MannKind Corporation (NASDAQ: MNKD) is having a great start in today's trading session, and for good reason. Yesterday, the company announced that it has brought in a new Chief Commercial Officer, exciting investors and leading to gains. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:10), MNKD is trading at $1.39 per share after a gain of $0.07 per share or 5.31% thus far today. Below, we'll talk about the new addition to the team, why this is such a big deal for the company, and what we'll be watching with regard to MNKD ahead.
Patrick McCauley Joins The MNKD Team
As mentioned above, MannKind Corporation is having a strong day in the market today after announcing that Patrick McCauley, J.D., M.B.A., has become the new Chief Commercial Officer at the company. Ultimately, his responsibilities surrounding leading commercial operations at MNKD on a global level.
At the end of the day, this is a great thing for MNKD and its investors. After all, McCauley brings with him more than 25 years of industry experience. Over the past 12 years, he worked with Astellas Pharma in a series of senior sales and compliance leadership roles, each with more responsibilities than the last. He's also played a role at Yamanouchi Pharma, DuPont Pharmaceuticals, and Bristol-Myers Squibb. In a statement, Dr. Castagna, CEO at MNKD, had the following to offer...
“Pat is an exceptional addition to our executive leadership team and he will be a huge asset for us as we transform MannKind into a world class company... I expect Pat will help us to accelerate the growth of Afrezza and pipeline products to come, and position our company to deliver strong results in the years ahead.”
Mr. McCauley followed up with a statement of his own, saying...
“MannKind's future is undoubtedly bright and I am thrilled to be part of the company. Afrezza is an innovative product with the attributes that I believe can provide benefits to patients battling diabetes in this unfortunately large area of unmet medical need.”
Why This Is So Important For The Company
At the end of the day, Mr. McCauley joining MNKD is incredibly big news. The reason for this surrounds afrezza. You see, MNKD received approval for afrezza quite a while ago. When they did, they contracted out commercialization, which didn't work too well. From there, they went on to work on their own commercialization efforts, which have yielded relatively little in the grand scheme of things.
However, when you get knocked down, you have to get back up, and that seems to be exactly what MannKind is doing by bringing Mr. McCauley on the team. Ultimately, MNKD has decided to bring in a key player, one with great industry experience and the talent to get the job done. At the end of the day, this is great news for the company.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MNKD. In particular, we're interested in following Mr. McCauley and excited to see how he revamps the company's commercialization efforts surrounding afrezza. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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