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Post by stevil on Dec 31, 2018 11:17:06 GMT -5
As a long time burned shareholder I agree with most of the comments here. Mike had an opportunity a year ago to get Afrezza distributed in UAE. When asked at the ASM what happened he said he would have had to deal with too many players. Perhaps he should have hired someone to do that for him. To me it was a bird in the hand and a willing partner with a huge market. Now he doesn't even speak of distribution there. He struck a deal with BIOMM with no cash & apparently no timeline for them to perform. Granted they have to deal with the approval agency in Brazil, but there is never any progress to report. Cipla is the same only in India. They should be reporting progress to him and he could at least give shareholders a rough idea of where Cipla is in the process and what a worstcase/bestcase time frame could be achieved. Tanner? Same thing. Nothing. If any of these deals hold water then some progress should be reported. Are all of these companies free from progress milestones without penalty? They should be jumping through hoops for access to Afrezza. These deals smack of the same poor structure as the offering. I would hope Mike enlightens us about the status of these and other objectives on the call or it isn't worth opening up the conference bridge. Just throwing something out as I have several friends and family members who own their own businesses. When you're a small small company with limited resources, more business isn’t always better business. Meaning perhaps those countries were going to have a lot of demands which would require far more resources within the company to make them happy than the typical customer. At some point, it’s just not worth the few extra dollars. A family member has experience in hospital administration and has worked directly with Saudi princes and the like from the Middle East. They are accustomed to getting everything on their terms- as far as demanding an entire floor be shut down in the hospital for their entourage. My guess is Mike couldn’t get a price he felt would be worth the headache of dealing with VIP clientele. At least that’s the part of me trying to give him the benefit of the doubt. He’d likely have to hire a few people just for those accounts and probably felt it wouldn’t be worthwhile at the end of the day.
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Post by sayhey24 on Dec 31, 2018 11:40:56 GMT -5
Unfortunately Mike C has very little skin in the game....the more dilution that happens means more money for him to work with. Sure the company turns around but shareholders get slammed in the process. He reports to CURRENT shareholders and should hold CURRENT shareholder value in his highest regard.....not the future shareholders who will be there to benefit from current longs. In addition to the $100k+ he has lost in stock price doesn't he have about 400k options which will expire worthless if the pps doesn't go in the right direction?
If Mike can get the pps to $10 he is looking at about $3M. I think thats a little skin he would like to save.
His buddy Nick Foles lost $1M yesterday coming out of the game early. I don't think Mike wants to toss $3M in the trash.
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Post by slugworth008 on Dec 31, 2018 12:01:43 GMT -5
Maybe MikeC should have taken Pfeffer's salary and used it to hire someone to deal with the UAE players. I personally think it's criminal that 5/1 Matt is still on the payroll making 750+K. That goes right up my backside.
I meant to reply to barnstormers pervious post.
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Post by agedhippie on Dec 31, 2018 13:06:53 GMT -5
aged, compared to the old and lousy chit you are injecting into the subq fat tissue you can muster, afrezza is a block buster. Insulin is an expensive medication. Publicly traded for profit Insurance companies have contracts for Pharma milestone rebates. And a profit model limiting insurance coverage, and physician participation. Scripts are moving up. continuous glucose monitors are going to save afrezza. There is a LADA diagnosed every day. It's a potential blockbuster. Insulin is not really that expensive if you look at the price outside the US. You will get no argument from me about the insurance companies though. I would not necessarily see CGMs as a savior although they will definitely help. If you are a Type 1 and can afford the co-pay you can get a CGM today without a problem. If you are Type 2 it is more problematic. From what I see of my insurer, Aetna, getting a Dexcom is very hard however a Libre is a lot easier. To get a Libre though you need to be in MDI because they require you to take a minimum of 4 fingersticks a day, and for the results to be actionable in that you can do something as a result of the reading. This boils down to take insulin. The nett effect is that in the majority of cases people will already be established on insulin. This is not to say this is true in all cases, just in the ones I have seen.
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Post by barnstormer on Dec 31, 2018 13:56:38 GMT -5
As a long time burned shareholder I agree with most of the comments here. Mike had an opportunity a year ago to get Afrezza distributed in UAE. When asked at the ASM what happened he said he would have had to deal with too many players. Perhaps he should have hired someone to do that for him. To me it was a bird in the hand and a willing partner with a huge market. Now he doesn't even speak of distribution there. He struck a deal with BIOMM with no cash & apparently no timeline for them to perform. Granted they have to deal with the approval agency in Brazil, but there is never any progress to report. Cipla is the same only in India. They should be reporting progress to him and he could at least give shareholders a rough idea of where Cipla is in the process and what a worstcase/bestcase time frame could be achieved. Tanner? Same thing. Nothing. If any of these deals hold water then some progress should be reported. Are all of these companies free from progress milestones without penalty? They should be jumping through hoops for access to Afrezza. These deals smack of the same poor structure as the offering. I would hope Mike enlightens us about the status of these and other objectives on the call or it isn't worth opening up the conference bridge. There was guidance on progress: Our Afrezza international expansion is well underway, with Brazil expecting approval in Q4, and India progressing in a phase 3 trial for filing there, as well as Mexico and Canada we continue to work towards.I guess the Q4 approval was a miss, but in fairness he had said earlier at the Rodman & Renshaw conference that the Brazil launch would be Q1. I thought at some point he had said H2 for India but I cannot find that now. There will not be anything to report for Tanner as they are a distribution rather than sales org. Why would they jump through hoops for Afrezza? They have to do all the regulatory work in their country, and then sell it. That's quite a big ask all on it's own. Start increasing the risk further by setting penal targets and they would just walk away. If Afrezza was a blockbuster in the US it would be different. I as a shareholder am not willing to take data from the Rodman conference that is 4 months old and no update on filings or expected approval in India only to be blindsided with dilution? No, Afrezza hasn't been a blockbuster yet in the US doesn't mean it wouldn't be in other countries IMHO. The BP competitors have a stronger grip on the US market than they do in other counties/cultures. I will grant you the approval process takes time, but I think BIOMM & Cipla are slow playing the approval process because they really have no skin in the game. So what does mike really have in his agreements? For a contract/agreement you need (1) offer; (2) acceptance; (3) consideration; (4) mutuality of obligation; (5) competency and capacity. He has 1&2. Consideration is usually cash or something else of value. He has no cash. At least in the Sanofi contract he had all 4 and they were clearly defined. Without penalties BIOMM or Cipla could just walk away and MNKD would have nothing but lost time.
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Post by barnstormer on Dec 31, 2018 14:12:51 GMT -5
As a long time burned shareholder I agree with most of the comments here. Mike had an opportunity a year ago to get Afrezza distributed in UAE. When asked at the ASM what happened he said he would have had to deal with too many players. Perhaps he should have hired someone to do that for him. To me it was a bird in the hand and a willing partner with a huge market. Now he doesn't even speak of distribution there. He struck a deal with BIOMM with no cash & apparently no timeline for them to perform. Granted they have to deal with the approval agency in Brazil, but there is never any progress to report. Cipla is the same only in India. They should be reporting progress to him and he could at least give shareholders a rough idea of where Cipla is in the process and what a worstcase/bestcase time frame could be achieved. Tanner? Same thing. Nothing. If any of these deals hold water then some progress should be reported. Are all of these companies free from progress milestones without penalty? They should be jumping through hoops for access to Afrezza. These deals smack of the same poor structure as the offering. I would hope Mike enlightens us about the status of these and other objectives on the call or it isn't worth opening up the conference bridge. Just throwing something out as I have several friends and family members who own their own businesses. When you're a small small company with limited resources, more business isn’t always better business. Meaning perhaps those countries were going to have a lot of demands which would require far more resources within the company to make them happy than the typical customer. At some point, it’s just not worth the few extra dollars. A family member has experience in hospital administration and has worked directly with Saudi princes and the like from the Middle East. They are accustomed to getting everything on their terms- as far as demanding an entire floor be shut down in the hospital for their entourage. My guess is Mike couldn’t get a price he felt would be worth the headache of dealing with VIP clientele. At least that’s the part of me trying to give him the benefit of the doubt. He’d likely have to hire a few people just for those accounts and probably felt it wouldn’t be worthwhile at the end of the day. With all due respects and congratulations to your friends and family on their businesses. Unfortunately for Mike he is CEO of a publicly traded company trying to keep a manufacturing plant, professional staff, investors and the future of an FDA approved drug from going down the tubes. UAE is a different culture indeed. The same people who would shut down an entire floor of a hospital are the same people who would cut through the red tape to get a drug through the approval process and get it into the hands of growing diabetes population now approaching 24% who as a culture do not like injectable drugs. This is the kind of problem most business people would love to have. If you have something they want and need they will pay a fair price. This is the kind of patient base that will help keep the doors open and the pipeline funded.
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Post by mytakeonit on Dec 31, 2018 17:11:19 GMT -5
Told my broker to buy me 26M shares of MNKD when it comes available ... HAPPY NEW YEAR !!!
HAUOLI MAKAHIKI HOU !!!
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Post by nylefty on Dec 31, 2018 21:12:55 GMT -5
Maybe MikeC should have taken Pfeffer's salary and used it to hire someone to deal with the UAE players. I personally think it's criminal that 5/1 Matt is still on the payroll making 750+K. That goes right up my backside. I meant to reply to barnstormers pervious post. Matt is still on the payroll? Do you have a link for that? His LinkedIn profile says his last position at MannKind was as a Board Member from January 2016 to October 2017. The compensation numbers that Sports posted were from Fiscal Year 2017 and included worthless options. And are you sure that Mike could have "taken" Matt's salary? I thought the reason Matt stayed on the payroll as long as he did was because of language in his contract.
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Post by sportsrancho on Dec 31, 2018 22:16:04 GMT -5
Maybe MikeC should have taken Pfeffer's salary and used it to hire someone to deal with the UAE players. I personally think it's criminal that 5/1 Matt is still on the payroll making 750+K. That goes right up my backside. I meant to reply to barnstormers pervious post. Matt is still on the payroll? Do you have a link for that? His LinkedIn profile says his last position at MannKind was as a Board Member from January 2016 to October 2017. The compensation numbers that Sports posted were from Fiscal Year 2017 and included worthless options. And are you sure that Mike could have "taken" Matt's salary? I thought the reason he stayed on the payroll as long as he did was because of language in his contract. I believe he’s on the payroll until June because of the golden parachute that was in his contract. I’m not positive about it being June through and I don’t have a link. Just going by memory.
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Post by LosingMyBullishness on Dec 31, 2018 22:18:14 GMT -5
These salaries are insane for a company that size and in such a situation. That HR guy:s salary is a punch in the face for investors. It is a tiny company and he does not contribute to the core business. Shameless.
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Post by sportsrancho on Dec 31, 2018 22:28:55 GMT -5
These salaries are insane for a company that size and in such a situation. That HR guy:s salary is a punch in the face for investors. It is a tiny company and he does not contribute to the core business. Shameless. Not arguing, just pointing out make sure you guys tap on the light blue part and it shows you how much is salary and how much are options.
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Post by LosingMyBullishness on Dec 31, 2018 22:36:19 GMT -5
Thanks Sports...can anyone tell me what we are getting in return for our 1.6M investment in Tross and Rose? There is no "1.6M investment" in those two. Matt explained this in another thread. mnkd.proboards.com/post/165583/threadNot that quick, nefty. Point taken about the equity but the cash compensation is what it says and not phantom money and it is still a lot. You might also recall, that some people in Management were always selling their options when they received them and that options can come basically for free to management. So Mike's arguements are no rebuttal of the arguement that management compensation is to high for a small company in distress. Mike's last point about money you need to pay for top management made me slightly pissed off: This arguement is as old as there is professional management who exploits companies as their cash machine. I admire Alfred Mann and Elon Musk for putting their own money into their businesses. These people are top managers. Do you recall Hakan Edstrom and how much money this guy sucked out of Mannkind while nearly killing it?
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Post by longliner on Dec 31, 2018 22:44:37 GMT -5
I plan on making more than Mikes annual salary on my Mannkind investment in 2019...so I guess there is that. Happy New Year!!
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Post by LosingMyBullishness on Dec 31, 2018 22:46:47 GMT -5
Unfortunately Mike C has very little skin in the game....the more dilution that happens means more money for him to work with. Sure the company turns around but shareholders get slammed in the process. He reports to CURRENT shareholders and should hold CURRENT shareholder value in his highest regard.....not the future shareholders who will be there to benefit from current longs. Oh, really? Prove it. No, really, prove it! And, by whose standard are you using "very little skin in the game"? Were you thinking that he could single-handedly purchase the entire company or something? I'm guessing that Mike C has more skin in the game than most of the whiners on the internet. That was pretty non-descript, "whiners on the internet," jeepers, proud of myself for that. Surprised someone else has not challenged this already, utterly ridiculous! porkini, Fine, be proud of it, if that's what makes your day. Mike made more money with Mannkind alone that what I will ever own. If you own some millions and 100k does not bother you, okay. It was my decision to invest in this company and that's what it is, but spare me with your grand laissez-faire generosity. This is years of money for some people.
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Post by nylefty on Dec 31, 2018 22:54:23 GMT -5
Not that quick, nefty. Point taken about the equity but the cash compensation is what it says and not phantom money and it is still a lot. You might also recall, that some people in Management were always selling their options when they received them and that options can come basically for free to management. So Mike's arguements are no rebuttal of the arguement that management compensation is to high for a small company in distress. Mike's last point about money you need to pay for top management made me slightly pissed off: This arguement is as old as there is professional management who exploits companies as their cash machine. I admire Alfred Mann and Elon Musk for putting their own money into their businesses. These people are top managers. Do you recall Hakan Edstrom and how much money this guy sucked out of Mannkind while nearly killing it? The comments you're referring to were by "Matt," not "Mike." Matt rarely has anything good to say about the company, so when he says anything remotely positive I take him seriously.
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