MannKind Corporation (NASDAQ:MNKD) shares rose 9.80% to $1.66 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.67 to $6.50. The company has a market cap of $155 million at 95.78 million shares outstanding.
In a press release, MannKind Corporation announced that it entered into a supply and distribution agreement for the commercialization of AFREZZA with Biomm SA. Under this agreement, Biomm will be responsible for preparing and filing the necessary applications for regulatory approval of AFREZZA, including from the Agência Nacional de Vigilância Sanitária and, with respect to pricing matters, from the Camara de Regulação de Mercado de Medicamentos.
Upon approval from these regulators, MannKind Corporation willmanufacture and supply AFREZZA to Biomm, and Biomm will be responsible for promoting and distributing AFREZZA within Brazil.
“We are pleased to partner with Biomm to bring Afrezza to the Brazilian diabetes market,” said Michael Castagna, CEO of MannKind Corporation. “Our founder, Alfred Mann, had a vision to reduce the global burden of diabetes through novel technologies. In 2015, more than 14 million people were estimated to have diabetes in Brazil. Given Biomm’s presence and knowledge of the diabetes market in Brazil, we believe that Biomm is the ideal partner to reach healthcare providers and patients with the message that there is another potential option in their fight against diabetes.”
MannKind Corporation is a biopharmaceutical company that is focused on the discovery and development of therapeutic products for diseases, such as diabetes. Its product candidate is AFREZZA, which is an inhaled insulin used to control high blood sugar in adults with type I and type II diabetes and helps in glycemic control.
AFREZZA consists of a dry formulation of human insulin delivered from a portable inhaler. AFREZZA utilizes its Technosphere formulation technology. Technosphere is a drug delivery platform that may allow the oral inhalation of a range of therapeutics. Technosphere powders are based on the company’s fumaryl diketopiperazine, which is a potential of Hydrogen (pH)-sensitive organic molecule that self-assembles into small particles under acidic conditions.
The company has also created a range of breath-powered, dry powder inhalers. Its inhalers can be produced in both a reusable (chronic treatment) and a single-use (acute treatment) format.