) recently signed a license agreement with Colby Pharmaceutical
Company granting the latter exclusive rights to its early stage
MannKind will be receiving upfront and milestone payments
relating to the development, approval and commercialization of
the products along with upfront and potential milestone payments
of approximately $140 million in total. The company is also
eligible to receive tiered royalties on the sale of these
As per the agreement, Colby will have exclusive worldwide
rights for the development and commercialization of
disease-specific antigen compounds and intra-lymph node delivery
technologies from the MKC1106 active immunotherapy programs.
MannKind is currently developing these programs to treat patients
suffering from melanoma, prostate, hematological disorders and
We remind investors that MannKind has already completed a
phase I program on MKC1106-MT for human melanoma. The study
successfully achieved its primary objectives.
We are positive on the deal. The partnership program will
safeguard MannKind's financial interests while furthering
Meanwhile, we expect investor focus to remain on MannKind's
lead pipeline candidate Afrezza. Afrezza is an inhaled insulin
being developed for the treatment of type I (MKC-171 study) or
type II (MKC-175 study) diabetes. In October this year, the
company finished enrolling patients for both studies. MannKind
believes that it can complete both trials in the second quarter
of 2013 and submit a new drug application in the third quarter of
We also note that the diabetes market already has big players
Currently, we have a Neutral recommendation on MannKind, which
carries a Zacks #3 Rank (short-term Hold rating).
LILLY ELI & CO (LLY): Free Stock Analysis
MANNKIND CORP (MNKD): Free Stock Analysis
NOVO-NORDISK AS (NVO): Free Stock Analysis
SANOFI-AVENTIS (SNY): Free Stock Analysis
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