Biotech Values

[DewDiligence]

MNKD lays off workers again:

http://www.newstimes.com/business/article/MannKind-engages-in-third-round-of-layoffs-in-6541355.php

CFO Matt Pfeffer confirmed this week that an undisclosed number of layoffs have occurred at the pharmaceutical company - the third round of job cuts this year - as part of an ongoing effort of “right-sizing the company to reflect anticipated demand and operational needs.”

“These reductions affected all of our sites, both here on the east coast as well as California, and affected all levels of management in the company,” Pfeffer told The News-Times this week.

He said the reorganization was aimed at providing a more efficient operating structure after sales of Afrezza, the inhaled form of insulin that is MannKind’s primary drug, were “different” than anticipated.

Sales of Afrezza—which was approved by the U.S. Food and Drug Administration last year and hit the market in February— so far have been lackluster, with marketing partner Sanofi reporting total sales of about $5.5 million as of June 30. Despite the lower-than-expected sales, the company announced in August that it was tripling its production of Afrezza at the Danbury plant.

That’s the most inventive use of the word, different I’ve seen in some time.