MannKind Corporation (NASDAQ:MNKD), a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic products for diabetes, today announced the appointment of David M. Kendall, MD, as Chief Medical Officer, effective February 12.
Dr. Kendall will assume full responsibility for leading MannKind’s scientific research, clinical development, regulatory, and medical affairs activity. He will report directly to Michael Castagna, Pharm.D., Chief Executive Officer, and will join the company’s executive leadership team.
“David is a world renowned diabetes expert and represents an important addition to our executive leadership team,” said Castagna, Chief Executive Officer of MannKind. “His extensive experience in diabetes research, development, and clinical care in both U.S. and international markets, will be instrumental in helping us achieve the growth potential that we believe Afrezza® clearly possesses.”
Dr. Kendall’s career includes over 30 years of experience in diabetes and metabolism research, clinical management, research, and policy advocacy. Most recently, he served as Research Physician and Vice President of Global Medical Affairs for Lilly Diabetes, and during that time was responsible for all medical affairs activities and guided research and development strategy across multiple geographies. In this role, he worked to re-establish Lilly Diabetes as a world class medical organization — and added to his extensive experience with both injected and mealtime insulins, as well as devices and continuous glucose monitors. Prior to joining Eli Lilly, Dr. Kendall served as Chief Scientific and Medical Officer at the American Diabetes Association, where he was responsible for all medical affairs, medical education, research, outcomes, and medical policy activities. Earlier in his career, Dr. Kendall served as Medical Director at the International Diabetes Center, and the Park Nicollet Clinic, as well as at Amylin Pharmaceuticals. He received his M.D. and completed his Post Graduate Medical Training at the University of Minnesota, and earned a B.A. in Biology from St. Olaf College.
“The research and clinical response to Afrezza as a mealtime insulin supports ongoing efforts to establish this product as the standard of care for those living with type 1 or type 2 diabetes,” said Dr. Kendall. “Afrezza is the only inhaled fast-acting mealtime insulin on the market, and offers the right patients a flexible, safe, and effective treatment option. I’m thrilled to join MannKind, and look forward to being part of a company that has the potential to transform the lives of so many people that are living with diabetes.”
Shares of MannKind are down nearly 3% to $2.45 in pre-market trading Tuesday. MNKD has a 1-year high of $6.96 and a 1-year low of $0.67. The stock’s 50-day moving average is $2.57 and its 200-day moving average is $2.63.
On the ratings front, MannKind has been the subject of a number of recent research reports. In a report issued on January 30, Maxim analyst Jason Kolbert assigned a Hold rating on MNKD. On the other hand, on November 8, H.C. Wainwright’s Oren Livnat reiterated a Buy rating on the stock and has a price target of $7.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Oren Livnat have a yearly average loss of -6.8% and -11.0% respectively. Kolbert has a success rate of 34% and is ranked #4636 out of 4732 analysts, while Livnat has a success rate of 33% and is ranked #4444.
MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer. The company was founded by Alfred E. Mann on February 14, 1991 and is headquartered in Westlake Village, CA.