Will AFREZZA Prove To Be MannKind Corporation (NASDAQ:MNKD)’s Wonder Drug?
MannKind Corporation (NASDAQ:MNKD) is all set to submit its AFREZZA NDA and its clinical progress is worth a look. The company had conducted 2, PhaseIII studies, both of which met their efficacy-endpoints. Another primary objective of Study 171 was to demonstrate the comparison between the MedTone and Gen-2 inhalers and this objective had been met.
MannKind Corporation (NASDAQ:MNKD)’s Chairman and CEO, Alfred Mann is the company’s majority stakeholder. In a recent meeting with shareholders of the company he said that he is extremely confident about the fact that AFREZZA will prove to be a success story. This automatically raises the company’s standing and credibility in the market and ups its salability quotient.
Mann said that the positive results of both these studies are the foundation of the NDA for Afrezza. The company is expecting to submit the drug to the FDA by the 2013 Q4. He said that once the company moves past this milestone, the Food Drug Administration will make their decision and he expects that AFREZZA will receive the nod for marketing by early 2014.
Friday’s trading session
In Friday’s trading, MannKind Corporation (NASDAQ:MNKD) dropped by 4.10%. The opening price of the shares was $5.64, which climbed to an intraday high of $5.67 and dipped to a close of $5.38. Approximately 4.99 million shares were traded on Friday while an average volume of 5.26 million shares were traded over a 30 day period. The 52-week low of MannKind Corporation (NASDAQ:MNKD) shares is $1.82 and its 52-week high is $8.70. The company has a market capitalization of $1.62 billion.
About the company
MannKind Corporation (NASDAQ:MNKD) is a development stage bio- pharma company. It focuses on discovering, development and commercializing therapeutic products for diseases like cancer and diabetes. AFREZZA (insulin human), its product candidate, is an inhalation-powder.