Dallas, Texas 12/27/2013 (FINANCIALSTRENDS) – MannKind Corporation (NASDAQ:MNKD) is an small cap bio tech firm with a market cap of $1.57 billion. Over the past 12 months the stock has posted a huge 129 percent increase in its market value. A small percentage of the sheen in the stock had been shed in the medium term time frame of past 6 months when the stock had shed close to 20 percent. All those troubled days seem to be a thing of the past since the stock has scripted a 6.8 percent increase in the week and month.
This increase has been made possible as the drug maker announced in early December that it is going all out to get approval from FDA for its new genre of treatment for Type 1 and Type 2 diabetes in the form of inhalable insulin powder called Afrezza. MannKind Corporation (NASDAQ:MNKD) has not made any bones of the fact that it expects FDA approval to come by during next spring.
Readers should note that MannKind Corporation (NASDAQ:MNKD) is not the first to go after this kind of treatment for diabetes. Earlier last decade, bio tech giant Pfizer Inc had way back in 2006 had attempted to bring out a inhaling version of diabetes treatment but gave up on it when the treatment was not embraced by doctors.
Post its successful in house tests and phase three trials, MannKind Corporation (NASDAQ:MNKD) had applied for new drug application with Food and Drug Administration in October this year. Post the filing of the application FDA and sought additional test data which would vouch for the drugs efficacy and safety.
Commenting about the application status MannKind Corporation (NASDAQ:MNKD) CFO Matthew Pfeffer has been quoted as saying, “The FDA asked for two new studies to be done, one in Type 1 and one in Type 2. The clinical trial program has been extremely extensive and has already shown important, better benefits with Afrezza.”