|
Post by prosper on Jan 5, 2016 18:53:11 GMT -5
Hakan may have been the wrong choice for CEO, but let us not forget he managed the plant setup and manufacturing operations of this company in an excellent manner. He is still the most technically knowledgeable person at the company and we would be stupid to give that up and try to train a replacement. Hakan may just be the perfect example of "The Peter Principle", sic, everyone is eventually promoted to their level of incompetence.
|
|
|
Post by lynn on Jan 5, 2016 18:58:16 GMT -5
Wow ! What a day !!! I have a question regarding our new CEO . I haven't listened to the call yet but am disappointed that he did not speak . At least an introduction would have been nice . If he changed his mind and due to today's events and wants to back out as CEO that would be considered a material event right ? My apologies if this is a stupid question .
My feeling about Sanofi is that they intentionally screwed Mannkind . I'm dying to know what transpired in San Diego with the early adopters . I can only imagine that the feedback re: Afrezza was 100% positive . Is that when Sanofi realized the potential it has to affect sales of many of their other drugs ? Patients are getting off other meds associated w/ Diabetes , decreasing their Basal doses , lowering their A1C's ect . I'm officially jaded against Big Pharma though I've had my suspicions for some time now . I wonder how many other great drugs out there have been squashed by BP to never see the light of day . They love having us sick and addicted as it just means more $$$ for them . It just makes me sick ...
I'm not bashing , just completely disheartened and PISSED off .
Lynn
|
|
|
Post by esstan2001 on Jan 5, 2016 19:00:52 GMT -5
To have his first public exposure in such a negative situation and no time to prepare meaningful comments other than cheerleading would be a bad start. While MNKD could not have definitive info of the deal drop for legal reasons, I am sure mgt knew things were going to go badly. I look forward to a message from Duane in the next week to ten days to announce something meaningful. For those referring to being locked in until July, I think that is the required latest date all can end. SNY is still on the hook for expenses until the divorce is finalized. That could theoretically be much sooner. I am sure Duane is in talks with SNY to be freed asap. I am also thinking that Al & Duane may be in (or are considering) a position to settle with SNY on some concessions (some debt or cost sharing forgiveness) in return for a promise not to pile on and sue SNY for lack of promotional / sales effort... seems close that a potential case can be made, and SNY is gaining a reputation.
|
|
|
Post by isler45 on Jan 5, 2016 19:01:09 GMT -5
On December 22, 2015, we appointed Duane M. DeSisto as our President and Chief Executive Officer, effective January 5, 2016.
Maybe he didn't want to report on news that happened before he was actually CEO? Just a wild guess.
|
|
|
Post by compound26 on Jan 5, 2016 19:07:35 GMT -5
To have his first public exposure in such a negative situation and no time to prepare meaningful comments other than cheerleading would be a bad start. While MNKD could not have definitive info of the deal drop for legal reasons, I am sure mgt knew things were going to go badly. I look forward to a message from Duane in the next week to ten days to announce something meaningful. For those referring to being locked in until July, I think that is the required latest date all can end. SNY is still on the hook for expenses until the divorce is finalized. That could theoretically be much sooner. I am sure Duane is in talks with SNY to be freed asap. I am also thinking that Al & Duane may be in (or are considering) a position to settle with SNY on some concessions (some debt or cost sharing forgiveness) in return for a promise not to pile on and sue SNY for lack of promotional / sales effort... seems close that a potential case can be made, and SNY is gaining a reputation. Possible. Pfizer gives Nektar $135M for Exubera settlement November 13, 2007 www.fiercebiotech.com/story/pfizer-gives-nektar-135m-exubera-settlement/2007-11-13Nektar Therapeutics got a consolation prize of $135 million from Pfizer--and a fresh shot at signing a new partner--to calm any upset feelings about Pfizer's abandonment of Exubera, a once mighty prospect in the world of inhalable diabetes therapies. In return, both parties are absolved of any further obligations for Exubera or the next-generation version of the therapy that Nektar has in Phase I. And if Nektar lines up a new partner, Pfizer has agreed to hand over any rights it has in the two products.
|
|
|
Post by jpg on Jan 5, 2016 19:08:19 GMT -5
It would be, in my view, extremely poor timing for the new CEO to start with this today. I also strongly suspect all involved knew this was likely. If I knew (and believed in it enough to sell all) in November I'm rather certain they knew it was highly likely to happen also but that it obviously was not official yet.
I'm glad he won't be tainted by this debacle and that he starts publically at JPMorgan. That's what I was hoping for anyway.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Jan 5, 2016 19:10:06 GMT -5
prosper I believe duane can be a solid asset to mnkd so I too am looking forward to hearing him speak and outline his vision for mnkd going forward. Insulets insulin pumps are a prime option over standard pumps and they suffer the same setbacks that afrezza is suffering from - insurance blockages. But they figured out a way over 13 years to generate about 300 mil in revs (annual). That's what mnkd needs - a way through in the face of tough insurance coverage. So, if mnkd can muster up a few years worth of cash, about 500 million to start (it's expensive to hire a sales and marketing team or even rent one let alone advertising along with cash to fund the FDA required trials and possible EU approval efforts), then I'd say that's a pathway to watch. MNKD has about 3 months to solve the cash question. After that it becomes complicated because people will smell BK and start demanding cash on the barrel head, early repayments (if legally enforceable), or otherwise do what people do when they smell desperation - ignore you. I'd say they could get more deerfield type financing but I'm under the impression that they've already leveraged all of their hard assets. Al needs to come in with cash.
|
|
|
Post by joeypotsandpans on Jan 5, 2016 19:21:28 GMT -5
If you're in a bad marriage, usually both parties know it well ahead of the separation or divorce and so do the "other parties" involved. I would be extremely surprised that the whole situation was not vetted by the announced CEO ahead of time and he walked in blindly to all the baggage that is there already.
|
|
|
Post by anderson on Jan 5, 2016 19:26:52 GMT -5
6 months, so july. And I'm not in the camp yet that anyone knew anything or that duane was hired with any idea that today would be a real event. Not yet, anyway. So we are at the mercy of SNY until July? We can strike up a deal with another BP but it cant close until July. If you listen to the CC Matt said that SNY no longer has exclusive rights. They can deal with another BP today if they want. The 6th month is to wind down SNY and MNKD partnership (selling out inventory, settling final cost, etc). But there exclusive rights to commercialize and distribute ended when they gave notice to MNKD.
|
|
|
Post by LosingMyBullishness on Jan 5, 2016 19:39:23 GMT -5
kbrion77, I thought about this as well. This guy knew what was going on when he did this speech at the Gala. It would have been more decent and sufficient if he had said some kind words to appreciate Al's achievements but he had to put a double portion sugar coat on it.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Jan 5, 2016 19:42:03 GMT -5
So we are at the mercy of SNY until July? We can strike up a deal with another BP but it cant close until July. If you listen to the CC Matt said that SNY no longer has exclusive rights. They can deal with another BP today if they want. The 6th month is to wind down SNY and MNKD partnership (selling out inventory, settling final cost, etc). But there exclusive rights to commercialize and distribute ended when they gave notice to MNKD. I did listen to it like four times. You pretty stated what I said above. My issue is if SNY sandbagged it this whole time what do you think is going to go on the next six months.
|
|
|
Post by mnkdnewb on Jan 5, 2016 19:56:22 GMT -5
One thing to add - MNKD did not know in advance. Contractually, that's not how it works. If SNY did tell mnkd in advance, that info would need to be disclosed. MNKD found out yesterday so duane found out yesterday. Not being on the CC is an indication that duane may be rethinking his ceo position. It was a card reading event with no questions - a soft ball. An easy throw. An opportunity to shine in the midst of chaos. I've held some serious positions over the years and I can tell you that in this situation you don't wiff out and hide. You step up, take the lead, and move the ball forward. If this is his leadership style then heaven help mnkd and afrezza. Mnkd didn't know in writing, but I guarantee they "knew". Hence, hakan resignation and DeSisto hire within 33 days. DeSisto probably wasn't told "they said they are leaving" but I wouldn't doubt someone said "we feel like this partnership will most likely end in January" and had something in their eye that caused them to wink. They may have said "we are seriously considering going it alone if they don't leave on their own. Matt sounded pissed to me and not shocked at alleging what they announced this morning.
|
|
|
Post by sportsrancho on Jan 5, 2016 20:05:18 GMT -5
If you're in a bad marriage, usually both parties know it well ahead of the separation or divorce and so do the "other parties" involved. I would be extremely surprised that the whole situation was not vetted by the announced CEO ahead of time and he walked in blindly to all the baggage that is there already. Very true. Then they always say I never saw this coming! Also SNY must be protecting themselves because all of a sudden they are running out here to CA with reps at the last minute. Most people do not even know about Afrezza and the ones that do don't want to live with out it! I'll bet scripts start to climb even with out them.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Jan 5, 2016 20:30:46 GMT -5
If you're in a bad marriage, usually both parties know it well ahead of the separation or divorce and so do the "other parties" involved. I would be extremely surprised that the whole situation was not vetted by the announced CEO ahead of time and he walked in blindly to all the baggage that is there already. Very true. Then they always say I never saw this coming! Also SNY must be protecting themselves because all of a sudden they are running out here to CA with reps at the last minute. Most people do not even know about Afrezza and the ones that do don't want to live with out it! I'll bet scripts start to climb even with out them. I for sure want them to cross a thousand in January just for spite and a psychological barrier for the nay sayers
|
|
|
Post by mnholdem on Jan 5, 2016 21:03:17 GMT -5
I would think that contracting sales reps in the short-term is not out of the question, either.
|
|