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August 12, 2010
MannKind and Seaside 88?
Posted by Derek
Readers may remember Generex, the company that's developing a buccal insulin spray. I'm not sold on their technology or their prospects, to put it mildly. In this post I took a look at the investment outfit that did a stock transaction with the company, and found them not to my taste, either.
Well. . .now to MannKind. They've been developing an inhaled insulin formulation (not a buccal spray, I hasten to add) for a long time now. Everyone who's ever worked in the area has had to be in it for the long haul, as the Pfizer/Exubera story will show. It has been long, and it has been expensive, and there have been worries that MannKind might not have enough money to stay the course. They've been seeking a partner for some time now.
Back in March the company got a response from the FDA about the prospects for the drug, which had been delayed. The agency has recently accepted the company's NDA resubmission, with a decision due by the end of the year.
But now comes news that the company is doing a stock-swap deal involving Seaside 88. Given how Seaside 88 looks on close inspection (see that link in the first paragraph), I find it hard to imagine that they'd be anyone's first choice for financing. I have no stock or option position in MannKind - long or short. But if I were long the company, this news would not be making me happy.
Comments (7)
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1. HelicalZz on August 12, 2010 11:02 AM writes...
I agree with your closing sentiment. The company has long hinted that there was partnership interest waiting on the regulatory picture to clear. Was the resubmission of the NDA not clarifying enough? I think the recent financing move is quite telling for investors that have been waiting on some form of a partnership announcement post NDA submission.
Zz
Permalink to Comment2. Jack Handey on August 12, 2010 6:04 PM writes...
Maybe in order to understand MannKind's business decisions, we have to look at the name of the company itself. Basically, its made up of two separate words: "MannK" and "ind". What do these words mean? Its a mystery, and that's why this deal looks so questionable.
Permalink to Comment3. Hap on August 12, 2010 6:04 PM writes...
Considering this comment and the less-than-stellar background of Seaside 88, I wouldn't want to be long on Mannkind either. If they're all you could get to fund you, well either you're not too picky or your prospects are not so good, or no one knows anything, I guess, which is possible too.
Permalink to Comment4. Molly on August 13, 2010 3:50 PM writes...
As a person with diabetes who has researched and followed Generex Oral-Lyn for a long time, I am curious whether your skepticism is from an investor standpoint, or whether you have medical concerns? My physician, who is in a high position at a major university hospital, has told me Oral-Lyn is safe and I am in the process of becoming enrolled under the FDA's Investigational New Drug program under which FDA approved Oral-Lyn to be prescribed even prior to completion of what appears to be the very positive Phase III trial. The disconnect between the FDA's action and physicians' opinions of safety, on the one hand, and skepticism of persons such as yourself, on the other, confuses me and I would genuinely appreciate your thoughts. Thank you.
Permalink to Comment5. hibob on August 14, 2010 1:57 PM writes...
@Jack #2 origin of Mannkind:
"If there's one thing you can say about Mankind
There's nothing kind about man
You can drive out nature with a pitch fork
But it always comes roaring back again"
-Tom Waits "Misery is the River of the World", Blood Money (2002).
@Molly #4: Generex is not just a sketchy penny stock, their clinical trials are a sick joke. Derek's first link (to a previous post) explains why.
Permalink to Comment6. mariage on September 24, 2011 11:55 AM writes...
Content "MannKind and Seaside 88?. In the Pipeline:" bookmarked. Thankfully.
Permalink to Comment7. Hermelinda Whigham on March 1, 2012 2:23 PM writes...
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