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Post by blindhog1 on May 10, 2016 16:49:25 GMT -5
On May 9, we announced a common stock financing of MannKind. We timed this financing to coincide with the first quarter earnings call, so that we could announce and discuss it live. A last minute change to the document just prior to the start of the call caused the signoff to occur shortly after the call ended, despite our attorney’s efforts.
Over the past several months, we have been open about our financial condition and the many avenues being explored to obtain financing. My goal was to realize one of those options which would be minimally dilutive or not dilutive at all. But such deals, including several on-going international discussions that I have mentioned before, take time to structure and negotiate, none of which were able to meet our timeline to close and announce by our first quarter earnings call.
Our decision to execute the financing announced yesterday was in line with the company’s priority to ensure financial runway for our commercial strategy and product development efforts. In parallel, we continue to pursue a multinational expansion strategy for Afrezza, in particular with countries who offer attractive funding opportunities and potential for the product. With funding to aggressively execute on our commercial strategy in 2016, we can engage in these other discussions with more flexibility.
The important messages from yesterday’s call, which were overshadowed by news of our financing, are that, in what I am sure is unprecedented time, we successfully transferred Afrezza back to MannKind, initiated product manufacturing of our new MannKind branded product, and began building a world class commercial organization. We have also done extensive work with insurers and believe we are on a path to greatly improve access for patients. We have listened carefully to supportive doctors and patients and begun to introduce new packaging to better address their needs and make it easier for them to be successful with Afrezza from the start. We announced that our team of diabetes nurse educators will be in the field as quickly as this month, and that we would be attending ADA in force, with a booth and six important presentations. We announced that our field sales force would be calling on doctors as soon as the end of June, and that our own MannKind branded product would start to be available as quickly as July.
I believe all our accomplishments, and the speed with which we have accomplished them, are truly amazing. I applaud the many MannKind employees whose hard work has made this possible and am looking forward to reporting our progress.
Included with our formal presentation at the shareholder meeting next week, there will be a special tribute to our founder, namesake, and inspiration, Al Mann. I am certain he would be proud of what we have accomplished, and where we are going with Afrezza.
Best,
Matt
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Post by uvula on May 10, 2016 16:55:51 GMT -5
where did this come from?
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Post by blindhog1 on May 10, 2016 16:57:51 GMT -5
where did this come from? MannKind Website under spotlight  |
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Post by victoria on May 10, 2016 17:02:57 GMT -5
Glad Matt wrote this.
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Post by sluggobear on May 10, 2016 17:03:42 GMT -5
They have runway now. Maybe this new commercial plan will work well right away. We can only hope.
I sure wish there was a way they could go "Trump-wise" in the national media i.e. figure out some extremely news-worthy approach to the re-launch. Get Hillary Clinton to take notice for some free press maybe? I wrote a note to her campaign describing Mannkind's Afrezza as an excellent example of how she might extol the importance of American innovation and ingenuity in the Pharma business, and the need for this in fighting diabetes, so that she might undo some of the damage of her last year's (deserved) criticism of Shkreli price-gouging.
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Post by sluggobear on May 10, 2016 17:04:08 GMT -5
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Post by Deleted on May 10, 2016 17:05:11 GMT -5
Can anyone give me Matt's email?
Honestly I dont know how he does this job. A good portion of shareholders of this company have the intelligence of a fruit fly. He must be like WTF from some of these emails. He is running a company and he has to play therapist because so many investors from the community thought they were getting rich with a $500 share price. Its mind boggling that they just extended the life of the company and we dropped 30%. I was a buyer today. May come down more tomorrow and will buy more. I am swinging for the fences and possibly a divorce if this goes the wrong way lol
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Post by cgiscgis on May 10, 2016 17:06:37 GMT -5
Will this help getting us over $1? Not sure to be honest.
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Post by Deleted on May 10, 2016 17:06:49 GMT -5
where did this come from? MannKind Website under spotlight 8-) Nice find, thanks for posting. |
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Post by rvc on May 10, 2016 17:08:21 GMT -5
I guess Matt's definition of 'minimally dilutive' is different than mine. Currently, the secondary, if executed, will be about 12.5% of the current float, and that's if they get 1.03 per share, which I doubt. Given that, his mistake was to give investors hope that cash could be raised without a secondary, when it was apparent that one was coming.
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Post by liane on May 10, 2016 17:08:43 GMT -5
mpfeffer@mannkindcorp.com
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Post by nylefty on May 10, 2016 17:19:28 GMT -5
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Post by uvula on May 10, 2016 17:23:07 GMT -5
Can anyone give me Matt's email? Honestly I dont know how he does this job. A good portion of shareholders of this company have the intelligence of a fruit fly. He must be like WTF from some of these emails. Does anyone else appreciate the irony of this posting? |
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Post by ilovekauai on May 10, 2016 17:24:36 GMT -5
Nice job by Matt; he didn't have to write this letter. IMO, shows he's sincere about transparency. Mahalo to Matt and to you for posting this!
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Post by rickf on May 10, 2016 17:39:29 GMT -5
Nice job by Matt; he didn't have to write this letter. IMO, s hows he's sincere about transparency. Mahalo to Matt and to you for posting this!I totally agree. I am BIG TIME underwater and really think that if Matt is given a reasonable amount of time to execute - all will be ok! |
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