Moving on to greener pastures.
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Not if you believe in the product in the long term situation. It is up in an easy road for the company was this was the best interest is it extends the runway 6 to 12 months to build sales.
Job well done by Mike Castagna and the MannKind team. Good work in recapitalizing the company and ensuring another 6 to 12 months worth of capital.
Selling the new shares at a discount to institutional investors was a smart move. This will give a permanency of equity for the company. At a time when the company is trending in a very positive direction.
The attention the company has had over the last several weeks will bring in additional new shareholders as is the increase in PPS visibility because of the high volume of shares trading his brought a lot of attention on financial channels.
The best is ahead for MannKind Longs.
MannKind Announces $61 Million Registered Direct Offering of Common Stock
WESTLAKE VILLAGE, Calif., Oct. 11, 2017 (GLOBE NEWSWIRE) --
MannKind Corporation (NASDAQ:MNKD) and (TASE:MNKD) today announced that it entered into definitive agreements with certain institutional investors and other investors in connection with a registered direct offering of an aggregate of 10,166,600 shares of common stock at an offering price of $6.00 per share, for gross proceeds of approximately $61 million. The offering is expected to close on or about October 13, 2017, subject to the satisfaction of customary closing conditions.
"With this offering, we have made substantial progress in our efforts to recapitalize the company," said Michael Castagna, Chief Executive Officer of MannKind.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
After deducting the placement agent's fees, the net proceeds to MannKind are expected to be approximately $57.7 million. MannKind intends to use the net proceeds from the offering for working capital and general corporate purposes.
The shares are being offered pursuant to a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC) and declared effective on April 27, 2016. A final prospectus supplement related to the offering will be filed with the SEC, and will be available on the SEC's website located at http://www.sec.gov and may also be obtained by contacting MannKind at 30930 Russell Ranch Road, Suite 301, Westlake Village, CA 91362, Attn: Investor Relations, or by telephone at (818) 661-5000; or from the placement agent at H.C. Wainwright & Co. LLC, 430 Park Avenue, 4th Floor, New York, New York 10022, by calling (646) 975-6996 or emailing placements@hcwco.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Financial Update
Although MannKind's financial results as of and for the three months ended September 30, 2017 are not yet finalized, the following information reflects its expectations with respect to such results based on currently available information:
For the three months ended September 30, 2017, MannKind expects to report between $2.6 million and $3.0 million of gross Afrezza product revenue and between $1.8 million and $2.2 million of net Afrezza product revenue.
MannKind estimates that as of September 30, 2017, its cash and cash equivalents were approximately $20.2 million.
MannKind estimates that as of September 30, 2017, the principal balance outstanding for its 9.75% Senior Convertible Notes due 2019 and 8.75% Senior Convertible Notes due 2019 issued under its facility agreement with Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. was $60.0 million; its 5.75% Convertible Senior Subordinated Exchange Notes Due 2018 was $27.7 million; and its borrowings under the loan arrangement with The Mann Group LLC was $79.7 million.
MannKind estimates that the annual purchase requirements under the insulin supply agreement with Amphastar as of September 30, 2017 were unchanged from June 30, 2017, except for the impact of foreign currency translation. MannKind has not yet purchased the annual minimum required quantities of insulin for 2017 of €2.7 million.
The preliminary financial results presented above reflect MannKind's estimates based solely upon information available to it as of the date hereof, is not a comprehensive statement of its financial results or position as of or for the three months ended September 30, 2017, and has not been audited, reviewed or compiled by its independent registered public accounting firm, Deloitte & Touche LLP. Accordingly, Deloitte & Touche LLP does not express an opinion or any other form of assurance with respect thereto. MannKind's actual third quarter results may differ materially from these estimates. Accordingly, investors should not place undue reliance upon these estimates. For example, during the course of the preparation of the respective condensed consolidated quarterly financial statements and related notes thereto, additional items that would require material adjustments to be made to the estimated financial information presented above may be identified. These estimates are not necessarily indicative of future performance or results of operations, and are not necessarily indicative of the results that may be expected for a full year. There can be no assurance that these estimates will be realized, and estimates are subject to risks and uncertainties, many of which are not within our control. See "Risk Factors" and "Special Note Regarding Forward-Looking Statements" in MannKind's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and quarterly report on Form 10-Q. MannKind believes that its estimated quarterly financial results presented above are consistent with the applicable trends and expectations discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in its most recent quarterly report on Form 10-Q.
About MannKind
MannKind Corporation (NASDAQ:MNKD) (TASE:MNKD) focuses on the development and commercialization of inhaled therapeutic products for patients with diseases such as diabetes and pulmonary arterial hypertension. MannKind is currently commercializing Afrezza® (insulin human) inhalation powder, the Company's first FDA-approved product and the only inhaled rapid-acting mealtime insulin in the United States, where it is available by prescription from pharmacies nationwide. MannKind is headquartered in Westlake Village, California, and has a state-of-the art manufacturing facility in Danbury, Connecticut. The Company also employs field sales and medical representatives across the U.S. For further information, visit www.mannkindcorp.com.
Forward-Looking Statements
Statements contained in this press release that are not strictly historical in nature are forward-looking statements that involve risks and uncertainties. These statements include, without limitation, statements regarding MannKind's expectations with respect to the completion, timing and size of its offering, the expected proceeds from the offering and its anticipated use of the proceeds from the offering. Words such as "believes," "anticipates," "plans," "expects," "intends," "will," "goal," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind's current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation, risks associated with market conditions, the satisfaction of customary closing conditions related to the offering, MannKind's need and ability to raise additional capital and other risks detailed in MannKind's filings with the SEC, including its quarterly report on Form 10-Q for the quarter ended June 30, 2017. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
Company Contact:
Rose Alinaya
SVP, Investor Relations
818-661-5000
ir@mannkindcorp.com
Harry you might be onto something.
It’s like buying a lottery ticket. You have to actually buy one to win the lottery.
Some are big talkers and have never invested but I am sure that’s not the case for 99% of the people who follow this stock
Let’s follow this Positive Trend upwards.
Nice close today almost 50% of shares changed hands? Very strange like last week with 73 million shares trading?
Martin we know who the longs are from the liars with agendas. It’s always best to ignore the negative Trends on the board for the positive ones supporting MannKind. Time will tell the ultimate direction for MannKind.
Hang around as we both agree Amazon needs Rite Aid. Maybe a matchmaker like Jana Partners will help Get a deal put together like they did with Whole Foods.
71 million Amazon prime members using the Envision RX PBM mail order.
Rite aid stores carrying WFM 365 products. Installing amazon Go concept in all Rite Aid stores.
Burning Walgreens and CVS by picking up all the 4,500 Rite Aid stores.
Kugel,
You are correct. Very interesting 75 Million shares of 104 Million shares traded today. This TREND shows something is up with MannKind. There are many trying to silence proponents of Mike Castagna and the work he has done since coming on board in April 2016.
Stay invested and long and one should win this opportunity for a once in a lifetime opportunity in a Game Change Insulin product with a very important technology device TECHNOSPHERE.
THE Trend is upwards. Maybe there is a deal ahead for the company, A partner? A Buy In?
Nobody knows except the board.
Who is going to hold this overnight ?
Martin there is a good chance he could hit the 12 month high which is $4.34 the next couple of days.
Oh my this is a horrible TREND if you are short.
Inhaled Insulin a Promising Treatment on the Horizon for Alzheimer’s Disease?
https://www.thediabetescouncil.com/inhaled-insulin-promising-treatment-horizon-alzheimers-disease/
Such a horrible trend ?? upwards. I don’t know if we could take this type of positive action. We do eventually the company would get some great attention.
It will be a long road but I do believe that Mike Castagna is on the right path it will just take some time.
Good luck to all of the Longs who have watched the company reestablish it’s footing financial world. We know the product was a good one it will just take time
?????????????? the Trend is upwards.
What's with this Trend Upwards. No more Negative Trend?
I took time off to pray for repentance. But I am still here.
Thinking I need to avg down some more but I don't think we will see your low figure.
G'mar Hatima Tova !
Great that you took the CFP test. My son has been working on that now for the last nine months through his work. He chose a career in the financial Field.
Hopefully he learns good lessons as he has been fortunate enough to have had some stock in various companies since he was born.
Folks to just count on Passbook savings and CDs can't keep up with the market. You have to be well invested. You also need to take risk. But there are good and easy risks to take with blue-chip stocks that pay a nice dividend and appreciate over every five years segment for the last 50 years.
Your family story is one of many Americans. Your folks did the best they could. You learn from their examples of what you did not want to do. And you have made sure to have taking care of your wife if she survives you.
Job well done
Oh my new Tweet by Mike C today. Now I am concerned with the hidden message.
I'm 58 and still have the first stock that I was given at age 2. It was GE. Those 10 shares became 2500 shares over the years because of Dividend reinvestment. Should have sold them in 2000 when the shares where worth about $67.00 in today's value but didn't.
I have many positions in my core that I have held over 35 years because of dividends and growth. I guess that I'm an investor and not a trader.
Rad right now is a traders stock. I should have played it like that but will avg down and know that eventually I will will the game as the company has 32 Billion in sales but has had blind management for the last 18 months.
Something big will eventually happen here. Too much opportunity waiting to be unlocked. PE, Activist and Amazon is lurking with one of them making something happen.
Better buy now because any day this can and will explode with either an Activist or a offer from somebody who can turn the company around.
Remember they sat twiddling their thumbs for 18 months not making profit making decisions. Their management team behind Standley were counting their personal millions from the WBA deal.
The company was in limbo and no focus put onto taking care of business. Current management plundered the business setting up what can ultimately be a perfect storm for PE or activist to buy in cheaply and turn Rite Aid upside down and around.
Surprised it has not happened yet. I bet it happens before the end of 2017.
Same here in for 4,000 shares. Great company with a great future with Medtronic. They can also partner with other companies.
MDT owns 15% of Mazor.
Correct. Advancement in all of the diabetes market.
Will MannKind get label change? Perhaps they will but my investment is not based on the change. It's based on the future. Eventually MannKind will be the gold standard of treatment. Perhaps under the current ownership and management but it also could be after a bankruptcy or a buyout.
Anything could happen.
That is his actual tweet.
Because he didn't tweet that message it was made up and not by Mike. I can assure you of that being correct.
Nice to see that the company earned their European CE marking.
New highs today. I guess we have a winner.
You got part of your wish. Medtronic now owns 16% of Mazor. The future looks very brite.
New SEC filing that is good for Mazor. It is a SEC form 13G that shows that Medtronic (MDT) now owns 16% of Mazor. This is the next phase of their agreement. This is good for shareholders. Added stability.
http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=12283145&RcvdDate=9/15/2017&CoName=MAZOR%20ROBOTICS%20LTD.&FormType=SC%2013G/A&View=html
New SEC filing that is good for Mazor. It is a SEC form 13G that shows that Medtronic (MDT) now owns 16% of Mazor. This is the next phase of their agreement. This is good for shareholders. Added stability.
http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=12283145&RcvdDate=9/15/2017&CoName=MAZOR%20ROBOTICS%20LTD.&FormType=SC%2013G/A&View=html
Seems to me that the Trend has turned positive as things are moving forward. Mike MannKind knows how to get things moving and he is trending upwards as PPS will too.
Bought above the market all day and you never saw it until the close.
Unsettled trades at normally in the 10,000 to 25,0000 shares and don't drive the price up. The shares today drove the shares up today.
I think you can see that Trend in the closing numbers today with the 989,525 shares at $2.29 per share. Yesterday there was a buy at 15:57 of 250,000 shares.
I have been watching block on this stock over 15,000 shares for over 24 months. I can see when something has changed and Martin I think we are seeing somebody accumulating shares in a dark pool.
We will continue to see this Trend next week.
Fidelity peaked earlier this week at 113.75%. To the borrower. I dropped on Thursday to 99%.
Fidelity was paying the owner about 48% when it was 113.75% that was 65% they were retaining.
Who bought the 250,000 shares near the close today? That seems to have been a very positive trend.
I think that the Alibaba interest is just FUD
They do not have any USA companies in their portfolio.
On a fidelity news link the subscription service FLY ON THE WALL reported the following:
Heavy early volume in MannKind(MNKD) calls as shares lift 4%.
Nearly 4K calls have traded early Wednesday, versus zero puts, with upside strikes seeing most of the flow.
Largest blocks include a buyer of 1K Jan19 2 calls for 68c and a buyer of 1K Jan19 3 calls for 45c, a few minutes apart when shares were near $2.33. Jan19 3 calls were active yesterday as well, with 5K trading near 41c, net opening 3472 contracts.
You have to keep following the Positive Trends on MannKind. The negative Trends just need to be ignored.
Mike Castagna Said in the 2nd Quarter call there would be another event happening in September 2017.
Stay tuned.
It's all my fault. Have not been there this week for my 2 scrambled egg and my $1.00 coffee.
The coffee is much better than Five Bux coffee. I also got several NYC Millennials who just started work on Wall Street who agreed with my fondness of MCD coffee.
OTC BB King you are 100% correct. A buyout would also be based on FUTURE earnings potential/expectations.
Someday we will all be smiling.
It’s No Longer Just a Needle Game
WRITTEN BY: Ginger Gault
Talk about a roller coaster ride.
Like most T1Ds, I started with multiple daily injections of long-acting and short-acting insulin. Several years later I started on an insulin pump, which definitely changed my life for the better.
After many years of insulin injections, pump site insertions, and CGM site insertions, however, I started having trouble with insulin absorption because of scar tissue. After years of taking care of myself I was suddenly having the worst blood sugars of my life. When your body doesn’t properly absorb your insulin, it’s impossible to keep your blood sugars stable. You go from highs to lows constantly. My CGM set alarms off all night long, and I had to feed lows throughout the day, leading to rebound highs and weight gain. Talk about frustrating!
I’d heard about Afrezza, the inhaled insulin, a couple years earlier and was interested in trying it. But my endocrinologist said it wasn’t a good fit for a T1D and claimed I could never get the same kind of control as with a pump. At that point I listened to my doctor and gave up. Big mistake! While not all doctors are on board with Afrezza yet, I believe it’s just because they haven’t given it a chance. After having so many problems with insulin absorption, I knew it was time to find an endocrinologist who would prescribe an inhaled version for me. I did just that, and the move has changed my life.
Guess what? My blood sugars stay steady all night long. I’d forgotten what it was like to sleep through the night. Overall my BGLs have shown an average of about 30 points of improvement using inhaled insulin versus a pump. My most recent A1C was 5.7 – the lowest it’s ever been in my 27 years as a T1D.
Not having an insulin pump attached me to 24 hours a day has changed my life as well. I never realized just how much wearing a pump bothered me until it was no longer there. It’s been difficult to get my insurance company to cover for inhaled insulin, but I will keep fighting. Being able to manage my blood sugar is worth it.
https://beyondtype1.org/no-longer-just-needle-game/
The TREND is upward! this is a ticking time bomb waiting to explode.
MannKind Corporation: Take a Deep Breath, This Time Afrezza Will Work
Case Study:
Abstract
http://www.hbs.edu/faculty/Pages/item.aspx?num=53095
In June 2014, MannKind Corporation announced that after years of development and billions of dollars in expenses, the FDA had finally approved its drug, Afrezza. MannKind would thus be the only company with an inhalable insulin on the market. As an alternative to injectable rapid-acting (or mealtime) insulin, Afrezza boasted a potential market of at least 4 million diabetic patients. Shortly thereafter, Sanofi, a company with vast experience in the diabetic space, became MannKind’s marketing partner and helped launch Afrezza in February, 2015. Although the drug had a black box warning and required doctors to perform a lung test on patients, expectations were high, with some analysts predicting peak sales of up to $4 billion a year. However, those lofty hopes were quickly dashed when Afrezza generated lackluster first-year sales, driving Sanofi to terminate its short-lived contract with MannKind in January, 2016.
MannKind's management attributed the launch’s failure to a poor marketing approach, convinced that Sanofi, despite its strong global presence and experience, did not effectively address critical barriers to adoption. The company now planned to overhaul Afrezza’s entire marketing strategy. This included rethinking: which patients and physicians to target, how to position the drug to engender interest and adoption, how to lower end consumer price, through which media to convey Afrezza's benefits, and how to streamline the process of performing the lung-test and getting the drug into the hands of patients. But would all these changes and initiatives, no matter how well executed, be enough to turn sales around? Would Afrezza ever realize the potential that Alfred Mann, the late founder and former CEO, saw in the novel treatment?
Keywords: Health Care and Treatment; Product Launch; Product Positioning; Marketing Strategy; Adoption; Pharmaceutical Industry