Mannkind Corp., which is the maker of insulin drug Afrezza, is apparently exploring strategic options including the potential for a sale, according to a Reuters report.
Mannkind lost a big source of revenue after an agreement was terminated between the company and France's Sanofi SA to develop and commercialize Afrezza, causing its stock to plummet 40 percent since the Jan. 5 announcement. The company now has a networth of approximately $330 million as a result.
Mannkind has been working on a new marketing and sales strategy ever since, as well as exploring other possible partnerships and bringing on a new chief executive. Mannkind signed an agreement with Receptor Life Sciences on Jan. 21 that will focus on developing inhaled therapeutic products for pain and inflammation.
Matthew Pfeffer, the new chief executive of the company, said in a Jan. 13 conference call that Mannkind has enough cash to operate until the latter part of the year despite the Sanofi agreement falling through.
Pfeffer replaced Alfred Mann, the founder of Mannkind. He remains chairman of the board and owns a third of the company.
Insulin refers to a peptide hormone produced by the pancreas to regulate the metabolism of carbohydrates and fats through the absorption of glucose in the blood.The medical community produces a variety of types of insulin to treat diseases, especially diabetes. It is typically administered by way of an injection or injections to treat the condition.