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MannKind up 15 Percent Wednesday- Why? (MNKD)


Biotech company, Mannkind (NASDAQ: MNKD) is up 15 percent in early trading Wednesday. The company reported positive Phase III study data on Afrezza, an inhaled insulin, for Type 1 and Type 2 diabetes patients.

The company reported that patients that took Afrezza along with another drug saw superior reductions in long-term blood sugar levels, called A1c levels than those taking oral medications.

Read More: Rumor Roundup- MannKind Extremely Volatile Monday

“We are pleased that both Phase 3 studies met their primary efficacy endpoints and that Study 171 also achieved its other main objective of demonstrating comparability between the Gen2 and MedTone inhalers,” stated Alfred Mann, Chairman and Chief Executive Officer of MannKind Corporation. “The positive results of Study 171 and Study 175 will form the basis of an amendment to our new drug application for AFREZZA, which we expect to submit to the Food and Drug Administration early in the fourth quarter of this year.”

MannKind will hold a conference call at 4:00 p.m. EDT today to discuss preliminary results.

Read our report on Afrezza and it’s trouble journey.

 

[stock-tools exchange="NASDAQ" symbol="MNKD" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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