MannKind Corporation, a biopharmaceutical-based technology company,reports that Alfred Mann, the company's founder, retired from his role as chief executive officer (CEO), effective January 9, 2015 and will transition to executive chairman. Mr. Mann intends to remain engaged with the company in business matters, including those relating to development and financing of MannKind's future therapies. On January 9, 2015, MannKind's board of directors appointed Hakan Edstrom, current president of MannKind, as the new CEO of the company. Mr. Edstrom will retain his title as president.
MannKind has developed Afrezza, a rapid-acting inhalable insulin indicated to improve glycemic control in adults with diabetes. Following approval from the US Food and Drug Administration in June 2014, MannKind entered into a worldwide exclusive collaboration and licensing agreement with Sanofi for commercialization of the therapy. Afrezza is expected to be launched in the United States in the first quarter of 2015. Afrezza uses MannKind's proprietary Technosphere formulation technology, which is based on a class of organic molecules that are designed to self-assemble into small particles onto which drug molecules can be loaded.
Mr. Edstrom has served as MannKind's president and as a member of the board of directors since 2001. From 2001 until his appointment as CEO, he also served as the chief operating officer of MannKind. Prior to joining the company, Mr. Edstrom was with Bausch & Lomb, Inc. and prior to that with Pharmacia Corporation. Mr. Edstrom was recruited to Bausch & Lomb upon its acquisition of Chiron Ophthalmics and Storz Surgical Instrument Company. His responsibility was to merge the two companies' global operations and integrate them into Bausch & Lomb's global structure. Following the success of this combination, Mr. Edstrom was given responsibility for all of the Bausch & Lomb businesses in the North America region. At Pharmacia, Mr. Edstrom was part of the commercialization of Healon, a viscoelastic agent for cataract surgery, on an international basis with management responsibilities in Canada and as president of Pharmacia Ophthalmics Inc.
Source: MannKind Corporation