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Post by 4Balance on Dec 24, 2015 15:14:23 GMT -5
I was hoping for someone younger and more dynamic that knew how to use social media to communicate with shareholders. Not somebody coming out of retirement. Well I for one looked at the stock chart during his tenure... prior to his retirement, not shabby at all. Just remember, older means or equals to experience, knowledge and know-how. Do you really want some youngster learning the ropes... especially at this stage of the game. Not me. I was most interested in the observation that he is familiar with "commercializing disruptive technology"--institutionalizing new solutions that completely change the way a problem is solved. Yes, we need to overcome insurance barriers and PFT barriers, but changing the gold standard of diabetic care [in the minds of PCPs and Endo's] to inhaled monomeric insulin IS disruptive technology. |
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Post by traderdennis on Dec 24, 2015 15:43:35 GMT -5
Anyone else concerned that this hire points to Sanofi dropping Afrezza? Just based on his background. We finally get some good news and of course, we have a newbie that is working to spread some FUD. Never fails! My concern is why the hell was this announced on Christmas Eve when the market is only open for a short session and then closed for a three day weekend?  ? Seems to me that MNKD is trying to bury this hire inside the financial news cycle. If this was something to be proud of would they not of released it Sunday night before the market opens on January 4th? Then get the CEO on the talking head shows? When the news smells like a steaming pile of poo, it typically is. |
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Post by Deleted on Dec 24, 2015 15:47:42 GMT -5
We finally get some good news and of course, we have a newbie that is working to spread some FUD. Never fails! My concern is why the hell was this announced on Christmas Eve when the market is only open for a short session and then closed for a three day weekend????? Seems to me that MNKD is trying to bury this hire inside the financial news cycle. If this was something to be proud of would they not of released it Sunday night before the market opens on January 4th? Then get the CEO on the talking head shows? When the news smells like a steaming pile of poo, it typically is. You really believe the future of a company is predicated on announcing a new CEO on Christmas Eve vs Sunday evening? You got to be kidding me. |
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Post by EveningOfTheDay on Dec 24, 2015 16:27:48 GMT -5
I simply do not think MNKD machinations go as far as what you are suggesting, but who knows. DeSisto looks pretty good on paper. but we still have more unknowns than knowns. Hopefully, announcing the new CEO before the year's end gives a better footing with which to start 2016.
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Post by bill on Dec 24, 2015 16:58:00 GMT -5
We finally get some good news and of course, we have a newbie that is working to spread some FUD. Never fails! My concern is why the hell was this announced on Christmas Eve when the market is only open for a short session and then closed for a three day weekend? ? Seems to me that MNKD is trying to bury this hire inside the financial news cycle. If this was something to be proud of would they not of released it Sunday night before the market opens on January 4th? Then get the CEO on the talking head shows? When the news smells like a steaming pile of poo, it typically is. Don't you need to release that type of news before the end of the year to be eligible for this year's Academy Awards?  |
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Post by bill on Dec 24, 2015 17:09:37 GMT -5
If you consider both Al's & Duane's remarks about developing Afrezza's potential, I think that there is room for that interpretation:
"Duane is a respected industry veteran with a strong track record of developing and commercializing disruptive technology for the management of diabetes," said Alfred Mann, Executive Chairman of MannKind. "Duane's experience will be instrumental as we seek to enhance the commercial opportunity for Afrezza® and pursue additional product opportunities within our pipeline. We are excited to welcome Duane to the team and look forward to his leadership."
"I am thrilled to be joining MannKind and I look forward to working with the Board and leadership team to help Afrezza realize its full potential," said Mr. DeSisto. "MannKind has world-class pharmaceutical technology that has the potential to address a large number of unmet medical needs, and I am excited by the opportunities at MannKind for creating significant value for our shareholders."
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I don't want to jump to any conclusions without more information but I think that it's possible that with this hire Alfred is sending a couple messages to Sanofi. One message could be that MannKind's Board of Directors considers Sanofi's effort to date to be lacking. Al clearly considers Technosphere (especially Afrezza) to be a disruptive technology. Mr. DeSisto's initial remarks are about Afrezza and that he intends "to help Afrezza realize its full potential."
I would not be surprised if Sanofi still is not willing to meet Al Mann's asking price for Afrezza and so Al, rather than appearing weak, is upping the stakes by hiring DeSisto and saying, in effect, "we are willing to take Afrezza elsewhere if you don't start getting serious about commercializing Afrezza to its full potential."
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We have one press release from MannKind. The fact that the PR mentions that Mr. DeSisto will be working toward better commercialization of Afrezza - which is Sanofi's contractual responsibility - is significant, IMHO.
My answer to your specific question is that I think it's more likely for Alfred E Mann to end the agreement than it is for Sanofi to end it. My read on this hiring decision is that it demonstrates Al's resolve to develop Afrezza into the blockbuster he believes it is.
As I read this thread, I was thinking almost exactly along the same lines as you. However, you said it WAY better and WAY more concisely than I possibly could have. I think replacing Hakan with this new guy is a strong message. It's a shot across Sanofi's bow. It says, "shit or get off the pot". I think Al Mann negotiated the deal with Sanofi in good faith. He believed and trusted Sanofi and was happy to reward Hakan with the appointment to CEO. All Hakan had to do was babysit MNKD until Sanfofi was selling Afrezza like hotcakes or seeing for itself just how good Afrezza is. Sanofi would then purchase Afrezza or even MNKD as a whole. Now a year and a half after the partnership deal, it is clear to Al that Sanofi has betrayed MNKD and is trying to force or starve MNKD into a cheap sale. I think Desisto's hiring clearly tells Sanofi that MNKD is prepared to terminate the partnership and seek a much better sale of Afrezza or even MNKD, the entire company, to another party. I realize that the partnership agreement restricts MNKD's exit, makes it difficult. mnholdem, I think you "hit the nail on the head" with your cogent, incisive post. I am very happy with this development. I don't see how the above could be the case since MNKD was part of the Joint Afrezza Board (JAB) meetings throughout the year. SNY had to lay out their plans and budget at these meetings. According to the partnership agreement all votes have to be unanimous. Either MNKD was on board with SNY's actions or they were not. If there was unanimity throughout the year then MNKD didn't and doesn't have much to complain about. If MNKD objected to some number of items and got overruled by SNY's management, then it's hard to understand why MNKD continued to be supportive of SNY at their conference calls; strong partnership, happy with increased marketing budget, etc. Bottom line is that MNKD's actions with regards to SNY have all been supportive to date. As a result, I doubt either SNY or MNKD are interested in dissolving the partnership, and everyone is reading too much into the new CEO PR. |
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Post by james on Dec 24, 2015 18:25:55 GMT -5
Our good friend David Kliff couldn't resist the chance to take a pot shot at Mr Desisto (or anything MNKND does) and made a claim that Duane departed Insulet under a cloud, straight up saying "simply put he got canned". He also identified that there were subsequent revelations of mismanagment. Of course, he provides no specific evidence of either charge. First off, it should be noted that the press at time of his retirement demonstrate nothing but good will in regards to Mr. Desisto from the company. In fact, the 8-K specifically states the opposite and I haven't found anyone else that claims otherwise. So, I take point one from D.K. as pure rubbish. In February, it seems that a board member resigned and the CFO was replaced. I don't have much information about this. Several months later (May 2015) following 1Q15 earnings, a series of shareholder lawsuits pop up which essentially allege that expectations for future sales were exaggerated from late 2013 through early 2015. I'm not sure how expressing optimism constitutes grounds for suit, but the lawsuits are there. In addition, the company delayed the release of 2Q15 results (the release coinciding with the timing of the lawsuits) to perform an audit of revenues reported for 2014 (largely under Desisto's watch). The audit "did not identify any material errors" per company statements. I'm not sure how much credibility to lend to these lawsuits as yet and as far as I have been able to determine so far, they have not been resolved. The new CEO increased spend on sales to bring the rate of sales growth back to target. The only other issue I see is that there were some early quality issues in manufacturing a new product released in 2013 that were addressed in mid 2015. I hope to have time to put a little more effort into review of these circumstances, but so far nothing is setting of alarm bells for me. At first blush, the lawsuits look like a bunch of lawyers chasing ambulances to me (lots of begging for plaintiffs to step forward). I'll leave you with some articles from the transition at Insulet: www.bostonglobe.com/business/2014/09/17/insulet-corp-stock-rises-new-ceo-named/Fpa8VFoVjPkjXY8bgUNjDI/story.htmlInsulet Corp., a Billerica maker of insulin infusion systems, named Patrick Sullivan to be president, chief executive, and director. He succeeds Duane DeSisto, who is retiring. Sullivan had been managing director of Aton Partners. Jefferies analyst Raj Denhoy reiterated a “buy” rating and $50 price target on the stock. DeSisto was expected to retire soon, he wrote, but “the earlier move appears entirely driven by the board having a chance to snag industry veteran Pat Sullivan.”
blogs.lowellsun.com/itsyourbusiness/2014/09/28/sullivan-takes-over-at-insulet/Patrick Sullivan is in and Duane DeSisto is out as CEO at Insulet Corp., a Billerica-based provider of non-invasive insulin-infusion systems for people with diabetes.
Could a deal be coming next?
Sullivan was chairman, president and CEO of the former Cytyc Corp., a Boxboro-based provider of health products designed to combat cervical cancer. Sullivan is credited with growing Cytyc from $4 million in annual revenues to more than $750 million.
But it didn’t happen by itself. Sullivan oversaw a combination of organic growth and timely acquisitions to guide Cytyc to the point at which it became an attractive acquisition itself. In 2007, Cytyc was acquired by Bedford-based Hologic Inc. for a whopping $6.2 billion.
No wonder shares of Insulet (which are by no means cheap) moved up smartly after the announcement, which occurred Sept. 16.
DeSisto is retiring as CEO but remains available as a consultant. He has been with the company since 2001, only a year after it was formed.
Insulet’s OmniPod Insulin Management System is a tubeless insulin pump that features fully-automated cannula insertion.
In a statement, Sullivan said Insulet’s technology is “world-class,” and that he looks forward to “further establish(ing) the company as a leader in the management of diabetes.”
The company has grown its revenues rapidly on its own. Its 2011 revenues of about $152 million are expected to nearly double this year. Investors appear to be anticipating that, sooner or later, Insulet will gain some attention from a larger entity.
And Sullivan has a track record for making that happen.
Disclosure: I do not own shares of Insulet.From the 8-K announcing the transition at Insulet:www.sec.gov/Archives/edgar/data/1145197/000119312514343153/d790127d8k.htmRetirement of Duane DeSisto as President, Chief Executive Officer and Director
On September 16, 2014, Duane DeSisto retired as the President and Chief Executive Officer of the Company and as a member of the Company’s Board of Directors (the “Board”). Mr. DeSisto’s departure is not due to a disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. In connection with his retirement as President, Chief Executive Officer and Director, the Company entered into the Retirement Agreement, as more particularly described in Item 1.01 of this Report, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.Appointment of Patrick J. Sullivan as President, Chief Executive Officer and Director
Effective September 16, 2014, the Board appointed Patrick J. Sullivan as President and Chief Executive Officer of the Company. Mr. Sullivan was also appointed to serve as a Class III Director with a term expiring at the 2016 annual meeting of stockholders. Mr. Sullivan, age 62, previously served as the President and Chief Executive Officer of Cytyc Corporation from 1994 to 2007, Executive Chair of Hologic Corporation from 2007 to 2008, Chief Executive Officer of Constitution Medical Investors from 2008 to 2013 and Managing Director of Aton Partners since 2013. Mr. Sullivan also serves as a director of PerkinElmer, Inc. Mr. Sullivan received a B.S. degree from the United States Naval Academy and a M.B.A. from the Harvard Business School.
There are no relationships or related party transactions involving Mr. Sullivan or any member of his immediate family required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Pursuant to an Employment Agreement dated as of September 16, 2014 (the “Employment Agreement”), the Company has agreed to pay Mr. Sullivan an annual base salary of $650,000, and Mr. Sullivan will be eligible to participate in the Company’s Executive Incentive Compensation Program with a target bonus of 100% of his base salary. In connection with the commencement of Mr. Sullivan’s employment, the Company has agreed to grant him on October 1, 2014, as an employment inducement award, an option to purchase that number of shares of the Company’s common stock equal to $11,000,000 divided by 59.83% of such option’s exercise price. The option will have an exercise price equal to the fair market value of the Company’s common stock as of the date of grant. Ina ddition, 25% of the option shares will vest on December 31, 2014, with the remainder vesting in equal quarterly installments each quarter thereafter for 12 quarters. Mr. Sullivan will also be entitled to termination benefits as set forth in the Employment Agreement and the Company’s Amended and Restated Executive Severance Plan, as modified by the Employment Agreement with respect to Mr. Sullivan. A copy of the Employment Agreement is attached hereto as Exhibit 10.2 and is incorporated herein by reference. The foregoing summary of the Employment Agreement is qualified in its entirety by reference to the text of the Employment Agreement.
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Post by karl on Dec 24, 2015 18:59:27 GMT -5
"I was hoping for someone younger and more dynamic that knew how to use social media to communicate with shareholders. Not somebody coming out of retirement.
Martin Shkrelli has just been canned from some of his companies he was CEO of.
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Post by vestful on Dec 24, 2015 20:22:06 GMT -5
"I was hoping for someone younger and more dynamic that knew how to use social media to communicate with shareholders. Not somebody coming out of retirement. Martin Shkrelli has just been canned from some of his companies he was CEO of. Wisdom is king. Age doesn't mean a thing if you have a holistic view of the industry and time you live in. If he understands the impact of social media, etc. He will have a minion report to him and use that influence in combination with the rest of his minion advisors. I am relatively young and unbiased on this post with regard to my age. He is a leader and less a soldier. His mind or understanding of the importance of the times may be off or it could be on and bringing a hell of a lot of experience and industry connections there in. |
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Post by spiro on Dec 24, 2015 20:54:52 GMT -5
Spiro didn't know that it was important that a CEO had to be an expert using social media. Actually if older folks like Spiro and a certain presidential candidate with 5.4 million followers on Twitter can figure out how to use social media, he is sure that a youngster like Duane can also figure it out.
Spiro here
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Post by mssciguy on Dec 24, 2015 21:02:37 GMT -5
Spiro didn't know that it was important that a CEO had to be an expert using social media. Actually if older folks like Spiro and a certain presidential candidate with 5.4 million followers on Twitter can figure out how to use social media, he is sure that a youngster like Duane can also figure it out. Spiro here Actually an intern could probably do the social media for next to nothing (after content is vetted by legal staff), and we can all trust older folks around young interns more than we can otherwise  Well most often. Sure would be nice to have a tweet from the company when new patents are awarded, no "pumping" required, "just the facts" ... also when new Techosphere deals are awarded. Happy 2016 and although my choice of investments may not have been wise short-term, my choice of supplements is not, don't forget your lipoic acid if you like to celebrate but your liver might not. |
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Post by Deleted on Dec 24, 2015 21:17:07 GMT -5
Spiro didn't know that it was important that a CEO had to be an expert using social media. Actually if older folks like Spiro and a certain presidential candidate with 5.4 million followers on Twitter can figure out how to use social media, he is sure that a youngster like Duane can also figure it out. Spiro here Actually an intern could probably do the social media for next to nothing (after content is vetted by legal staff), and we can all trust older folks around young interns more than we can otherwise Well most often. Sure would be nice to have a tweet from the company when new patents are awarded, no "pumping" required, "just the facts" ... also when new Techosphere deals are awarded.Happy 2016 and although my choice of investments may not have been wise short-term, my choice of supplements is not, don't forget your lipoic acid if you like to celebrate but your liver might not. tweet when technosphere deals are awarded? At this stage , even if Al farts, this board will pick up , slice/ dice it and with in few hrs , it will be a 10 page thread.. There will be a news release for such big material events |
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Post by mssciguy on Dec 24, 2015 21:37:09 GMT -5
@iam2sekc4u2002 Yeah that was a tongue in cheek comment, sorry. Gallows humor or just killing time before a killer commute to see family... not sure. But you are completely right, although I am part of the chatter it sure would be nice to have relevant, business-oriented facts from MNKD and SNY. It's a hostile environment to have put money into, like those jungles where leeches constantly fall into your hair as you hack through the jungle, the leeches being GSCO and the hedge funds. And the SEC is the native guide with the maniac laugh.
If the Saturday Night Live crew knew about the history of this stock, they could do a whole show about it and be very very funny and also factual.
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Post by kball on Dec 25, 2015 7:37:50 GMT -5
spiro Actually an intern could probably do the social media for next to nothing (after content is vetted by legal staff), and we can all trust older folks around young interns more than we can otherwise Well most often. Sure would be nice to have a tweet from the company when new patents are awarded, no "pumping" required, "just the facts" ... also when new Techosphere deals are awarded.Happy 2016 and although my choice of investments may not have been wise short-term, my choice of supplements is not, don't forget your lipoic acid if you like to celebrate but your liver might not. tweet when technosphere deals are awarded? At this stage , even if Al farts, this board will pick up , slice/ dice it and with in few hrs , it will be a 10 page thread..There will be a news release for such big material events This comment in red reminds of these pearls of wisdom on aging from Jack Nicholson in one of his more recent movies (i think the one with morgan freeman)... "Never waste an erection, pass a bathroom, or trust a fart." |
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Post by bioexec25 on Dec 25, 2015 7:59:23 GMT -5
Kball - Bucket List. Great movie.
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Well most often.
