Issue Date: February 21, 2011
MannKind Makes Big Workforce Cuts
Facing an uncertain regulatory path for its inhaled insulin product Afrezza, MannKind Corp. has cut about 41% of its workforce, or 178 employees. With guidance from FDA, the company will focus on securing approval of the drug, according to CEO Alfred Mann, who is the firm’s largest investor. MannKind has also canceled a supply contract for recombinant human insulin with Organon, which is now a Merck & Co. subsidiary. In 2010, MannKind had no revenues and a net loss of $171 million, largely from spending on the clinical development of Afrezza.
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