MannKind Corporation (NASDAQ:MNKD) has announced that it has sold the real estate property, owned by the company, in Valencia, at a closing price of $16.7 million. The company stated that it has received the payment, after having closed the sale on February 17, 2017. This is the second multi-million dollar payment received by the company, since the start of the year. Earlier, on January 6, 2017, MNKD was paid $30.6 million, by Sanofi, as balance of the accelerated insulin put option, exercised by the company.
Although the latest financial filing from MNKD is still pending, the company recorded a total revenue of $162.4 million, for its 3Q2016. However, $161.8 million of this amount was generated as a result of the company’s termination of contract with Sanofi. Even though MannKind would get a boost in its financial position, as a result of the aforementioned payments, it is yet to devise a plan for replacing its sales, from the agreement with Sanofi, with another business opportunity.
Earlier this month, the company announced that it would be launching new titration packs of Afrezza inhalation powder. MNKD stated that the new packages would contain 60-4 unit, 60-8 unit and 60-12 unit cartridges of the drug. The company claimed that this would simplify the prescription process, while allowing patients to have dose flexibility, when managing their diabetes. Moreover, this would also reduce the cost of multiple copays, by the customer. It should be noted here that 90-4 unit and 90-8 unit cartridges currently makeup 25% of weekly Afrezza sales.
In addition to this, Mannkind has also decided to develop a sales force in-house, instead of outsourcing the task to contract sales organizations. Even though the new force was supposed to have been trained and in the field, during the first 2-weeks of February, an update on the matter is still awaited. Nonetheless the company expects the new sales force to reach approximately 75% of the local market.
MannKind Corporation (NASDAQ:MNKD) was one of those NASDAQ Stocks that declined during the February 22 trading session, losing 3.87% , to close at $0.49 per share, at the end of the February 22 trading session.