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Post by madog365 on Sept 11, 2017 8:16:57 GMT -5
This is a good news explanation. Ray's experience was limited to one TS application, oncology. Since that segment had not made significant progression as I'm sure he hoped when he joined MNKD, he was no longer the best person to be the CMO over all applications. Ray Urbanski will likely be much happier at an oncology driven company and Mike C will find a better CMO fit. FYI Mannkind sold some of its oncology assets as reported by the latest 10-q, which may also explain one of the reasons Ray wanted to leave. 8. Sale of Intellectual Property On April 12, 2017 the Company entered into an agreement (the “Agreement”) to sell certain oncology assets and patents to Fosun. Fosun is required to pay the Company a one-time nonrefundable payment of $0.6 million (which was received net of taxes in June of 2017), royalties on net sales of products by Fosun and its affiliates and other consideration based on revenues from any licensees. The Company determined that the sale of the assets did not constitute a business and accordingly accounted for the transaction as a sale of assets. The Company evaluated the accounting for the payments received in 2017 under the multiple element accounting guidance and recorded the $0.6 million in payments received in revenue – other in the accompanying condensed consolidated financial statements for the three and six months ended June 30, 2017 as the deliverables under the Agreement were substantially delivered as of June 30, 2017. See Note 1 — Description of Business and Summary of Significant Accounting Policies for additional information on the Company’s accounting for multiple element arrangements. The Company also evaluated the accounting for royalties and other consideration in the Agreement. Since the amount of product that Fosun will ultimately be able to sell upon successfully utilizing this technology is uncertain, no royalty revenue will be recognized until such time when Fosun or its affiliates sell product to a third party and royalties are due to MannKind |
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Post by mnholdem on Sept 11, 2017 8:31:30 GMT -5
I hope Ray did not leave on his own volition, that would not dovetail well with the rosy future many predict for the company. IMO, he was asked to leave, and likely given time to find a position. We'll find out soon enough. I'm pretty sure that the departure of an Officer or Director is a material event that must be reported [5.02] on an 8-K filing. Like I said last week...there had to be an SEC filing forthcoming. |
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Post by sportsrancho on Sept 11, 2017 8:35:38 GMT -5
If he was asked to leave they would have already filled the position. Unless we don't need it?
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Post by mnholdem on Sept 11, 2017 9:40:09 GMT -5
Regardless, I wish Dr. Urbanski good fortune...ESPECIALLY since he was instrumental in obtaining the label change that CEO Castagna stated (at this mornings investor conference) is expected within the next two weeks.
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Post by sportsrancho on Sept 11, 2017 10:00:47 GMT -5
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Post by joeypotsandpans on Sept 11, 2017 10:09:59 GMT -5
Evidentally, Mr. Market gave a big yawn to the news and is moving on to bigger an better things  Best of luck Ray, thanks for your time and efforts, out with the old and in with the new as they say |
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Post by bobbyb on Sept 11, 2017 10:10:12 GMT -5
How do you resign a month after starting your new job? Overall this is probably good news. It makes sense that he would want to leave and mnkd doesn't need to pay any severance expenses.On April 6, 2017, MannKind Corporation (the “Company”) entered into a Change of Control Agreement with each of its executive officers (each, an “Executive”), consisting of: Matthew J. Pfeffer, Michael E. Castagna, David Thomson, Ph.D., J.D., Raymond Urbanski, M.D., Ph.D., Joseph Kocinsky, Rose Alinaya and Stuart A. Tross, Ph.D. The Change of Control Agreement with each Executive provides for the employment of the Executive during the two-year period following a change of control of the Company and certain benefits during that period. Each Change of Control Agreement provides that during the two-year period following a change of control of the Company, the Executive will (i) have a position and duties commensurate to those of the Executive prior to the change of control, (ii) perform his or her services at the same work site as before the change of control, (iii) receive an annual base salary at least equal to the Executive’s annual base salary in effect during the year in which the change of control occurs, (iv) be eligible for an annual performance-based bonus equal to the average annual bonus paid or payable to the Executive for the three years prior to the change of control and (v) receive other benefits. In addition, each Change of Control Agreement provides that in the event the Executive’s employment is terminated other than for cause or if the Executive resigns for good reason during the two-year period following a change of control of the Company ( or prior to, but in anticipation of, a change of control of the Company), the Executive will be entitled to certain severance benefits, consisting of (i) the continuation of base salary for 18 months following the date of termination, (ii) the payment of an amount equal to 1.5 times the average annual bonus paid or payable to the Executive for the three years prior to the change of control, (iii) a pro rated annual bonus amount for the current year if the performance criteria for earning such bonus is met or if the Company’s board of directors determines that all such criteria could have been satisfied if the Executive remained employed for the full fiscal year, (iv) health and dental insurance benefits for up to 18 months following the date of termination, (v) the immediate vesting of all of the Executive’s equity awards and (vi) the extension of the time to exercise vested stock options following the date of termination. |
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Post by careful2invest on Sept 11, 2017 10:10:36 GMT -5
If he was asked to leave they would have already filled the position. Unless we don't need it? Mike explained how MNKD is focusing on endocronology more than oncology now so that pretty much explains the departure. Hopefully, if they feel the need to replace him, they replace him with a powerhouse in Endocronology. Although, I do not think that MNKD knew about him leaving with much, if any, advance notice or they probably would not have had his photo and bio on one of the slides in this presentation. Announcing a CMO and in the next sentence explaining that he resigned was not ideal. Overall, a positive presentation, IMHO, but still want more... |
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Post by Deleted on Sept 11, 2017 10:16:35 GMT -5
Dr Urbanski left to pursue his passion; oncology. His move will benefit mankind.
Good for him!
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Post by lakon on Sept 11, 2017 11:25:36 GMT -5
My view is out with the old and in with the new. MNKD needs young guns who have the energy, time, and willingness to shake things up and change the world. A focus on endocrinology sounds great to me. I would like to see MNKD usher in a Golden Age of Endocrinology...hormone replacement therapies, organ replacements, regenerative medicine, better understanding of cellular biology and biological cellular communications, and human programming...
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Post by peppy on Sept 11, 2017 14:05:01 GMT -5
SEC filing today: Urbanski resigned! On September 8, 2017, Raymond W. Urbanski, M.D., Ph.D., our Corporate Vice President, Chief Medical Officer, informed us of his decision to resign his employment with MannKind Corporation, effective September 29, 2017, in order to pursue his passion for oncology at another company. Quote: in order to pursue his passion for oncology at another company. reply: I do not know what there is to be passionate about in oncology.
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Post by sportsrancho on Sept 11, 2017 14:10:10 GMT -5
SEC filing today: Urbanski resigned! On September 8, 2017, Raymond W. Urbanski, M.D., Ph.D., our Corporate Vice President, Chief Medical Officer, informed us of his decision to resign his employment with MannKind Corporation, effective September 29, 2017, in order to pursue his passion for oncology at another company. Quote: in order to pursue his passion for oncology at another company. reply: I do not know what there is to be passionate about in oncology.
Its not you it's me. Ha Maybe to fast paced now...🤧I don't think it passes the sniff test:-) |
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Post by mytakeonit on Sept 11, 2017 15:21:02 GMT -5
I feel that with the bulk of the work done and MNKD headed into the soon to be announced plan ... Dr. Urbanski feels that now he can "pursue his passion for oncology".
Thank you Dr. Urbanski !!!
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Post by joeypotsandpans on Sept 11, 2017 15:34:43 GMT -5
SEC filing today: Urbanski resigned! On September 8, 2017, Raymond W. Urbanski, M.D., Ph.D., our Corporate Vice President, Chief Medical Officer, informed us of his decision to resign his employment with MannKind Corporation, effective September 29, 2017, in order to pursue his passion for oncology at another company. Quote: in order to pursue his passion for oncology at another company. reply: I do not know what there is to be passionate about in oncology.
That actually would be my oldest son as well, he is very passionate about his specialty, not so much from the clinical side but absolutely from the research side...he spent a year at NIH working with the very physicians that are in this documentary: clinicalcenter.nih.gov/ocmr/firstinhuman/index.html ...it is a very deep rooted and compassionate network of physicians when it comes to oncology especially with children. They are very very dedicated doctors, where they are far less concerned about the $$$ they will make compared to the progress they will make against the diseases. I can fully understand if that was truly Ray's motive. |
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Post by qwertqwert on Sept 11, 2017 15:36:59 GMT -5
In past calls Urbanski's replies to questions seemed like everything was on the back-burner, nothing imminent. He sounds smart, but not driven to do more than he has to. On to the next stepping stone, you probably know someone at your workplace like this, they're everywhere.
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Best of luck Ray, thanks for your time and efforts, out with the old and in with the new as they say 
