Mannkind and the Trail of Breadcrumbs
Nov 29, 2017 16:27:20 GMT -5
sportsrancho, kc, and 11 more like this
Post by madog365 on Nov 29, 2017 16:27:20 GMT -5
Apologize in advance for the length of this post, for those interested I've compiled some quotes from this year that pertain to global expansion, recapitalization, and the upcoming vote:
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8/10 Q2 Earnings Call:
Castagna’s first call as CEO
“So with that, you saw that, this afternoon, we announced our withdrawal from the TASE Stock Exchange. We're doing this for a couple of reasons. We want to simplify our filings, we want to reduce our expenses, and also, this frees up 10 million preferred shares.”
“So when we think about international markets, earlier this year when the commercial growth wasn't clear to everybody it’s was very hard to think about the right balance of a deal. Now that we have shown our first quarter behind us and its public we can start to show the early success of our commercial team so that the potential deal outside the U.S. can see that when we put the resources appropriately against this and the limited resource that we have and get the kind of growth we’re getting and continue that growth quarter-over-quarter.
That will really help solidify some of the deals we’ve been working on. Obviously different markets around the world have dramatically different price points, but we are and have been and we’ll continue to talk to various partners in key markets.”
---
9/25 Cantor Fitzgerald Conference:
Castagna Presenting a slide titled “Global expansion focus for Afrezza, >50% of the World Population”
“So we talked about international deals, they haven’t given full perspective on what our strategy is here. And our perspective here is, we really want to get Afrezza to the world’s population. If you just take on India for a second, there’s 80 million people with diabetes with an average A1C of 10. How do we help those patients? How do you think about dosing? There are different challenges in some of these international markets.
…But we are targeting getting Afrezza filed an approval in these near-term markets. And obviously, as we go forward, we’ll continue to expand our presence in other markets, but these are the near-term focus. Some of these, we will file through partners and some of them we will do ourselves. And so we’ll continue to bring clarity to that as we move forward.”
---
11/7 Q3 Earnings Call:
Steven Binder says “we efficiently use our available authorized shares to raise money and restructure debt leaving 4 million authorized shares available for deployment. These are all very positive developments in our ongoing recapitalization plan, however, we are still working on additional actions to recapitalize the company. The actions just summarized do not represent the end to our plans to restructure our debt and secure additional funding.
Castagna says "I'll just close out with one more question because I know it's a question I've seen multiple places and I just want to put it to bed. I hear a lot of questions on where's UAE. There was originally at the end of the table with one partner for just one country with the CEO switch. We are looking for strategic partners around sections of the world so for example signing 20 partners off to run 20 different countries in the Middle East would create 20 different confusing points of contact for our company versus finding one strategic partner for making up the Middle East plus India. So our main focus is finding the right partners to move Afrezza around the world, who are going to make the investments to make sure it's successful and we're going to make a difference in those countries where it does not exist or they are under-treated because of cost or other reasons. "
---
11/19 in an Interview with the Motley Fool :
"The purpose of the 140 million --- there is no right or wrong number. You could have went for 20 million. you could have went for 200 million. There are 140 million outstanding shares now, so we're just increasing that count to 280 million. The reality is that if you want to make an acquisition, you have to have shares. If you want to continue to expand the company, you might need shares available to do things. To do partnerships, you could need shares, to bring in an ownership in the company.
So we only have 4 million shares left. That's not in the interest of shareholders to run a company and have zero options on the table if things pop up over the next two to three years. So what I didn't want to do, honestly, is say I want 20 million shares and everybody says, "Oh, we have 10% dilution coming." You needed to have a number that was reasonable but not too absurd. I think that's what's important.
We think we're doing the prudent thing by asking for more than we need. Over the next three to five years, we should put those shares to good use. When you think about 140 million, we don't need all those shares tomorrow. That's a misperception a lot of people have.
Less than 2 weeks after earnings:
“I think it's a good value today. If I could buy more, I would.”
“We filed in Brazil. We will file by ourselves in some markets like Canada. And we'll evaluate Europe and Australia. And then we'll partner in markets like China, the Middle East, and India and Japan. And so as you look out, those are some of the ways we continue to expect to bring in revenue and royalties in the future that will create more value for our shareholders.”
-M
---
8/10 Q2 Earnings Call:
Castagna’s first call as CEO
“So with that, you saw that, this afternoon, we announced our withdrawal from the TASE Stock Exchange. We're doing this for a couple of reasons. We want to simplify our filings, we want to reduce our expenses, and also, this frees up 10 million preferred shares.”
“So when we think about international markets, earlier this year when the commercial growth wasn't clear to everybody it’s was very hard to think about the right balance of a deal. Now that we have shown our first quarter behind us and its public we can start to show the early success of our commercial team so that the potential deal outside the U.S. can see that when we put the resources appropriately against this and the limited resource that we have and get the kind of growth we’re getting and continue that growth quarter-over-quarter.
That will really help solidify some of the deals we’ve been working on. Obviously different markets around the world have dramatically different price points, but we are and have been and we’ll continue to talk to various partners in key markets.”
---
9/25 Cantor Fitzgerald Conference:
Castagna Presenting a slide titled “Global expansion focus for Afrezza, >50% of the World Population”
“So we talked about international deals, they haven’t given full perspective on what our strategy is here. And our perspective here is, we really want to get Afrezza to the world’s population. If you just take on India for a second, there’s 80 million people with diabetes with an average A1C of 10. How do we help those patients? How do you think about dosing? There are different challenges in some of these international markets.
…But we are targeting getting Afrezza filed an approval in these near-term markets. And obviously, as we go forward, we’ll continue to expand our presence in other markets, but these are the near-term focus. Some of these, we will file through partners and some of them we will do ourselves. And so we’ll continue to bring clarity to that as we move forward.”
---
11/7 Q3 Earnings Call:
Steven Binder says “we efficiently use our available authorized shares to raise money and restructure debt leaving 4 million authorized shares available for deployment. These are all very positive developments in our ongoing recapitalization plan, however, we are still working on additional actions to recapitalize the company. The actions just summarized do not represent the end to our plans to restructure our debt and secure additional funding.
Castagna says "I'll just close out with one more question because I know it's a question I've seen multiple places and I just want to put it to bed. I hear a lot of questions on where's UAE. There was originally at the end of the table with one partner for just one country with the CEO switch. We are looking for strategic partners around sections of the world so for example signing 20 partners off to run 20 different countries in the Middle East would create 20 different confusing points of contact for our company versus finding one strategic partner for making up the Middle East plus India. So our main focus is finding the right partners to move Afrezza around the world, who are going to make the investments to make sure it's successful and we're going to make a difference in those countries where it does not exist or they are under-treated because of cost or other reasons. "
---
11/19 in an Interview with the Motley Fool :
"The purpose of the 140 million --- there is no right or wrong number. You could have went for 20 million. you could have went for 200 million. There are 140 million outstanding shares now, so we're just increasing that count to 280 million. The reality is that if you want to make an acquisition, you have to have shares. If you want to continue to expand the company, you might need shares available to do things. To do partnerships, you could need shares, to bring in an ownership in the company.
So we only have 4 million shares left. That's not in the interest of shareholders to run a company and have zero options on the table if things pop up over the next two to three years. So what I didn't want to do, honestly, is say I want 20 million shares and everybody says, "Oh, we have 10% dilution coming." You needed to have a number that was reasonable but not too absurd. I think that's what's important.
We think we're doing the prudent thing by asking for more than we need. Over the next three to five years, we should put those shares to good use. When you think about 140 million, we don't need all those shares tomorrow. That's a misperception a lot of people have.
Less than 2 weeks after earnings:
“I think it's a good value today. If I could buy more, I would.”
“We filed in Brazil. We will file by ourselves in some markets like Canada. And we'll evaluate Europe and Australia. And then we'll partner in markets like China, the Middle East, and India and Japan. And so as you look out, those are some of the ways we continue to expect to bring in revenue and royalties in the future that will create more value for our shareholders.”
-M
