannKind: It’s Not Looking Good

Back in August, I noted that Mannkind – who have been developing an inhaled insulin product for many years now – had done a stock-swap deal with Seaside 88. That, I thought, was not a good sign. They’re an investment group that I profiled (unfavorably) here, in reference to their dealings with Generex (another spray-insulin company, allegedly working on an oral delivery route).
Adam Feuerstein’s the guy who put me on to Generex. (Last I heard, was getting sued by them for his comments, although his opinions seemed to me to be well justified. No updates on that, as far as I know). He’s also recently updated the Mannkind situation, and it’s not looking good. Last month the company fired about 40% of its workforce, and apparently has about enough cash on its books to make it to the end of the year. Its founder, Al Mann, has plowed a lot of his own money into the company, but on a recent conference call, he declined to say if he’s going to put in any more. Mann is a real believer, and has given this his best shot. But it may not be enough.
The class-action suits are already fluttering through the air. And the bubbling tar pit that is spray-delivered insulin continues to churn.

4 comments on “MannKind: It’s Not Looking Good”

  1. johnnyboy says:

    Adam Feuerstein is on my daily ‘must-read’ list – if there is better reporting out there on the world of biotech investing, i’m not aware of it.
    Anyone putting money into inhaled insulin after the Exubera debacle is living in a dreamworld.

  2. Thomas McEntee says:

    I heard their presentation at the TIDES 2010 conference in Boston last year. No mention was made of the first FDA rejection. I was most interested in the fumaryl diketopiperazine-based solid carrier for potential use with other physiologically-active substances.
    The class-action suits on behalf of investors are not unexpected. Too bad all the people in the pharma and chem sectors who were _only employees_ prior to being terminated as part of the outsourcing of R&D continues can’t initiate a class action suit.

  3. prmco says:

    This post is so superficial, outdated and without value, and the mention of Generex is totally gratuitous.

  4. Hap says:

    I didn’t realize that Generex still had investors.
    My condolences to your portfolio.

Comments are closed.