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Post by MnkdWASmyRtrmntPlan on Jan 16, 2022 19:44:07 GMT -5
Lets get this straight. That criticism is not unfair. MC wasted many tens of millions of dollars in his Sales and Marketing experiments and most importantly, YEARS of precious time for his startup company that needed to start making money ASAP. In fact, he almost bankrupted the company. Why? Because he was too stubborn and arrogant to understand how Afrezza needs to be dosed/titrated. He became CEO in March, 2016, so that is going on 6 years. It was about a year ago that he finally announced that he understood that Afrezza needs to be dosed higher than he has been recommending. We all knew that years before that. For FIVE YEARS!!! MC was the CEO at the helm of MNKD driving the ship in the wrong direction. WHY? Because that is what Bill had been saying for all those years and MC was too stubborn and arrogant to accept that fact that Bill was right. And when MC finally did admit that Afrezza needs to be dosed higher, he announced it like as though it was his brilliant discovery. IMHO, MC is the anchor that MNKD dragged for his first 5 years in his term. Sure, convincing Endocrinologists to learn how to dose Afrezza is a challenge, but you will be a certain failure at that job if you give the Endo's the wrong advice. On March 21, 2016, MNKD was at $10.55 in today's terms (i.e., post split). So, in almost 6 years, MC has taken SP from $10.55 down to 88 cents, and now is not even $4.00. You can't pick some arbitrary point along the timeline and say that MC has tripled the SP in that time. Sure, it was down to 88 cents and now it is almost $4.00. But, when MC became CEO, it was $10.55. THAT's the only number that can be used to measure MC's performance as CEO, and the fact is that the SP is less than half what it was when he became CEO. So, for the past 6 years ... HE HAS BEEN A FAILURE!!! Unlike MTOI, you need to put down the wine glass before posting a rant like that. Name the date MNKD was over $10 since Dr. Castagna joined Mannkind. It hasn’t been over $10 since 2014. I’m pretty certain MC joined in 2016 and became CEO in 2017. Look at Earl Grey’s charts of Afrezza sales and revenue. And, look at the share price in 2016 and look at it now. And, there was crushing debt on awful terms when Dr. Castagna took over. The last refinance had people on this board remarking about how good the terms were and wondering how Mannkind merited them. The cash position and the revenue is the best it’s been since Dr. Castagna joined the company. And, let’s not forget this little pipeline company is on the cusp of making low double-digit royalties on the partnership with UTHR, which also was managed during Dr. Castagna’s tenure. By any objective measure, he’s been successful. Ha, well that's what I get for trusting google. I googled "when did michael castagna become ceo of mannkind" and the top article from insidertrades.com says: Michael Castagna is the CEO of MannKind Corporation, a role he has held since March 2016. And then I checked Yahoo Finance for that date. As I mentioned, on 3/21/2016 it was $10.55 (now, that article did only say March, so I did cherry-pick the highest weekly report. On 3/7 it was only 6.55). But, I remember thinking that 2016 was the year All passed, so that can't be right, but there that article sat, telling me I was wrong. If I would have looked, the third article down says he joined Mannkind as COO on 3/14/2016. Well, I have to admit that my memory is failing me big time anymore, and I am also not as thorough as I used to be or I would have checked more articles. But, the price that I quoted was $10.55 on 3/21/16, and everyone else was correct in that the price was $1.48 on 3/27/2017. And, had I have seen that price, I certainly would not have written that post. Nevertheless, "I" still think he has been a failure with Afrezza and that he should have realized that Afrezza needs to be dosed higher, and he should have acted on it much earlier than he did. |
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Post by nylefty on Jan 16, 2022 20:13:32 GMT -5
Would anyone here turn down a $20/share offer for the company? I would be thrilled if this happens. I wouldn't be thrilled, but I'd vote for it even though I've been hoping for much more. |
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Post by mytakeonit on Jan 16, 2022 20:18:56 GMT -5
Not sure where you get your info from ... but, I remember that MNKD did a 1 : 5 reverse split on March 03, 2017. Michael Castagna became the CEO of MNKD on May 25, 2017 ... after being the COO for about a year previously.
But, that's mytakeonit
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Post by slapshot on Jan 17, 2022 8:55:58 GMT -5
OK, all of you who praise MC, you bring up good points... All who don't also bring up good points...
While, All of your opinions are welcome and appreciated, can't anybody see it is just clearly wrong to "evaluate" his (or any one's) performance based on just one side of the "facts"? That is, it is just not logical to make a judgement unless you objectively weigh all of the evidence, both good and bad.
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Post by helmut8056 on Jan 17, 2022 9:38:51 GMT -5
OK, all of you who praise MC, you bring up good points... All who don't also bring up good points... While, All of your opinions are welcome and appreciated, can't anybody see it is just clearly wrong to "evaluate" his (or any one's) performance based on just one side of the "facts"? That is, it is just not logical to make a judgement unless you objectively weigh all of the evidence, both good and bad. OK Slap: We are hoping MC will do the right thing; after he exhausts all the alternatives. |
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Post by prcgorman2 on Jan 17, 2022 11:03:46 GMT -5
OK, all of you who praise MC, you bring up good points... All who don't also bring up good points... While, All of your opinions are welcome and appreciated, can't anybody see it is just clearly wrong to "evaluate" his (or any one's) performance based on just one side of the "facts"? That is, it is just not logical to make a judgement unless you objectively weigh all of the evidence, both good and bad. OK Slap: We are hoping MC will do the right thing; after he exhausts all the alternatives. I kind of like that slam because of how it was written, but will still politely disagree. I didn’t invest in Mannkind based on hope, and while I can’t deny there’s some hope mixed in with my conviction (which is different from M. Skreli’s conviction), hope isn’t the main reason I’m still here. Hope is what I had for Mike Castagna when he was hired. He seemed like a very good choice and I was ‘hoping’ his ties with the company he left to join Mannkind would result in a partnership of some sort. Well, that partnership obviously never materialized, although it did yield a director position for another Amgen former employee. Regardless, Mike jumped in and made sweeping changes in how Afrezza was marketed which is why he was hired, and the charts from Earl Grey show the results. Afrezza revenues have steadily improved YoY, and 2021 was no exception. One of Bill McCullough’s recent excellent posts talked about the psychology of doctors and the herd mentality they have because of how they’re trained and of course the famous motto, “Do no harm”. Insulin is scary to prescribe. The patient must self-administer, and a mistake can be and sometimes is deadly. If Afrezza can be shown to materially decrease costs to insurance companies that cover use of Afrezza, the insurance coverage hurdles, as well as the prescribing hurdles, will disappear. Safety, safety, safety is what will make the difference. Afrezza, the safe choice. The point here is patience because of money difficulties that existed (both captial and debt) and which are only now being relieved and patience because COVID made a material impact on the ability to promote Afrezza to prescribers. Afrezza revenues in 2021 improved over 2020 despite the pandemic, which is remarkable, and it is reasonable to assume the trend will continue and improve because of the pediatric trial. And patience is what I was trying to encourage with regard to the Thirona Bio deal. There isn’t anything about that deal which is overtly and obviously bad. We don’t know how much it cost, but we do know it gives Mannkind access to development of important inhalable therapeutics for cystic fibrosis. Would it be a bad thing if Mannkind became well known for lung therapeutics for PAH and cystic fibrosis as well as Afrezza inhalable human insulin? I assume the diversity in the portfolio will help the stock price. |
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Post by sr71 on Jan 17, 2022 13:18:19 GMT -5
OK Slap: We are hoping MC will do the right thing; after he exhausts all the alternatives. helmut - I really like your variation of Winston Churchill's quote concerning Americans doing the right thing - classic  |
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Post by prcgorman2 on Jan 17, 2022 14:00:56 GMT -5
OK Slap: We are hoping MC will do the right thing; after he exhausts all the alternatives. helmut - I really like your variation of Winston Churchill's quote concerning Americans doing the right thing - classic Except that it implies the CEO will make all the wrong choices first. There is no hope in that sentiment unless it is a hope for failure. And, who would want that? |
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Post by mytakeonit on Jan 17, 2022 14:06:55 GMT -5
Me ... Me ... Me ... Because it also means that he has already exhausted all the alternative and is doing the right thing !!!
But, that's mytakeonit
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Post by sportsrancho on Jan 17, 2022 14:46:42 GMT -5
Me ... Me ... Me ... Because it also means that he has already exhausted all the alternative and is doing the right thing !!! But, that's mytakeonit 👍🏻❣️ |
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Post by cedafuntennis on Jan 17, 2022 14:52:14 GMT -5
helmut - I really like your variation of Winston Churchill's quote concerning Americans doing the right thing - classic Except that it implies the CEO will make all the wrong choices first. There is no hope in that sentiment unless it is a hope for failure. And, who would want that? Who would want that? If venture to guess, maybe you? |
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Post by sportsrancho on Jan 17, 2022 15:00:35 GMT -5
“One of Bill McCullough’s recent excellent posts talked about the psychology of doctors and the herd mentality they have because of how they’re trained and of course the famous motto, “Do no harm”. Insulin is scary to prescribe. The patient must self-administer, and a mistake can be and sometimes is deadly. If Afrezza can be shown to materially decrease costs to insurance companies that cover use of Afrezza, the insurance coverage hurdles, as well as the prescribing hurdles, will disappear. Safety, safety, safety is what will make the difference. Afrezza, the safe choice.”
Bill says, “YES YES YES!”
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Post by helmut8056 on Jan 17, 2022 16:42:27 GMT -5
OK Slap: We are hoping MC will do the right thing; after he exhausts all the alternatives. helmut - I really like your variation of Winston Churchill's quote concerning Americans doing the right thing - classic You picked up on that? - Amazing! I hope you are a history buff and not older than the hills. I am age 91, that's the good news - the bad news is that there won't be any virgins waiting for me where I'm headed. And I probably will never see ten dollars a share. |
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Post by peppy on Jan 17, 2022 16:54:56 GMT -5
helmut - I really like your variation of Winston Churchill's quote concerning Americans doing the right thing - classic You picked up on that? - Amazing! I hope you are a history buff and not older than the hills. I am age 91, that's the good news - the bad news is that there won't be any virgins waiting for me where I'm headed. And I probably will never see ten dollars a share. Really sorry to hear about that virgin thing. |
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Post by nylefty on Jan 17, 2022 16:58:24 GMT -5
helmut - I really like your variation of Winston Churchill's quote concerning Americans doing the right thing - classic You picked up on that? - Amazing! I hope you are a history buff and not older than the hills. I am age 91, that's the good news - the bad news is that there won't be any virgins waiting for me where I'm headed. And I probably will never see ten dollars a share. And here I thought I was the oldest geezer on this board at 88! As for ten dollars a share I'm fairly confident that we will both see more than that before we sign off for good. |
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