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Post by mindovermatter on Jan 11, 2016 14:07:26 GMT -5
True but i think it is fair to question why Matt, as the CEO, didn't prepared in case Sanofi did pull out and why money wasn't raised when the PPS was much higher to help buffer the company. That's his job as a CFO. Mindovermatter, I completely disagree with you. I don't think it's fair to question Matt on those issues. First of all, how do you know what preparations were made for that contingency? Second, when would you have suggested the company raise money? When the price was $10, $9, $7, $5, etc??? Keep in mind, if the manipulators hadn't dragged the price down and the convertibles were exchanged for stock, there would be no liquidity concerns. On the flip side, I'm guessing, if the company had in fact sold stock at $6 and conversion happened, some of us would be criticising him for needless dilution. Third, I could ask you the same question. Why didn't sell your MNKD shares when the price was higher? I'm assuming you didn't. You're criticising with the benefit of hindsight. I did sell my first batch of shares when the pps was higher in the beginning of the year and when I actually did think they should do an offering in conjunction with the launch of Afrezza. I then bought back in a few months ago thinking Sanofi would kick things into high gear. Obviously that didn't happen and like the rest of you, am paying the consequences for.
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Post by themarlin on Jan 11, 2016 14:12:50 GMT -5
They wanted DeSisto, he wanted them, but he's not fully divorced ... yet. But they decided to try living together anyway and the ex didn't like it. What did it cost Mannkind to take a chance on the relationship and see if Insulet would notice or care or see lawsuit $$$? Amateurish ... or taking a risk to get what you want? What did taking the chance cost Mannkind?I think it cost them respect, credibility, leadership, shareholders, possible TS deals, and many other things. When you have a partner drop you and are low on cash, you need to make positive moves. You don't want to scare or have the the folks you are trying to licence or buy into your company get nervous and not move ahead. Just my HO. Indeed it doesn't look good now, but they needed a new CEO after Hakan resigned/removed, and DeSisto was chosen/agreed before Sanofi finally made their disinterest official. It's easy to criticize a fallen soldier, making it even harder for him to get back up, and that's what's happening. At the time (before Sanofi took a dump), the risk/reward ratio of having him as CEO was good enough, imo. I mean is there really competition between a drug delivery device and a drug monitoring device?
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Post by themarlin on Jan 11, 2016 14:27:50 GMT -5
I hate penny stocks...and now I own one! I was really looking forward to hearing the new CEO speak. Grrr Those non compete usually don't stand up in court, though he would have lost the benefits. The only way I can read this, is he backed out. Really really bad news for MNKD shareholders. DeSisto backed out. No doubt about it. I think he thought Sanofi wanted to acquire 100% of Afrezza and maybe even MNKD. He thought he was being hired to negotiate the best buy-out by Sanofi. He found out on January 5th (like the rest of us) that Sanofi wasn't kidding about walking away for good. He is smart enough to know that it is now truly over. They have to sell the Company or AT LEAST Afrezza, pretty goddamn quick. We'll be lucky to $2 per share. I will hang on in hopes of getting that or more. I DO doubt that he didn't know the direction of the relationship and that Sanofi could very soon back out. He didn't ask 'why is this position vacant','how is the sales and marketing going','what is Sanofi's budget for marketing Afrezza in 2016?'. The board new of the poor relationship, the real possibility of separation back in November just before Hakan was dequed. There was NO non-compete issues back then with hiring DeSisto and he was ready for the task of leading Mannkind independent of Sanofi. He may have backed out, but not because Sanofi backed out, imo. I think it's true there was a non-compete issue that Insulet pressed and Mannkind actually wasn't prepared to fight for. Or....since Sanofi backed out another suitor is partnering with Mannkind and that partner presents a clear non-compete issue which Insulet was forced to push.
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Post by trondisc on Jan 11, 2016 14:55:30 GMT -5
Feels like MannKind is screwed. Anyone else seeing the writing on the wall? Just so sad knowing a superior device/technology will fade away and disappear from the landscape. Oh for those longs that still believe MannKind is getting bought out you are dreaming. I'm Long, pissed and have resigned to the fact that I will never get my money back in the $3's. This company had the potential to change modern medicine and in the end was suffocated by Sanofi the sandbagger.
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Post by bill on Jan 11, 2016 15:36:38 GMT -5
Here's some crazy inferential logic for you to consider...
Duane DeSisto's hiring announcement said that MNKD was prepared to defend him if Insulet pressed an NDA suit, but his hiring was withdrawn for just that reason. It seems unlikely that MNKD was kidding, or that they didn't analyze his NDA agreement correctly, or that Insulet filed a cease-and-desist that surprised MNKD. It also seems unlikely that Duane wanted to back out, and he and MNKD decided the best way to avoid losing face was to blame it on Insulet.
Instead, perhaps circumstances changed post the SNY announcement, and DeSisto suddenly acquired an actual NDA conflict of interest. A buy out wouldn't do it since that would reduce his NDA exposure. But a new partnership could be a reason for increased NDA exposure. A new TS partnership wouldn't have been a surprise, but a new Afrezza partnership could have been a surprise. Therefore, perhaps we will hear some better news when/if that partnership is announcement. I'm thinking that a Medtronic Afrezza partnership would be the type of event that would cause this type of reaction by DeSisto and MNKD, but that's purely speculative on my part.
As I said at the beginning "crazy inferential logic."
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Post by compound26 on Jan 11, 2016 15:46:38 GMT -5
Here's some crazy inferential logic for you to consider... Duane DeSisto's hiring announcement said that MNKD was prepared to defend him if Insulet pressed an NDA suit, but his hiring was withdrawn for just that reason. It seems unlikely that MNKD was kidding, or that they didn't analyze his NDA agreement correctly, or that Insulet filed a cease-and-desist that surprised MNKD. It also seems unlikely that Duane wanted to back out, and he and MNKD decided the best way to avoid losing face was to blame it on Insulet. Instead, perhaps circumstances changed post the SNY announcement, and DeSisto suddenly acquired an actual NDA conflict of interest. A buy out wouldn't do it since that would reduce his NDA exposure. But a new partnership could be a reason for increased NDA exposure. A new TS partnership wouldn't have been a surprise, but a new Afrezza partnership could have been a surprise. Therefore, perhaps we will hear some better news when/if that partnership is announcement. I'm thinking that a Medtronic Afrezza partnership would be the type of event that would cause this type of reaction by DeSisto and MNKD, but that's purely speculative on my part. As I said at the beginning "crazy inferential logic." I think this is possible. I think a partnership between Mannkind and Dexcom/Abbott is also a possibility. mnkd.proboards.com/post/56483/thread. Based on this post, if the source is reliable, it appears that, as late as last Friday, the expectation is still that Duane DeSisto will take the CEO job.
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Post by bill on Jan 11, 2016 15:57:05 GMT -5
Here's some crazy inferential logic for you to consider... Duane DeSisto's hiring announcement said that MNKD was prepared to defend him if Insulet pressed an NDA suit, but his hiring was withdrawn for just that reason. It seems unlikely that MNKD was kidding, or that they didn't analyze his NDA agreement correctly, or that Insulet filed a cease-and-desist that surprised MNKD. It also seems unlikely that Duane wanted to back out, and he and MNKD decided the best way to avoid losing face was to blame it on Insulet. Instead, perhaps circumstances changed post the SNY announcement, and DeSisto suddenly acquired an actual NDA conflict of interest. A buy out wouldn't do it since that would reduce his NDA exposure. But a new partnership could be a reason for increased NDA exposure. A new TS partnership wouldn't have been a surprise, but a new Afrezza partnership could have been a surprise. Therefore, perhaps we will hear some better news when/if that partnership is announcement. I'm thinking that a Medtronic Afrezza partnership would be the type of event that would cause this type of reaction by DeSisto and MNKD, but that's purely speculative on my part. As I said at the beginning "crazy inferential logic." I think this is possible. I think a partnership between Mannkind and Dexcom/Abbott is also a possibility. mnkd.proboards.com/post/56483/thread. Based on this post, if the source is reliable, it appears that, as late as last Friday, the expectation is still that Duane DeSisto will take the CEO job. Based on your data, maybe we're on to something. If DeSisto was on board as of Friday and Matt became CEO on Sunday then perhaps something did occur over the weekend that changed all that. An Afrezza parternship with a device manufacturer like Dexcom would probably do the trick. It would also explain making Matt CEO while retaining his CFO position. It would give him the authority to hammer out the details and close the deal. Post the finalization of the deal they could sort out how to best run the company knowing it was well funded and that Afrezza was back on a path to success. That would be a storybook ending to this chapter of "The Adventures of MannKind." If so, it will once more become exciting to see what happens in the rest of the book.
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Post by compound26 on Jan 11, 2016 16:08:46 GMT -5
I think this is possible. I think a partnership between Mannkind and Dexcom/Abbott is also a possibility. mnkd.proboards.com/post/56483/thread. Based on this post, if the source is reliable, it appears that, as late as last Friday, the expectation is still that Duane DeSisto will take the CEO job. Based on your data, maybe we're on to something. If DeSisto was on board as of Friday and Matt became CEO on Sunday then perhaps something did occur over the weekend that changed all that. An Afrezza parternship with a device manufacturer like Dexcom would probably do the trick. It would also explain making Matt CEO while retaining his CFO position. It would give him the authority to hammer out the details and close the deal. Post the finalization of the deal they could sort out how to best run the company knowing it was well funded and that Afrezza was back on a path to success. That would be a storybook ending to this chapter of "The Adventures of MannKind." If so, it will once more become exciting to see what happens in the rest of the book. It appears to me that Dexcom is also well aligned with Afrezza. Basically, CGMs are aiming at real time monitoring. Afrezza will be able to offer real time correction of high blood sugar. Real time monitoring + real time correction => happier users. So CGMs and Afrezza will be mutually contributing to the sale of each other. mnkd.proboards.com/thread/4803/google-mannkind-perfect-match
On the other hand, Al Mann has mentioned a couple of times that Afrezza will make insulin pumps less needed. Additionally, for your information, Al Mann basically is the mentor of Kevin Sayer, the current CEO at Dexcom. He was one of the speakers that spoke at the Al Mann Gala last May. Kevin worked for Al for seven years and per his speech, his office was next door to Al Mann's at that time. www.dexcom.com/dexcom-leadership/kevin-sayerKevin Sayer CEO & President Kevin Sayer was promoted to President and Chief Executive Officer of Dexcom in January 2015. Mr. Sayer previously served as DexCom's President starting in 2011, and has been a board member since 2007. As President and Chief Operating Officer, Mr. Sayer was responsible for the Company's research and development, manufacturing, clinical, regulatory, finance, sales and marketing functions. From 2007 to 2010, Mr. Sayer served as Chief Financial Officer of Biosensors International Group, Ltd. ("Biosensors"), a medical technology company developing, manufacturing and commercializing medical devices used in interventional cardiology and critical care procedures. Previously, Mr. Sayer served as Chief Financial Officer of MiniMed, Inc. from 1994 until its acquisition by Medtronic, Inc. in 2001. He also has served as Executive Vice President and Chief Financial Officer of Specialty Laboratories, Inc., and as an independent healthcare and medical technology industry consultant. Mr. Sayer received his Master's Degree in Accounting and Information Systems concurrently with a B.A., both from Brigham Young University.
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Post by falconquest on Jan 11, 2016 16:10:42 GMT -5
The 1 f'n thing I have been worried about the last week. No choice now but to sell the company. I have no faith in the existing management. This has been the most bizarre story the past 2 years as I've ever seen. 2 years? Try multiplying that by a factor of five and imagine how it feels. Gosh darn I feel like I just keep being stupid here waiting for success that never happens.
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Post by inittowinit on Jan 11, 2016 16:23:46 GMT -5
So disgusted with this bush league dog and pony show! I'll take my 23,000 shares to the grave. My financial status will survive, but my confidence in my decision making process moving forward will be jaded....
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Post by bill on Jan 11, 2016 16:29:19 GMT -5
Based on your data, maybe we're on to something. If DeSisto was on board as of Friday and Matt became CEO on Sunday then perhaps something did occur over the weekend that changed all that. An Afrezza parternship with a device manufacturer like Dexcom would probably do the trick. It would also explain making Matt CEO while retaining his CFO position. It would give him the authority to hammer out the details and close the deal. Post the finalization of the deal they could sort out how to best run the company knowing it was well funded and that Afrezza was back on a path to success. That would be a storybook ending to this chapter of "The Adventures of MannKind." If so, it will once more become exciting to see what happens in the rest of the book. It appears to me that Dexcom is also well aligned with Afrezza. Basically, CGMs are aiming at real time monitoring. Afrezza will be able to offer real time correction of high blood sugar. Real time monitoring + real time correction => happier users. So CGMs and Afrezza will be mutually contributing to the sale of each other. mnkd.proboards.com/thread/4803/google-mannkind-perfect-match
On the other hand, Al Mann has mentioned a couple of times that Afrezza will make insulin pumps less needed. Additionally, for your information, Al Mann basically is the mentor of Kevin Sayer, the current CEO at Dexcom. He was one of the speakers that spoke at the Al Mann Gala last May. Kevin worked for Al for seven years and per his speech, his office was next door to Al Mann's at that time. www.dexcom.com/dexcom-leadership/kevin-sayerKevin Sayer CEO & President Kevin Sayer was promoted to President and Chief Executive Officer of Dexcom in January 2015. Mr. Sayer previously served as DexCom's President starting in 2011, and has been a board member since 2007. As President and Chief Operating Officer, Mr. Sayer was responsible for the Company's research and development, manufacturing, clinical, regulatory, finance, sales and marketing functions. From 2007 to 2010, Mr. Sayer served as Chief Financial Officer of Biosensors International Group, Ltd. ("Biosensors"), a medical technology company developing, manufacturing and commercializing medical devices used in interventional cardiology and critical care procedures. Previously, Mr. Sayer served as Chief Financial Officer of MiniMed, Inc. from 1994 until its acquisition by Medtronic, Inc. in 2001. He also has served as Executive Vice President and Chief Financial Officer of Specialty Laboratories, Inc., and as an independent healthcare and medical technology industry consultant. Mr. Sayer received his Master's Degree in Accounting and Information Systems concurrently with a B.A., both from Brigham Young University. If we're right, then the deal must be pretty solid or MNKD would have waited before letting DeSisto go, or hedged about making Matt CEO. When you think abut it, companies don't lightly let go of CEOs or appoint new ones over a weekend when all was good on Friday. Things must have moved at a lightning pace if we're close to being correct. A lightning pace could not have occurred if lawyers needed to get involved, and the only way lawyers don't get involved in lightning fast decisions is when the parties involved have a huge amount of trust in one another, e.g., Kevin Sayer and Al. Matt may need to stay quiet for a bit longer while the details are hammered out, but his demeanor at JPM may give it away. If he's bright, cheery, and can't be flustered then we might be OK after all. All said, it's all speculation but I like our logic so far. It would be cool if we sussed this out.
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Post by mnkdmorelong on Jan 11, 2016 16:34:04 GMT -5
Here's some crazy inferential logic for you to consider... Duane DeSisto's hiring announcement said that MNKD was prepared to defend him if Insulet pressed an NDA suit, but his hiring was withdrawn for just that reason. It seems unlikely that MNKD was kidding, or that they didn't analyze his NDA agreement correctly, or that Insulet filed a cease-and-desist that surprised MNKD. It also seems unlikely that Duane wanted to back out, and he and MNKD decided the best way to avoid losing face was to blame it on Insulet. Instead, perhaps circumstances changed post the SNY announcement, and DeSisto suddenly acquired an actual NDA conflict of interest. A buy out wouldn't do it since that would reduce his NDA exposure. But a new partnership could be a reason for increased NDA exposure. A new TS partnership wouldn't have been a surprise, but a new Afrezza partnership could have been a surprise. Therefore, perhaps we will hear some better news when/if that partnership is announcement. I'm thinking that a Medtronic Afrezza partnership would be the type of event that would cause this type of reaction by DeSisto and MNKD, but that's purely speculative on my part. As I said at the beginning "crazy inferential logic." Many on this Board have hinted that SNY did not like the way Afrezza reduced the sale of basal (Lantus) insulin usage. Maybe so. Why then would an insulin infusion company want to buy a company whose products reduce the infusion of insulin?
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Post by bill on Jan 11, 2016 16:47:58 GMT -5
Here's some crazy inferential logic for you to consider... Duane DeSisto's hiring announcement said that MNKD was prepared to defend him if Insulet pressed an NDA suit, but his hiring was withdrawn for just that reason. It seems unlikely that MNKD was kidding, or that they didn't analyze his NDA agreement correctly, or that Insulet filed a cease-and-desist that surprised MNKD. It also seems unlikely that Duane wanted to back out, and he and MNKD decided the best way to avoid losing face was to blame it on Insulet. Instead, perhaps circumstances changed post the SNY announcement, and DeSisto suddenly acquired an actual NDA conflict of interest. A buy out wouldn't do it since that would reduce his NDA exposure. But a new partnership could be a reason for increased NDA exposure. A new TS partnership wouldn't have been a surprise, but a new Afrezza partnership could have been a surprise. Therefore, perhaps we will hear some better news when/if that partnership is announcement. I'm thinking that a Medtronic Afrezza partnership would be the type of event that would cause this type of reaction by DeSisto and MNKD, but that's purely speculative on my part. As I said at the beginning "crazy inferential logic." Many on this Board have hinted that SNY did not like the way Afrezza reduced the sale of basal (Lantus) insulin usage. Maybe so. Why then would an insulin infusion company want to buy a company whose products reduce the infusion of insulin? There could be a couple of reasons: 1. The Dexcom / Google partnership would be alive and well with Afrezza in the mix. In fact, support from Google may be what it particularly attractive for Dexcom to reach out to MNKD, if they did. 2. Dexcom's CGM might be a device that would become popular for T2s so they could fine-tune their dosing; either as a purchase or a rent/lease. 3. Even if Afrezza reduces the amount of basal insulin needed by T1s, it doesn't eliminate it so it wouldn't cut into sales for that reason; only if patients switched from pumps to injections and CGMs for their basal dosing would it have an adverse affect on pumps. 4. The biggest upside is if Afrezza goes mega-blockbuster and drags CGMs along with them because of Afrezza and the Google instrumentation. The potential huge upside in CGM sales could dwarf the reduction in pumps. The combination of Google, CGMs, and Afrezza could secure a significant market share across all T1s and T2s world-wide over the next ten years. Lots of money to be made if this is done correctly.
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Post by mnkdmorelong on Jan 11, 2016 16:58:28 GMT -5
Many on this Board have hinted that SNY did not like the way Afrezza reduced the sale of basal (Lantus) insulin usage. Maybe so. Why then would an insulin infusion company want to buy a company whose products reduce the infusion of insulin? There could be a couple of reasons: 1. The Dexcom / Google partnership would be alive and well with Afrezza in the mix. In fact, support from Google may be what it particularly attractive for Dexcom to reach out to MNKD, if they did. 2. Dexcom's CGM might be a device that would become popular for T2s so they could fine-tune their dosing; either as a purchase or a rent/lease. 3. Even if Afrezza reduces the amount of basal insulin needed by T1s, it doesn't eliminate it so it wouldn't cut into sales for that reason; only if patients switched from pumps to injections and CGMs for their basal dosing would it have an adverse affect on pumps. 4. The biggest upside is if Afrezza goes mega-blockbuster and drags CGMs along with them because of Afrezza and the Google instrumentation. The potential huge upside in CGM sales could dwarf the reduction in pumps. The combination of Google, CGMs, and Afrezza could secure a significant market share across all T1s and T2s world-wide over the next ten years. Lots of money to be made if this is done correctly. How can Afrezza increase the use of CGM? I can't see T2s doing it. Is there a halo effect from Afrezza being in the lineup? Maybe if it ever delivered blockbuster sales. If it didn't, the CGM company would have burnt 8 figures of dollars. Not worth it.
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Post by greg on Jan 11, 2016 17:00:50 GMT -5
Many on this Board have hinted that SNY did not like the way Afrezza reduced the sale of basal (Lantus) insulin usage. Maybe so. Why then would an insulin infusion company want to buy a company whose products reduce the infusion of insulin? There could be a couple of reasons: 1. The Dexcom / Google partnership would be alive and well with Afrezza in the mix. In fact, support from Google may be what it particularly attractive for Dexcom to reach out to MNKD, if they did. 2. Dexcom's CGM might be a device that would become popular for T2s so they could fine-tune their dosing; either as a purchase or a rent/lease. 3. Even if Afrezza reduces the amount of basal insulin needed by T1s, it doesn't eliminate it so it wouldn't cut into sales for that reason; only if patients switched from pumps to injections and CGMs for their basal dosing would it have an adverse affect on pumps. 4. The biggest upside is if Afrezza goes mega-blockbuster and drags CGMs along with them because of Afrezza and the Google instrumentation. The potential huge upside in CGM sales could dwarf the reduction in pumps. The combination of Google, CGMs, and Afrezza could secure a significant market share across all T1s and T2s world-wide over the next ten years. Lots of money to be made if this is done correctly. I'll add a couple of more reasons: 1. An acquisition would mean the buyer gets 100% of profits from Afrezza, rather than the 65% that SNY was supposed to get. 2. If you're going to get 100% of the profits, wouldn't you rather lose infused insulin sales to another one of your own products than to one that's owned by a completely separate entity?
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