Shares of MannKind Corporation (NASDAQ:MNKD) ended Friday session in red amid volatile trading. The shares closed down -0.066 points or -9.75% at $0.614 with 7.51 million shares getting traded. Post opening the session at $0.67, the shares hit an intraday low of $0.61 and an intraday high of $0.68 and the price vacillated in this range throughout the day. The company has a market cap of $292.00 million and the numbers of outstanding shares have been calculated to be 478.05 million shares.
MannKind Corporation (MNKD) on Aug. 08, 2016 reported financial results for the second quarter and the six months ended June 30, 2016.
For the second quarter ended June 30, 2016, total operating expenses were $19.1 million as compared to $24.1 million for the same quarter in 2015. Research and development expenses were $4.3 million for the second quarter of 2016, a decrease of 44% compared to the second quarter of 2015, primarily due to a reduction in force in 2015 following the completion of Afrezza registration trials. Selling, general and administrative costs were $11.1 million for the second quarter of 2016, an increase of 5% compared to general and administrative costs for the second quarter of 2015, mainly due to sales and marketing expenses. Manufacturing of commercial product resumed in the second quarter of 2016, in preparation for the relaunch of Afrezza in the third quarter of 2016, resulting in the recognition of product manufacturing costs of $3.7 million for the three months ended June 30, 2016. With limited production and underutilization of the manufacturing facility in the same period of 2015, product manufacturing costs were $5.7 million for the second quarter of 2015 due to under absorbed labor and overhead.
For the first six months ended 2016, total operating expenses were $39.1 million, a decrease of 15% as compared to $45.8 million for the same period in 2015. Research and development expenses were $9.4 million for the six months ended June 30, 2016, a decline of 45% compared to the same period in 2015, primarily due to the reduction in force in 2015 and the transition from development to commercial activities. Selling, general and administrative expenses for the six months ended June 30, 2016 were $18.5 million, a decrease of 13% compared to the same period in 2015, primarily due to the reduction in force, reduced professional fees related to strategic planning activities and lower non-cash stock compensation expense in 2015, offset by increased sales and marketing expense in 2016. Product manufacturing costs were $11.2 million for the six months ended June 30, 2016, an increase of 47% compared to the same period in 2015, as manufacturing of commercial product resumed in preparation for the relaunch of Afrezza in the third quarter of 2016.
For the three months ended June 30, 2016, the Company earned $0.3 million under the Sanofi License Agreement, which is required to be applied as a prepayment against the balance owed under the Sanofi Loan Facility. As of June 30, 2016, the total amount owed to Sanofi is $70.3 million, which includes accrued interest of $4.3 million.
Shares of Skyline Medical Inc (NASDAQ:SKLN) ended Friday session in red amid volatile trading. The shares closed down -0.002 points or -1.13% at $0.175 with 7.42 million shares getting traded. Post opening the session at $0.18, the shares hit an intraday low of $0.17 and an intraday high of $0.18 and the price vacillated in this range throughout the day. The company has a market cap of $13.88 million and the numbers of outstanding shares have been calculated to be 81.80 million shares.
Skyline Medical Inc (SKLN) on Sept. 21, 2016 announced the signing of a partnership and exclusive reseller agreement with GLG Pharma, LLC (“GLG”).
Under the terms of the agreement, GLG intends to develop rapid diagnostic tests that utilize fluid and tissue collected by the STREAMWAY System during procedures. Skyline Medical will issue common stock to GLG in four separate tranches, with each tranche released after the achievement of certain development milestones. In addition, Skyline will pay a royalty to GLG on the sale of individual tests.
Initial tests are anticipated to include cancer biomarkers and infectious diseases. The oncology test panels will feature GLG’s patented inhibitors of Signal Transducers and Activators of Transcription 3 (STAT3), which are in preclinical development for a new generation of targeted therapies.
“This partnership provides Skyline Medical with access to exciting new technology that we believe will allow future enhancements in the collection of cells and fluid waste and how it is utilized prior to disposal,” said Dr. Carl Schwartz, Interim Chief Executive Officer of Skyline Medical. “The first of these developments may include point-of-care companion testing that assists oncologists, both in operating rooms and in interventional radiology suites, in personalizing treatments based on results of the fluid collected. In addition, testing of the cells that are sloughed off during procedures may provide physicians with valuable information as to the progress of a surgery. The sale of diagnostic tests in conjunction with STREAMWAY provides an attractive opportunity to leverage our sales and marketing organization, while providing both new and enhanced sources of revenue to Skyline.”
Commenting on the agreement, Richard Gabriel, Co-founder and Chief Operating Officer of GLG Pharma, said, “We are very excited about the potential of this partnership to fulfill the unmet rapid diagnostic need of oncologists and patients. The use of STREAMWAY fluids is a creative answer to improving patient care.”