A few months earlier, MannKind Corporation (NASDAQ:MNKD) was getting set to take over Afrezza sales from Sanofi SA (ADR)(NYSE:SNY) and was signaling the virtues of a reduced 100% devoted sales force, regional measures with high volume prescribers, and advancing a focus on narrow segment of the industry. The firm had suggested that it had known a lot from the initial launch, had planned corrective measures, and will witness success. It even hyped an “EPIC” reversal story that would become the most talked topic of Wall Street.
In the present scenario, it is noted that MannKind’s dedicated sales force has failed to register any strong success over the non-dedicated force. They are witnessing that a narrow market focus has not been successful in creating sufficient converts, and the high advising doctors don’t appear to be able to persuade many people to try the medication.
This past week Afrezza sales was recorded under 300 scripts. Rather than the changed sales mechanism injecting vigor into the re-launch, Afrezza sales became flat and on life support. The company succeeded in enhancing its cash situation compared to what it was 6 months earlier, however there is little cash to properly resolve the ongoing concerns with the Afrezza sales.
A few weeks earlier MannKind appeared to feel that Sanofi settlement and 3Q2016 report would boost the stock price and it would come back into compliance. However, it has not happened, and with just less than 60 trading sessions left to gain compliance, the time is running. MannKind stock have to trade above $1 for 10 consecutive days to gain back compliance. Being non-compliant is a hurdle in finalizing deals, remaining on indexes, raising cash, and anything that the firm is trying to achieve.
The good part is the stock managed to gain over 27% in the last trading session and closed at $0.785.