MannKind Corporation (NASDAQ:MNKD) Bets Big On Inhalable Diabetes Drug
MannKind Corporation (NASDAQ:MNKD), the $1.66 billion market capped development stage biotech has another research and development cap in its crown as of January 2 this year. This was in the form of a new patent being granted to cover its new target compound “which directly inhibit IRE-1.alpha activity in vitro, prodrugs, and pharmaceutically acceptable salts thereof”. This proprietary compound was developed by seven co inventors and the patent rests with MannKind Corporation (NASDAQ:MNKD).
Geared Towards Expanding Its Pipeline
MannKind Corporation (NASDAQ:MNKD) now has set its sights on developing this compound into a commercial success by launching clinical trials designed to prove the efficacy and the viability of these compounds in treating various forms of diabetes related ailments. To fund these new clinical trials and sustain its operations over the next year, the Valencia based drug maker had offered secured notes to raise close to $160 million during July and December 2013. These senior convertible notes attract an interest of 9.75 percent on the principal amount.
Readers should note that since its inception, MannKind Corporation (NASDAQ:MNKD) has been focusing on developing new drugs which will help treat and cure life threatening diseases like diabetes and oncology related ailments. It has poured millions into developing its target drug AFREZZA as an insulin drug in the form of a inhalable powder. On getting full approval from FDA, this mode of treating is expected to revolutionize diabetes treatment across the globe and position the drug maker as a pioneer in the inhalable drug segment.
With all results from its latest clinical trails indicating that FDA approval for its inhalable treatment for diabetes is just round the corner, its investors would be hoping that the drug maker will finally evolve from being a promising company into a drug maker which is into the business of returning share holder value.