MannKind Corporation reports that on February 17, 2016 MannKind received notice from Alfred E. Mann that he was resigning as executive chairman and as a board member effective immediately. On February 18, 2016, the directors of MannKind named Kent Kresa as chairman of the Board and also named Mr. Mann as chairman emeritus of MannKind. Mr. Mann will continue to advise the company as an employee in a non-executive capacity.
Mr. Kresa has been a director of MannKind since June 2004 and was named lead director in November 2011. He is chairman emeritus of Northrop Grumman Corporation, having previously served as its chairman and chief executive officer. Mr. Kresa also served on the boards of General Motors Company, Avery Dennison Corporation (including as chairman) and Fluor Corporation. Mr. Kresa has been a member of the Caltech Board of Trustees since 1994, and he also serves on the boards of several non-profit organizations and universities.
Earlier this year, MannKind Corporation and Sanofi terminated their license and collaboration agreement for the development and commercialization of an inhaled insulin, Afrezza (insulin human) inhalation powder. Sanofi and Mannkind Corporation launched Afrezza(insulin human) inhalation powder, in the United States in February 2015..Afrezza was approved by the US Food and Drug Administration to control high blood sugar in adults with Type 1 and Type 2 diabetes. Afrezza is a drug-device combination product that consists of a dry formulation of human insulin delivered from a small and portable inhaler.
In 2014, the companies had formed a worldwide exclusive licensing agreement, worth up to $925 million, to develop and commercialize Afrezza. Under the now terminated collaboration agreement, Sanofi was responsible for global commercial, regulatory, and development activities. MannKind received an upfront payment of $150 million with potential milestone payments of up to $775 million. Under a separate supply agreement, MannKind is manufacturing Afrezza at its manufacturing facility in Danbury, Connecticut.
Source: Mannkind Corporation