MannKind Corporation (NASDAQ:MNKD) announced that Patrick McCauley, J.D., M.B.A., has joined the company as its Chief Commercial Officer with full responsibilities for leading MannKind’s commercial operations on a global basis, effective immediately. Mr. McCauley will report directly to Michael Castagna, Pharm.D., Chief Executive Officer and will serve on the company’s executive leadership team. Mr. McCauley takes the Chief Commercial Officer role previously held by Dr. Castagna.
Mr. McCauley joins MannKind with over 25 years of experience in the biopharmaceutical industry. He has spent the last twelve years at Astellas Pharma in a series of senior sales and compliance leadership roles of increasing responsibility. Prior to Astellas, Mr. McCauley was a member of the U.S. commercialization team and held a sales leadership role with Yamanouchi Pharma before the merger of Yamanouchi and Fujisawa Pharma to create Astellas in 2005. Before Astellas/Yamanouchi, Mr. McCauley spent thirteen years with DuPont Pharmaceuticals and one year with Bristol-Myers Squibb, which acquired DuPont Pharmaceuticals in 2001. At DuPont and Bristol-Myers Squibb, Mr. McCauley held a series of leadership roles across the sales, contracting and pricing, and clinical areas. Throughout his various career moves, Mr. McCauley has developed deep commercial expertise serving both specialty and primary care healthcare providers. He received a MBA degree from the Kellogg School of Management at Northwestern University, a JD from the South Texas College of Law, and a BA in Economics from the University of Notre Dame.
“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,” said Dr. Castagna, Chief Executive Officer of MannKind. “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 commented, “MannKind’s future is undoubtedly bright and I am thrilled to be a 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.”
Shares of MannKind are up nearly 2% to $1.18 in pre-market trading Wednesday. MNKD has a 1-year high of $5.65 and a 1-year low of $0.67. The stock’s 50-day moving average is $1.45 and its 200-day moving average is $1.15.
On the ratings front, MannKind has been the subject of a number of recent research reports. In a report issued on May 11, J.P. Morgan analyst Cory Kasimov reiterated a Sell rating on MNKD. Separately, on the same day, Piper Jaffray’s Joshua Schimmer reiterated a Sell rating on the stock and has a price target of $0.54.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Cory Kasimov and Joshua Schimmer have a yearly average return of 0.3% and a loss of -5.3% respectively. Kasimov has a success rate of 39% and is ranked #2608 out of 4598 analysts, while Schimmer has a success rate of 41% and is ranked #4427.
MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.