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Post by mnholdem on Feb 22, 2020 22:12:57 GMT -5
Also, it's a valid argument that poor patient retention has been affected by the premium price that MannKind has elected. Winning BPM coverage any time soon is problematic. Fortunately Afrezza is so good that many would pay out of pocket when denied coverage...if they could afford it.
They simply can't afford it.
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Post by mnholdem on Feb 22, 2020 22:02:43 GMT -5
Correct! Afrezza is profitable. Unfortunately, the company needs the generate considerably greater sales volume just to cover Sales, General and Administrative (SG&A) expenses. I have been doing the math for many years.  |
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Post by mnholdem on Feb 22, 2020 21:41:59 GMT -5
Why in the world would I edit your words?
Anyway, I happen to know what the cost to manufacture Afrezza is. In, fact, I'll bet that several long term stockholders besides me remember how Pfeffer inadvertently disclosed it and later admitted his slip. I had nearly nailed it anyway because one of companies in the group I work for manufactures medical-grade plastics and devices.
Sell Afrezza at a loss? Laughable. With a 40% retail reduction, MannKind COGS would still be generating a healthy margin.
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Post by mnholdem on Feb 22, 2020 21:25:08 GMT -5
Yes and 40%...minimum. That's not how I'd make Afrezza a blockbuster though. That would have been only the beginning.
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Post by mnholdem on Feb 22, 2020 13:32:13 GMT -5
What pisses me off about all this? Sanofi priced Afrezza at what I thought at the time was an astronomical price. 2-3 months later, the Big 3 all raised their RAA prices to approximately the same level.
I had hoped that after Sanofi ended its deal with MannKind that the price of Afrezza would be restored to what Al Mann had initially suggested.
That didn’t happen and another huge opportunity was lost by management.
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Post by mnholdem on Feb 21, 2020 17:59:02 GMT -5
Well, sorry to rain on this parade and I am happy if LeAnne or anybody gets a good job! And yes she is a very nice person and helped diabetis patients and Afrezza a lot over many years! But wasn't VDex the company trying unsuccessfuly to blackmail Mannkind into some preferred status and their contribution to this company welldoing is almost neglectible so far? So I might even call them evil! LeAnne also repeatedly advocated short term goals as an investment strategy regarding Mannkind if I remember correctly (apologies if I got that wrong) Interesting perspective, since we now know that the CEO proposed to buy into this "evil" Vdex. Are we to assume that their "almost neglible" contributions you refer to were the deals to sell Afrezza to countries in the MidEast with Vdex doing the training? Or are you referring to the treatment protocol that Vdex developed that resulted in a terrific retention rate or the white papers that far exceed anything published from corporate? Like LeAnne, for years I also advocated to many, many people to load up on MNKD shares. I repeated the phrase, "the science will prevail" more times than I can remember. I still believe in the science - and Vdex has validated my beliefs with their works - but I've since learned that great technology, science and medical can be hindered by an ineffectual and inexperience CEO. So far, Vdex management has a better scorecard than MannKind in my opinion. Of course you are entitled to yours as well. Good fortune to you. |
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Post by mnholdem on Feb 21, 2020 7:21:12 GMT -5
Congratulations, LeAnne!  |
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Post by mnholdem on Feb 21, 2020 7:20:16 GMT -5
Steve and Bill....I immensely appreciate all of your very hard work to try and make Afrezza and MNKD a success. I know how frustrating it’s been for me watching my investment of four years disintegrate. You have far more invested than I do, and in many more ways than big money itself. I can only imagine your frustration.
Sports, thank you so much for your efforts over the years. I knew from when I first saw your posts here years ago, what a sincere, caring, and wonderful person you are. Regarding MNKD and Afrezza, no one else here or on any media I’m aware of, has come close to your efforts trying to make Afrezza a success as you have. And you did this all because you personally saw how well Afrezza helped others. You did this all without any pay while struggling with your own life as we all do. And you always appeared on your outside to somehow be focused with a positive attitude.Many thanks to you all for a glimpse into what it looks like inside this company I invested so much into. I now have a much better picture. It’s certainly not beautiful, but neither was it when I was a young kid and a neighbor told me there was no such thing as Santa Clause. Thanks again. Be well my friends. Apparently, Vdex agrees with you, brotherm1. Late yesterday, they contacted me and requested that I post the following announcement about the newest addition to their management team:  |
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Post by mnholdem on Feb 20, 2020 18:57:36 GMT -5
Nah!  |
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Post by mnholdem on Feb 19, 2020 14:46:39 GMT -5
However, MannKind can provide information to physicians about where these FEV-1 instruments may be purchased. As I recall, Alfred Mann worked out a low-cost deal with a reputable manufacturer and that information was included in the sales packet. The equipment was limited to specific testing and much cheaper than advanced spirometry instruments. |
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Post by mnholdem on Feb 19, 2020 14:29:26 GMT -5
I understand that there have been some modifications to the device that would enable it to transmit the cartridge size being inhaled. That would be essential for future apps, I would think.
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Post by mnholdem on Feb 19, 2020 14:24:27 GMT -5
Frankly, mango, I am not familiar with how you would provide any evidence that is more substantial than a first-hand witness, unless it's several witnesses, such as those parties that were allegedly negotiating a deal with the CEO. Do you need notarized affidavits to be secured and published before considering the validity of the events that were reported? If so, then well done! If fact, if I were on the Board of Directors and claims were made against an Officer, I would ask for precisely that! However, here's the rub. I suspect that McCulloch does have substantial and tangible evidence which support these claims of alleged misconduct by the CEO. He'd be a complete moron to publicize these events without it. If it were me, I would be certain to have all my affidavits, documents and all other essentials in hand which would be needed to both support my case and to defend myself against retaliation if needed. However, I certainly would NOT divulge my evidence to anyone except to the Board of Directors. The last thing I would permit is to allow my witnesses to become subject to threats or intimidation. --- I think that the evidence provided to stockholders, thus far, has come largely from the first-hand accounts of the one witness who agreed that it should be publicized, in spite of his allegedly already having been threatened himself. To your point, I would ask the Board to substantiate these claims at its earliest opportunity. |
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Post by mnholdem on Feb 19, 2020 13:23:29 GMT -5
I’m positive a few posters are determined to trash the stock, the management, and other investors. How’s that for a positive post? Hmmm... tough call, but I'm calling that not positive  Are you positive that was a negative? |
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Post by mnholdem on Feb 18, 2020 23:06:23 GMT -5
I think it's highly unlikely that we would hear public statements from current/former officers, directors and/or managers of MannKind Corporation primarily because that have signed non-disclosure agreements. HOWEVER, that does not mean that the Board of Directors is barred from questioning current and former employees pertaining to the conduct of an employee facing disciplinary action, for example. An NDA would also be ineffectual in a situation where a former officer is required to appear before a judge/jury. I suspect that is why Bill McCulloch is not intimidated by any threats of legal actions by MannKind's CEO. There may be some C-Level witnesses that Mike would not want to testify.
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Post by mnholdem on Feb 18, 2020 22:00:40 GMT -5
Whenever I read certain types of disclosure of information, such as that just published by a Vice President of Vdex Diabetes, it reminds me precisely why the Board of Directors of a company like MannKind Corporation takes the time and effort of writing a company Code of Conduct and/or Code of Ethics. Many years ago, when founder Alfred E. Mann was CEO of MannKind Corporation, the board did precisely that. Link: www.mannkindcorp.com/Collateral/Documents/English-US/Code%20of%20Business%20Conduct%20and%20Ethics.pdfThe MANNKIND CORPORATION CODE OF BUSINESS CONDUCT AND ETHICS is, I believe, given to every employee of the company when they are hired. In addition, the Board of Directors ensures that a link is provided for access to the policy by shareholders and the public. The corporate COBCAE is quite emphatic about who the Code applies to and the disciplinary actions that may be taken for any violations. Introduction [excerpt]
We expect every employee, officer and director to read and understand the Code and its application to the performance of his or her business responsibilities. References in the Code to employees are intended to cover officers and, as applicable, directors. Officers, managers and other supervisors are expected to develop in employees a sense of commitment to the spirit, as well as the letter, of the Code.
Violations of the Code will not be tolerated. Any employee who violates the standards in the Code may be subject to disciplinary action, which, depending on the nature of the violation and the history of the employee, may range from a warning or reprimand to and including termination of employment and, in appropriate cases, civil legal action or referral for criminal prosecution.
1. Honest and Ethical Conduct
It is the policy of MannKind to promote high standards of integrity by conducting our affairs in an honest and ethical manner. The integrity and reputation of MannKind depends on the honesty, fairness and integrity brought to the job by each person associated with us. Unyielding personal integrity is the foundation of corporate integrity.
If the allegations made against the CEO by Vdex are accurate the CEO's actions would, quite possibly, have disciplinary and possibly legal ramifications. 13. Confidentiality [excerpt]
One of our most important assets is our confidential information. As an employee of MannKind, you may learn of information about MannKind that is confidential and proprietary. You also may learn of information before that information is released to the general public. Employees who have received or have access to confidential information should take care to keep this information confidential.
In addition, because we interact with other companies and organizations, there may be times when you learn confidential information about other companies before that information has been made available to the public. You must treat this information in the same manner as you are required to treat our confidential and proprietary information. Perhaps the most obvious case of potential violation by CEO Castagna occurred on June 22, 2019 when he published a letter addressed to ProBoard-MNKD members after Vdex publicized its grievances against the CEO. ProBoards security records indicate that CEO Castagna deleted that letter and other posts on September 2 but copies had been retained by several members and reposted on another stock discussion board/forum (StockTwits). In one of those deleted posts, the CEO disclosed a specific number of prescriptions written by Vdex Diabetes Centers. Vdex Diabetes later contested that number, but the essence of the matter is that the CEO's public disclosure of confidential Vdex information was a violation of Code 13 as explained above and, by taking such foolish action, CEO Castagna may have exposed the company to legal actions. You should also take care not to inadvertently disclose confidential information. Materials that contain confidential information, such as memos, notebooks, computer disks and laptop computers should be stored securely. Unauthorized posting or discussion of any information concerning our business, information or prospects on the Internet is prohibited. You may not discuss our business, information or prospects in any “chat room," regardless of whether you use your own name or a pseudonym. Be cautious when discussing sensitive information in public places like elevators, airports, restaurants and “quasi-public” areas within MannKind, such as lunchrooms. All MannKind emails, voicemails and other communications are presumed confidential and should not be forwarded or otherwise disseminated outside of MannKind, except where required for legitimate business purposes. In my opinion, social media can be a powerful and valuable tool when properly wielded by a publicly-held corporation. However, this CEO may have been reckless in his use of the internet, emails and "chat rooms". Although I am not privy to specific emails sent to shareholders by MannKind's CEO it seems logical, simply due to the large number of shareholders that support the activist shareholder group HopeForMannkind (HfM), that officials of HfM have been given access to email messages that were mentioned in the Vdex VP post (above). The CEO, Officers and Directors are not exempted from this section of the corporate COBCAE, unless they notify shareholders of a change as specified in the Code: 15. Waivers
Any waiver of this Code for executive officers (including, where required by applicable laws, our principal executive officer, principal financial officer, principal accounting officer or controller (or persons performing similar functions)) or directors may be authorized only by our Board of Directors or, to the extent permitted by the rules of Nasdaq, a committee of the Board and will be disclosed to stockholders as required by applicable laws, rules and regulations.
To my knowledge, no waiver has been disclosed to stockholders by company management or its Board of Directors, indicating that either CEO Castagna or the Board of Directors may have acted in violation of the Code. However this, too, is a bit of a grey area because of Section 14: 14. Media/Public Discussions
It is our policy to disclose material information concerning MannKind to the public only through specific limited channels to avoid inappropriate publicity and to ensure that all those with an interest in the company will have equal access to information. All inquiries or calls from the press and financial analysts should be referred to the Chief Executive Officer, Chief Financial Officer or the Chief Operating Officer. We have designated these individuals as our official spokespersons for financial matters, marketing, technical and other related information. Unless they have made a specific exception, these designees are the only people who may communicate with the press on behalf of MannKind. You also may not provide any information to the media about us off the record, for background, confidentially or secretly.
Clearly, the CEO is an authorized spokesman for the company, but Section 14 seems to focus on communicating with the press and NOT in chat rooms. It depends how the board interprets the two sentences within section 13 that I've highlighted in red (above). The first sentence states that only authorized individuals may post company information on the internet. The 2nd sentence, however, could be interpreted to mean that even these authorized spokespersons may NOT discuss company business, information or prospects in any “chat room". Regardless, if the intent of this Code is "to avoid inappropriate publicity", the company CEO's conduct should prevent this from happening. It would seem that his actions have had the opposite effect and have potentially harmed the image of the company and possibly harmed the expansion of business opportunities. That would be up to the board to determine. Frankly, I pay attention to the amount of public ridicule generated by the CEO's Halloween costume, for example. That may seem frivolous to some but a person in the CEO's chair has to be aware at all times about the potential repercussions - good or bad - that stem from their conduct. |
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