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Post by agedhippie on May 14, 2016 17:21:07 GMT -5
Practically every endo office has its own "nurse educator" who instructs patients on how to fo fingersticks, injections, logs, etc. Why not simply hire a single Mannkind "nurse educator" to go around and train all the docs own educators? I recognize that MNKD mentioned they would do other things like seminars, presentations, etc, but, realistically, how many of those kind of activities can you schedule? I mean, they're talking about hiring 30 of these people? That seems to be a bit much to me. "once the doc sees patients doing well and the docs staff participates in training, there may be some type of handoff as the confidence level of the office builds" That's not how the pump and CGM model works if that is what we are copying. The manufacturers retain CDEs who train all new patients, and the doctors staff only get involved for subsequent pump upgrades.
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Post by lakers on May 15, 2016 16:04:42 GMT -5
MNKD 2.0: Financial Keys to Success • Aggressive financial control, with vigorous attention to costs and efficiency throughout organization • Successfully negotiate favorable termination terms with SNY Pg 14
$68M of $150M LOC used so far. The remain will be avail till Q3.
IMHO, a successful settlement entails $180 - $200M cash, plus used $80M 8.5% interest LOC forgiven so that Mnkd can get the proceed from selling the Valencia building ~ $30 M as SoCal real estate mkt is red hot.
To increase leverage Mnkd had to obtain bridge finance and ramps up Afrezza sale in 4Q16.
Signing up regional partners is given, TBA this May hopefully. It'd be nice if announced at ASH.
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Post by buyitonsale on May 15, 2016 16:55:26 GMT -5
This sounds like a mini CC, full of forward looking statements, hopes and nice wishes. Matt would be proud.
Now, back to reality.
SNY will not give us a dime unless they are threatened with legal action but may not even be possible with the way original agreement was structured.
Bridge financing had to be obtained to keep the lights on.
Regional partners that MNKD is working with are obviously sharks (i.e. wrong choice, just like SNY was). Do not make the same mistake twice. Find somebody that thinks we are doing them a favor, not the other way around.
Significant Afrezza sales by 4Q16 is a must have, at least in terms of weekly Rx trends. If we do not have at least 5000K Rx a week by December, it's most likely game over as far as securing additional financing. The only way to ensure that we have those numbers is to give the product away for 0 copay to anybody that is willing to use it (insured or not).
I still cannot believe that there is not a single person out there with means that thinks Afrezza is a solid investment at this market cap. I do not believe for 1 second that BOD would not make some type of deal if the offer was on the table.
To summarize, without any forward looking statements, the results will be in by December 2016 and the margin for error is zero.
Stay tuned...
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Post by bradleysbest on May 15, 2016 16:58:24 GMT -5
FYI, the old MNKD Valencia building on Paine still sits empty with MNKD signs still up....
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Post by agedhippie on May 15, 2016 17:01:14 GMT -5
FYI, the old MNKD Valencia building on Paine still sits empty with MNKD signs still up.... As things stand any funds from selling that building go to Sanofi.
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Post by agedhippie on May 15, 2016 17:38:47 GMT -5
MNKD 2.0: Financial Keys to Success • Aggressive financial control, with vigorous attention to costs and efficiency throughout organization • Successfully negotiate favorable termination terms with SNY Pg 14 $68M of $150M LOC used so far. The remain will be avail till Q3. IMHO, a successful settlement entails $180 - $200M cash, plus used $80M 8.5% interest LOC forgiven so that Mnkd can get the proceed from selling the Valencia building ~ $30 M as SoCal real estate mkt is red hot. To increase leverage Mnkd had to obtain bridge finance and ramps up Afrezza sale in 4Q16. Signing up regional partners is given, TBA this May hopefully. It'd be nice if announced at ASH. Some of this, like maintaining strong controls, I would hope they are doing anyway. The LOC covers Mannkind's share of Sanofi's costs and is not otherwise available to Mannkind. You are looking for a $290M to $310M settlement from Sanofi all told? I can save you the trouble, it's not going to happen. On a good day I think we get $10M and they suspend the interest on the loan. I think 'had to' was meant to be 'have to' obtain bridge finance. I would agree with that although I think it is more likely they will use dilution again. Stepping back for a moment - what is a regional partner going to do for us? At this point I think we are on our own (and I am reasonably ok with that). It's hard to see why anyone would invest at this point given the state of the cash reserves, the level of debt, and the amount of issued stock. It would be a better strategy to wait and see if Mannkind goes bankrupt and then just buy the assets. I expect Deerfield know exactly which rocks to look under in that event.
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Post by biffn on May 15, 2016 18:10:25 GMT -5
Int'l regional partner, and that will happen; no reason not to. Not everyone is a shark when there is a grossly undervalued, unique, and efficacious drug available for a bid. A license to a big distributor is a big competitive advantage. Also, get loose of Sanofi and sue the h-ll out of them.
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Post by agedhippie on May 15, 2016 18:14:20 GMT -5
Int'l regional partner, and that will happen; no reason not to. Not everyone is a shark when there is a grossly undervalued, unique, and efficacious drug available for a bid. A license to a big distributor is a big competitive advantage. Also, get loose of Sanofi and sue the h-ll out of them. Regional international partner makes sense. I got that wrong and thought it meant domestic regional partner. Suing Sanofi is not an option, that right was signed away in the agreement.
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Post by biffn on May 16, 2016 9:25:14 GMT -5
Even if there is language in the original agreement precluding action for breach, it is still worthwhile suing as SNY will not want the sustained smear on its reputation and it is a well deserved smear. Furthermore, SNY's breach was so egregious as to go beyond the expectations of the parties at the time of execution; and this included SNY as the previous CIO intended to perform by the terms and expectations inherent in the agreement.
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Post by mnholdem on May 16, 2016 9:55:07 GMT -5
Bringing a lawsuit against Sanofi would backfire because taking such an action would itself constitute a breach of contract by MannKind Corporation. However, the contract does give either party the right to take a grievance, such as damage caused by a lack of reasonable effort, before an arbitration panel.
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Post by lakon on May 16, 2016 10:25:34 GMT -5
Bringing a lawsuit against Sanofi would backfire because taking such an action would itself constitute a breach of contract by MannKind Corporation. However, the contract does give either party the right to take a grievance, such as damage caused by a lack of reasonable effort, before an arbitration panel. I do not think that a lawsuit or arbitration is worthwhile at this time without substantial evidence of malfeasance by SNY. If MNKD has such evidence, SNY would be playing real nice already. With the Godfather's [Mann] passing, MNKD lost most of their political contacts. Unless consigliere [Kresa] can provide details of the misdeeds, they had better take the deal offered. That is of course assuming that they have not found an American Judge willing to stick it to a French corporation. A favorable ruling from a Judge could allow a lawsuit to proceed outside of contractually obligated arbitration. Perhaps a Judge or Attorney General on Afrezza would see the light... (We need to be thinking about marketing Afrezza, not suing SNY, at this time.)
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Post by edvarney on May 17, 2016 16:47:30 GMT -5
yes, all agree on this issue of Sanofi loan. I believe the point being made here is that Mannkind has this loan facility open until they do terminate totally, and we will not know for awhile on that chosen date, for now though, it is still open and should be accessible to Mannkind !!
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Post by lakers on May 17, 2016 18:22:22 GMT -5
investors.mannkindcorp.com/secfiling.cfm?filingID=1193125-16-583791&CIK=899460There may be disputes between us and Sanofi that may result in the delay of the achievement of regulatory and commercial objectives, or costly litigation or arbitration that diverts our management’s attention and resources; We have sought to develop our other product candidates through our internal research programs. All of our product candidates will require additional research and development and, in some cases, significant preclinical, clinical and other testing prior to seeking regulatory approval to market them. Accordingly, these product candidates will not be commercially available for a number of years, if at all. Further research and development on these programs will require significant financial resources. Given our limited financial resources and our focus on development and commercialization of AFREZZA, we will not be able to advance these programs unless we are able to enter into collaborations with third parties to fund of these programs or to obtain funding to enable us to continue these programs.
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Deleted
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Post by Deleted on May 29, 2016 7:52:22 GMT -5
MNKD expenses are running 10 to 12 mil for a month and I remember Matt saying the new commercial org is gonna cost 20 to 22 mil for the rest of the year.
So am i correct in assuming this 20 to 22 mil is not included in the 10 to 12 mil per month?
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Post by therealisaching on May 29, 2016 12:59:56 GMT -5
MNKD expenses are running 10 to 12 mil for a month and I remember Matt saying the new commercial org is gonna cost 20 to 22 mil for the rest of the year. So am i correct in assuming this 20 to 22 mil is not included in the 10 to 12 mil per month? It's all inclusive. Matt P said cash will get them through Dec and possibly into next year
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